Daily Financial Regulation Update -- Friday, September 5, 2025

Subscribe to PH FedACTion: Financial Regulatory Updates
Subscribe to the PHFintech: Crypto Policy Tracker

 

Congress

U.S. Senate

Committee on Banking, Housing and Urban Affairs

Nomination Hearing

September 4, 2025

The Senate Committee on Banking, Housing and Urban Affairs held a hearing on the following nominations:

• Ben Hobbs for assistant secretary at the Department of Housing and Urban Development
• Ronnie Kurtz for assistant secretary at the Department of Housing and Urban Development
• Stephen Miran for membership on the Board of Governors of the Federal Reserve System
• Christopher Pilkerton for assistant secretary at the Department of the Treasury
• Jonathan Burke for assistant secretary at the Department of the Treasury

• Hearing
• Committee Chair Scott Statement
• Ranking Member Warren Statement
• HUD Designate Hobbs Testimony
• HUD Designate Kurtz Testimony
• Fed Designate Miran Testimony
• Treasury Designate Pilkerton Testimony
• Treasury Designate Burke Testimony

 

Federal Agencies

Federal Reserve Bank of New York

Speech: ‘Hat Tip to the Data’

September 4, 2025

Federal Reserve Bank of New York President and CEO John C. Williams gave a speech titled “Hat Tip to the Data” at the Economic Club of New York.

• Speech
• Article

 

Blog: ‘Are Businesses Scaling Back Hiring Due to AI?’

September 4, 2025

The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Are Businesses Scaling Back Hiring Due to AI?”

• Blog

 

Securities and Exchange Commission

Statement on the Spring 2025 Regulatory Agenda

September 4, 2025

Securities and Exchange Commission Chair Paul S. Atkins issued a statement on the Office of Information and Regulatory Affairs’ release of the Spring 2025 Unified Agenda of Regulatory and Deregulatory Actions.

• Statement

 

Commodity Futures Trading Commission

Acting Chairman Pham Statement on Spring 2025 Unified Agenda

September 4, 2025

Commodity Futures Trading Commission Acting Chairman Caroline D. Pham issued a statement on the Office of Information and Regulatory Affairs’ release of the Spring 2025 Unified Agenda of Regulatory and Deregulatory Actions.

• Statement

 

Farewell Address of Commissioner Kristin N. Johnson

September 3, 2025

Commodity Futures Trading Commission Commissioner Kristin N. Johnson gave her farewell address as she steps down as commissioner.

• Speech

 

National Credit Union Administration

NCUA Removal of Disparate Impact References From Fair Lending Guide and Other Materials

September 4, 2025

The National Credit Union Administration announced its removal of all references to disparate impact liability from its Fair Lending Guide and other issuances.

• Letter
• Press Release

 

U.S. Small Business Administration

SBA Launches First-Ever Loan Program Dedicated to American Manufacturers

September 4, 2025

The Small Business Administration launched the 7(a) Manufacturer’s Access to Revolving Credit (MARC) Loan Program, which will offer working capital for small businesses engaged in manufacturing (NAICS 31-33).

• Press Release

 

Bank Policy Institute

Industry Groups Call on Congress to Renew Critical Cybersecurity Law Before September 30 Expiration

September 4, 2025

A coalition of 13 leading trade associations representing all sectors of the U.S. economy called on Congress to extend the Cybersecurity Information Sharing Act before its September 30 expiration date.

• Letter
• Press Release

 

International

Bank of England

Paper: ‘Enhancing the resilience of the gilt repo market’

September 4, 2025

The Bank of England published a discussion paper titled “Enhancing the resilience of the gilt repo market.”

• Paper
• Press Release

 

Monthly Decision Maker Panel Data — August 2025

September 4, 2025

The Bank of England released the Decision Maker Panel survey data for August 2025.

• Survey

 

Minutes of the Standards Advisory Panel — June 2025

September 4, 2025

The Bank of England released the minutes of the Standards Advisory Panel meeting held on June 25.

• Minutes

 

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 Michelle W. Bowman (sworn in November 26, 2018)
• Governor Christopher J. Waller (sworn in December 18, 2020)
• Governor Lisa D. Cook (sworn in September 13, 2022; purportedly terminated August 25, 2025)
• Stephen Miran (nominated August 7, 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)

• Vice Chairman Vacant
• Director Vacant
• Director Rodney Hood (Acting 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 – Brian Quintenz (nominated February 11, 2025); Caroline D. Pham (Acting Chairman effective January 20, 2025)

Consumer Financial Protection Bureau – Jonathan McKernan (nominated February 11, 2025); 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