Daily Financial Regulation Update -- Tuesday, October 21, 2025

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Federal Agencies

Federal Reserve Board

Federal Reserve Board Denies Application by Canandaigua National Corporation

October 17, 2025

The Federal Reserve Board on Friday denied an application by Canandaigua National Corporation, of Canandaigua, NY, to engage in certain activities that would obligate it to acquire real property.

• Press Release

 

NCUA Proposed Rulemaking Further Solidifies Removal of Use of Reputation Risk

October 20, 2025

The National Credit Union Administration (NCUA) issued a notice of proposed rulemaking to codify the elimination of reputation risk from its supervisory program.

• Federal Register Notice
• Press Release

 

Bank Policy Institute

BPI and The Clearing House Association Urge Treasury to Modernize AML Rules for the Digital Age

October 17, 2025

The Bank Policy Institute and The Clearing House Association issued recommendations to the U.S. Department of the Treasury as part of the Treasury’s request for information to modernize the Bank Secrecy Act.

• Letter
• Press Release

 

International

Bank of England

BOE Governor Speaks at the Global Economic Outlook Panel

October 18, 2025

Bank of England Governor Andrew Bailey gave remarks at the Group of Thirty’s 40th International Banking Seminar 2025 in Washington, D.C.

• Speech

 

Effective Practices: ‘Cyber response and recovery capabilities’

October 20, 205

The Bank of England published effective practices titled “Cyber response and recovery capabilities.”

• Effective Practices
• Press Release

 

Financial Conduct Authority

Speech: ‘Shared growth, shared future’

October 20, 2025

Chief Executive of the Financial Conduct Authority Nikhil Rathi gave a speech titled “Shared growth, shared future” at Japan Week’s opening reception.

• Speech

 

FCA Survey Finds Financial Crime Oversight Gaps at Corporate Finance Firms

October 20, 2025

A recent survey found that two-thirds of corporate finance firms not required to submit financial crime returns may be falling short of money laundering rules.

• Survey Findings
• Press Release

 

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 (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)

• 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