PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, November 26, 2025
November 26, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Agencies Issue Final Rule to Modify Certain Regulatory Capital Standards
November 25, 2025
The Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency jointly issued a final rule that modifies certain regulatory capital standards to reduce disincentives that a banking organization may have to engage in lower-risk activities, such as intermediating in U.S. Treasury markets.
- Final Rule
- Board Memo
- OCC Bulletin
- Press Release
- Governor Barr Statement
- Governor Cook Statement
- Governor Miran Statement
Agencies Issue Proposal to Enhance Community Banks’ Ability to Serve Their Communities While Maintaining Strong Capital Requirements
November 25, 2025
The Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency invited public comment on a proposal that would implement changes to the community bank leverage ratio framework in accordance with statutory authority. By incorporating these changes, the revisions would reduce regulatory burden and provide community banks with greater flexibility and optionality in their capital management approach.
- Proposed Rule
- Fed Board Memo
- FDIC Memorandum
- FDIC Financial institution Letter
- OCC Bulletin
- Press Release
- Governor Barr Statement
- Governor Cook Statement
- FDIC Acting Chair Travis Hill Statement
- BPI Statement
Working Paper: ‘Access to Capital and the IPO Decision: An Analysis of US Private Firms’
November 25, 2025
The Federal Reserve Board published a working paper titled “Access to Capital and the IPO Decision: An Analysis of U.S. Private Firms.”
Fed Releases Minutes of Discount Rate Meetings
November 25, 2025
The Federal Reserve Board released the minutes from its recent Oct. 6, Oct. 20 and Oct. 29 meetings to review and determine the discount rates provided to depository institutions through the discount window.
Federal Reserve Bank of New York
Staff Report: ‘Navigating Geoeconomic Risk: Evidence from US Mutual Funds’
November 25, 2025
The Federal Reserve Bank of New York published a staff report titled, “Navigating Geoeconomic Risk: Evidence from U.S. Mutual Funds.”
Staff Report: ‘Economics of Property Insurance’
November 25, 2025
The Federal Reserve Bank of New York published a staff report titled “Economics of Property Insurance.”
Blog: ‘The Future of Payment Infrastructure Could Be Permissionless’
November 25, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “The Future of Payment Infrastructure Could Be Permissionless.”
Federal Deposit Insurance Corporation
FDIC Finalizes Regulatory Threshold Updates and Indexing to Reflect Inflation
November 25, 2025
The Federal Deposit Insurance Corporation Board of Directors approved a final rule that updates certain regulatory thresholds to reflect historical inflation, including those under 12 CFR Part 363 related to annual independent audit and reporting requirements, and provides for future adjustments to those thresholds based on inflation.
FDIC Releases Public Sections of Informational Filings for Six Large Banks
November 25, 2025
The Federal Deposit Insurance Corporation released the public sections of informational filings for six large insured depository institutions.
Securities and Exchange Commission
SEC Investor Advisory Committee to Host Meeting on Regulatory Changes in Corporate Governance and Tokenization of Equity Securities
November 25, 2025
The Securities and Exchange Commission’s Investor Advisory Committee will hold a virtual public meeting on Dec. 4 at 10:00 a.m. ET.
Commodity Futures Trading Commission
CFTC Announces Interpretation to Unlock Over $22 Billion of Collateral
November 25, 2025
The Commodity Futures Trading Commission (CFTC) announced that its Market Participants Division published an interpretation to clarify the circumstances under which a futures commission merchant (FCM) may post customer-owned securities and securities purchased with customer funds with foreign brokers and foreign clearing organizations to margin customers’ foreign futures and foreign options positions in compliance with Part 30 of CFTC regulations.
CFTC Seeks Nominations for CEO Innovation Council by Dec. 8
November 25, 2025
The CFTC is seeking nominations for the CFTC CEO Innovation Council. The deadline for submissions is Dec. 8.
Federal Housing Finance Agency
FHFA Announces Conforming Loan Limit Values for 2026
November 25, 2025
U.S. Federal Housing announced the conforming loan limit values (CLLs) for mortgages Fannie Mae and Freddie Mac will acquire in 2026.
FHFA Releases House Price Index for Q3 2025
November 25, 2025
U.S. house prices rose 2.2% between Q3 2024 andQ3 2025, according to the U.S. Federal Housing (FHFA) House Price Index.
Report: ‘Report on Collateral Pledged to Federal Home Loan Banks’
November 25, 2025
The Federal Housing Finance Agency published the “Report on Collateral Pledged to Federal Home Loan Banks.”
Bank Policy Institute
Blog: ‘BPI-Morgan Stanley Symposium on Money Markets’
November 25, 2025
On Nov. 17, the Bank Policy Institute and Morgan Stanley co-hosted a symposium in New York City to discuss current conditions in money markets, the Fed’s balance sheet and implementation framework, and how regulations and examiner practices are affecting money market conditions.
International
European Commission
Commission Outlines Priorities to Boost EU Competitiveness in 2026 European Semester Autumn Package
November 25, 2025
The European Commission adopted the 2026 European Semester Autumn Package, setting out economic and employment policy priorities to boost competitiveness.
- Press Release
- 2026 European Semester Autumn package
- Questions and Answers
- Autumn 2025 Economic Forecast
Financial Conduct Authority
Multi-Firm Review of Contracts for Difference Providers’ Provision of Price and Value
November 25, 2025
The Financial Conduct Authority (FCA) released a review of sample of contracts for difference (CFD) providers to understand how they comply with their obligations under the Consumer Duty “Price and Value” outcome.
Consultation Paper: ‘Improving the UK transaction reporting regime’
November 25, 2025
The FCA published a consultation paper titled “Improving the UK transaction reporting regime.”
Consultation Paper: ‘The framework for a UK equity consolidated tape’
November 25, 2025
The FCA published a consultation paper titled “The framework for a UK equity consolidated tape.”
Consultation Paper: ‘Regulatory fees and levies: policy proposals for 2026/27’
November 25, 2025
The FCA published a consultation paper titled “Regulatory fees and levies: policy proposals for 2026/27.”
Economics Research Conference 2025: Rebalancing Risk, Deepening Trust
November 25, 2025
The FCA hosted the 2025 Economics Research Conference in Stratford, London.
Statement of Policy on Statutory Investigations Into Regulatory Failure and Producing Reports
November 25, 2025
The FCA released a statement of policy on statutory investigations into regulatory failure and producing reports.
Speech: ‘Chair reflections: rebalancing risk’
November 25, 2025
FCA Chair Ashley Alder gave a speech titled “Chair reflections: rebalancing risk” at the Investment Association Annual 2025 Conference.
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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