PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, December 17, 2025
December 17, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Federal Deposit Insurance Corporation
FDIC Proposes GENIUS Act Application Procedures for FDIC-Supervised Institutions Seeking to Issue Payment Stablecoins
December 16, 2025
The Federal Deposit Insurance Corporation’s Board of Directors approved a notice of proposed rulemaking that, when effective, would implement the application provisions under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act).
Congress
U.S. Senate
Senators Introduce Bipartisan Bill to Strengthen and Sustain Pressure on Russian Oil Revenue
December 16, 2025
U.S. Sens. Dave McCormick (R-PA), Elizabeth Warren (D-MA), Chris Coons (D-DE) and Jon Husted (R-OH) introduced the Decreasing Russia Oil Profits (DROP) Act of 2025 requiring targeted sanctions on those dealing in Russian oil.
Lawmakers File Amicus Brief Challenging Efforts to Withhold Funding From CFPB
December 16, 2025
Ranking member of the Senate Banking, Housing and Urban Affairs Committee Elizabeth Warren (D-MA), ranking member of the House Financial Services Committee Maxine Waters (D-CA), and former lawmakers Chris Dodd (D-CT) and Barney Frank (D-MA), authors of the Dodd-Frank Act, filed an amicus brief challenging Consumer Financial Protection Bureau (CFPB) Acting Director Russell Vought’s attempt to dismantle the agency by denying it the funds it needs to operate.
U.S. House of Representatives
Committee on Small Business
Hearing: ‘American Resilience: Examining the SBA Disaster Assistance Program’
December 16, 2025
The U.S. House Committee on Small Business held a hearing titled “American Resilience: Examining the SBA Disaster Assistance Program.”
Federal Agencies
Federal Reserve Board
Working Paper: ‘Dollarization Waves: New Evidence from a Comprehensive International Bond Database’
December 16, 2025
The Federal Reserve Board published a working paper titled “Dollarization Waves: New Evidence from a Comprehensive International Bond Database.”
OIG Report: ‘The Board's Contract Solicitation, Selection, and Award Processes for the Contracts We Reviewed Were Generally Effective but Can Be Further Enhanced’
December 16, 2025
The Office of Inspector General of the Federal Reserve Board issued a report titled “The Board's Contract Solicitation, Selection, and Award Processes for the Contracts We Reviewed Were Generally Effective but Can Be Further Enhanced.”
Federal Reserve Bank of New York
Business Leaders Survey — December 2025
December 16, 2025
The Federal Reserve Bank of New York released the Business Leaders Survey for December 2025.
Federal Deposit Insurance Corporation
FDIC Issues Interim Final Rule to Amend Collection of the Special Assessment
December 16, 2025
The Federal Deposit Insurance Corporation (FDIC) Board of Directors approved an interim final rule to amend the collection of the special assessment to recover losses to the Deposit Insurance Fund (DIF) arising from the systemic risk determination announced on March 12, 2023, following the closures of Silicon Valley Bank and Signature Bank, as required by the Federal Deposit Insurance Act.
FDIC Approves Final Rule on Establishment and Relocation of Branches and Offices
December 16, 2025
The FDIC Board of Directors approved a final rule to streamline the processes for the establishment and relocation of domestic branches and main offices.
FDIC Approves 2026 Operating Budget
December 16, 2025
The FDIC Board of Directors approved a 2026 budget of $2.49 billion to support the agency’s ongoing operations and receivership functions.
Office of the Comptroller of the Currency
OCC Semiannual Risk Perspective Highlights Key Risks in Federal Banking System
December 16, 2025
The Office of the Comptroller of the Currency (OCC) reported the key issues facing the federal banking system in the Semiannual Risk Perspective for Fall 2025.
OCC Reports Mortgage Performance for Q3 2025
December 16, 2025
The OCC reported on the performance of first-lien mortgages in the federal banking system during Q3 2025.
Securities and Exchange Commission
Roundtable on Rule 611 of Regulation NMS
December 16, 2025
The Securities and Exchange Commission hosted a roundtable to discuss Rule 611 of Regulation NMS and other associated rules and regulatory requirements.
- Roundtable
- Chair Atkins Remarks
- Commissioner Peirce Remarks
- Commissioner Uyeda Remarks
- Director Selway Remarks
U.S. Department of Labor
BLS Releases November Jobs Report
December 16, 2025
The Bureau of Labor Statistics released the Employment Situation Report for November 2025.
Department of Labor, IRS and Pension Benefit Guaranty Corp. Release Information for 2025 Annual Benefits Plan Report and Return Filings
December 16, 2025
The U.S. Department of Labor announced that its Employee Benefits Security Administration joined the Internal Revenue Service and Pension Benefit Guaranty Corp. in releasing informational copies of the 2025 Form 5500, Form 5500-SF, IRS Form 5500-EZ, IRS Form 5558 and related instructions online.
State Agencies
New York State Department of Financial Services
Statement by DFS Acting Superintendent on Use of Artificial Intelligence Systems in Insurance Underwriting and Pricing
December 16, 2025
New York State Department of Financial Services Acting Superintendent Kailin Asrow gave remarks at the NYS Assembly hearing on the use of artificial intelligence systems in insurance underwriting and pricing.
International
European Banking Authority
The EBA Publishes Final Draft Technical Standards on Threshold for CSDs Providing Banking-Type Ancillary Services
December 16, 2025
The European Banking Authority (EBA) published its final draft Regulatory Technical Standards (RTS) establishing the threshold up to which non-banking central securities depositories (CSDs) may use banking CSDs or credit institutions for cash settlement without entities needing additional authorization.
Financial Conduct Authority
Engagement Paper: ‘Bespoke market risk rules could unlock growth’
December 16, 2025
The Financial Conduct Authority (FCA) is seeking feedback on whether tailored market risk rules for non-bank trading firms could remove unnecessary barriers, free up capital and attract new market participants, ultimately supporting economic growth.
FCA Seeks Feedback on Proposals for UK Crypto Rules
December 16, 2025
The FCA is seeking feedback on crypto proposals related to the following:
- Admissions and disclosures: Rules for listing crypto assets and what firms must tell investors, so people have the facts before they invest.
- Market abuse: Measures to stop insider trading and manipulation, so markets are fair.
- Cryptoasset trading platforms: Standards for exchanges to keep trading safe and reliable.
- Intermediaries: Requirements for brokers and other intermediaries, so they act responsibly.
- Staking: Making sure the risks are clear when firms offer staking — a service that lets you lock up your crypto for a reward.
- Lending and borrowing: Rules to protect both crypto lenders and borrowers.
- Decentralized finance (DeFi): DeFi lets people trade, lend and borrow using crypto without an intermediary. The FCA is asking if the same rules that apply in traditional finance should also apply here.
- Prudential requirements: Financial safeguards for firms, so they can better manage risk.
- Press Release
- Regulating Crypto Activities Consultation
- Admissions & Disclosures and Market Abuse Regime Consultation
- Prudential Regime Consultation
- Research Note: Cryptoassets Consumer Research
- Research Note: Cyrptoasset Regulation and Consumer Decision-Making
FCA Publishes Figures on Open Banking
December 16, 2025
The FCA released industry figures on open banking in the U.K.
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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