PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, November 21, 2025
November 21, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Congress
U.S. House of Representatives
Committee on Financial Services
Financial Services Committee Examines Federal Deposit Insurance Framework
November 19, 2025
The House Committee on Financial Services, led by Chairman French Hill, held a hearing examining the current deposit insurance framework in the United States.
Federal Agencies
U.S. Department of the Treasury
Treasury International Capital Data for August and September
November 19, 2025
The U.S. Department of the Treasury released Treasury international capital data for August (delayed by the partial shutdown of the federal government) and September 2025.
US, Australia and UK Sanction Russian Cybercrime Infrastructure Supporting Ransomware
November 19, 2025
The U.S. Department of the Treasury’s Office of Foreign Assets Control, Australia Department of Foreign Affairs and Trade, and the U.K. Foreign Commonwealth and Development Office announced coordinated sanctions targeting Media Land, a Russia-based bulletproof hosting service provider, for its role in supporting ransomware operations and other forms of cybercrime.
Treasury Announces Financial and Economic Partnership and Capital Markets Sector Collaboration With Saudi Arabia
November 19, 2025
The U.S. Department of the Treasury and the Kingdom of Saudi Arabia signed two new frameworks for enhanced cooperation between the countries.
Federal Reserve Board
Speech: ‘Regulatory Dominance of the Federal Reserve’s Balance Sheet’
Gov. Stephen I. Miran delivered a speech titled “Regulatory Dominance of the Federal Reserve’s Balance Sheet” at the Bank Policy Institute and Small Business & Entrepreneurship Council in Washington, D.C.
Minutes of the Federal Open Market Committee, Oct. 28-29
November 19, 2025
The Federal Reserve released the minutes of the Federal Open Market Committee meeting that was held on Oct. 28–29.
Federal Reserve Bank of New York
Blog: ‘Is Monetary Policy Still Seasonal?’
November 19, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled "Is Monetary Policy Still Seasonal?”
Commodity Futures Trading Commission
CFTC Resumes Publishing COT Reports
November 18, 2025
The CFTC resumed publishing Commitments of Traders reports on Nov. 19 and released a schedule for the publication of reports that were interrupted during the lapse in federal government appropriations.
Acting Chairman Pham Delivers Keynote Address
November 18, 2025
Acting Chairman Caroline D. Pham delivered the keynote address at the FIA EXPO.
U.S. Small Business Administration
SBA’s SBIC Program Delivers Record Capital in FY25
November 19, 2025
The U.S. Small Business Administration announced that the Small Business Investment Company program closed fiscal year 2025 with the largest level of investment capital in the program’s history.
International
European Commission
Commissioner McGrath Delivers Remarks on 2030 Consumer Agenda
November 18, 2025
Commissioner Michael McGrath delivered remarks on the 2030 Consumer Agenda in Brussels.
Simpler EU Digital Rules and New Digital Wallets to Save Billions for Businesses and Boost Innovation
November 18, 2025
Europe’s businesses, from factories to startups, will spend less time on administrative work and compliance and more time innovating and scaling up, according to a press release announcing the Commission’s new digital package.
Commission Presents 2030 Consumer Agenda to Strengthen Consumer Protection, Competitiveness and Sustainable Growth
November 18, 2025
The European Commission has adopted the 2030 Consumer Agenda, a strategic plan for EU consumer policy for the next five years.
Commissioners Deliver Remarks on Digital Simplification Package
November 18, 2025
Executive Vice-President Henna Virkkunen, Commissioner Vladis Dombrovskis and Commissioner Michael McGrath delivered remarks on the digital simplification package in Brussels.
Bank of England
Slides: ‘Unpacking the puzzle of income growth and weak consumption in the UK and other mysteries’
November 18, 2025
Member of the Monetary Policy Committee Swati Dhingra published slides titled “Unpacking the puzzle of income growth and weak consumption in the UK and other mysteries.”
Financial Conduct Authority
FCA Proposes Consolidated Tape to Boost Competitiveness of UK Equity Markets
November 19, 2025
The FCA launched a consultation on proposals to introduce a U.K. equity consolidated tape to help increase capital investment and liquidity in equity markets.
Administration Changes
Vacancies
Appointments
U.S. Department of the Treasury – Scott Bessent (effective January 27, 2025)
Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)
- Vice Chair Phillip N. Jefferson (sworn in September 13, 2023)
- Vice Chair for Supervision Michelle W. Bowman (sworn in June 9, 2025)
- Governor Michael Barr (sworn in July 19, 2022)
- Governor Christopher J. Waller (sworn in December 18, 2020)
- Governor Lisa D. Cook (sworn in September 13, 2022 – SCOTUS hearing on purported termination to be held in January 2026)
- Stephen Miran (sworn in September 16, 2025)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
Federal Reserve Bank of Boston – Susan M. Collins (effective July 1, 2022)
Federal Deposit Insurance Corporation – Travis Hill (Acting Chairman effective January 20, 2025, nominated to be Chair September 30, 2025)
- Vice Chairman Vacant
- Director Vacant
- Director Jonathan Gould (Comptroller of the Currency)
- Director Russel Vought (Director of Consumer Financial Protection Bureau)
Office of the Comptroller of the Currency – Jonathan Gould (effective July 15, 2025)
Securities and Exchange Commission – Paul Atkins (effective April 9, 2025)
Commodity Futures Trading Commission – Caroline D. Pham (Acting Chairman effective January 20, 2025)
Consumer Financial Protection Bureau – Russel Vought (Acting Director effective February 10, 2025)
National Credit Union Administration – Kyle Hauptman (Chairman effective January 20, 2025)
Small Business Administration – Kelly Loeffler (effective February 19, 2025)
U.S. Department of Housing and Urban Development – Scott Turner (effective February 5, 2025)
Federal Housing Finance Agency – William Pulte (effective March 13, 2025)
U.S. Department of Education – Linda McMahon (effective March 3, 2025)
Financial Crimes Enforcement Network – Andrea Gacki (effective July 13, 2023)
PH Client Alerts
Click here to read more from our Coronavirus series.
Legislation/Legislative Updates
Click here to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), enacted March 27, 2020.
Click here to view the full text of the Paycheck Protection Program Increase Act of 2020, enacted April 24, 2020.
Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, enacted June 5, 2020.
Click here to view the full text of theConsolidated Appropriations Act, 2021, enacted December 27, 2020.
Click here to view the full text of the American Rescue Plan of 2021, enacted March 11, 2021.
Click here to view the full text of the PPP Extension Act of 2021, enacted March 30, 2021.
Click here to view a running list of proposed legislation from the Senate Committee on Banking, Housing and Urban Affairs, Senate Committee on Small Business and Entrepreneurship, House Committee on Financial Services and House Committee on Small Business
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