PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, December 1, 2025
December 01, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
U.S. Department of the Treasury
Treasury Releases Report on US Portfolio Holdings of Foreign Securities at End of 2024
November 26, 2025
The U.S. Department of the Treasury released the findings from the annual survey of U.S. portfolio holdings of foreign securities at year-end 2024.
Treasury Uses Index Contingency Provisions for Treasury Inflation-Protected Securities
November 26, 2025
The U.S. Department of the Treasury announced the index number for October 2025 is 325.604, pursuant to the index contingency provisions for Treasury Inflation-Protected Securities (TIPS) in the Uniform Offering Circular.
Federal Reserve Board
Working Paper: ‘Cyber Vulnerabilities at Large US Financial Institutions and Their Third-Party Service Providers’
November 26, 2025
The Federal Reserve Board published a working paper titled “Cyber Vulnerabilities at Large US Financial Institutions and Their Third-Party Service Providers.”
Beige Book — November 2025
November 26, 2025
The Federal Reserve Board published the Beige Book for November 2025.
Federal Reserve Bank of Boston
Working Paper: ‘The Predictability of Global Monetary Policy Surprises’
November 26, 2025
The Federal Reserve Bank of Boston’s Research Department published a working paper titled “The Predictability of Global Monetary Policy Surprises.”
International
European Banking Authority
EBA Peer Review on Gender Diversity Policies in Management Bodies
November 26, 2025
The European Banking Authority (EBA) published a peer review assessing how effectively supervisors implement and supervise diversity policies, specifically gender diversity, within the management bodies of financial institutions.
EBA Publishes Q2 2025 Dashboard on the Minimum Requirement for Own Funds and Eligible Liabilities
November 26, 2025
The EBA published its semi-annual dashboard on the minimum requirement for own funds and eligible liabilities (MREL), which updates the information on the state of resolution planning and on the resources that banks are using to meet the requirements.
Financial Conduct Authority
FCA Collaborates With Industry to Help Shape Future of UK’s Crypto Markets
November 26, 2025
The Financial Conduct Authority (FCA) has accepted the RegTech platform Eunice into its Regulatory Sandbox to explore an industry-led solution to improve transparency of the U.K.’s crypto markets.
Speech: ‘The FCA’s approach to regulating cryptoassets and stablecoins’
November 26, 2025
FCA Executive Director David Geale gave a speech titled “The FCA’s approach to regulating cryptoassets and stablecoins.”
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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