Daily Financial Regulation Update -- Wednesday, September 10, 2025

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Congress

U.S. House of Representatives

Committee on Financial Services

National Security Subcommittee Examines Financial Crimes Enforcement Network’s Operations

September 9, 2025

The U.S. House Committee on Financial Services Subcommittee on National Security, Illicit Finance and International Financial Institutions held a hearing titled “Evaluating the Financial Crimes Enforcement Network.” The committee heard testimony from Financial Crimes Enforcement Network Director Andrea Gacki.

• Hearing
• Press Release
• Director Gacki Testimony
• Subcommittee Chair Davidson Statement
• Committee Ranking Member Waters Statement

 

Hearing: ‘Promoting the Health of the Banking Sector: Reforming Resolution and Broadening Funding Access for Long-Term Resilience’

September 9, 2025

The U.S. House Committee on Financial Services Subcommittee on Financial Institutions held a hearing titled “Promoting the Health of the Banking Sector: Reforming Resolution and Broadening Funding Access for Long-Term Resilience.”

• Hearing
• Subcommittee Chair Barr Statement

 

Committee on Small Business

Committee on Small Business Reports Bill Favorably to the House

September 9, 2025

The House Committee on Small Business voted to advance a bipartisan bill to extend the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs through the fiscal year.

• Press Release
• Bill

 

Federal Agencies

Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency

Agencies Announce Third Public Outreach Meeting as Part of Review of Regulations

September 9, 2025

The Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency will hold a hybrid public outreach meeting on Oct. 30 in Kansas City, Missouri, as part of their review of regulations.

• Press Release

 

Commodity Futures Trading Commission

CFTC Withdraws Operational Resilience Framework Proposed Rules

September 9, 2025

The Commodity Futures Trading Commission announced it is withdrawing the proposed rulemaking, “Operational Resilience Framework for Futures Commission Merchants, Swap Dealers, and Major Swap Participants.”

• Notice of Withdrawal
• Press Release

 

International

European Banking Authority

ESAs Report Improved Disclosure of Principal Adverse Impacts by Financial Market Participants

September 9, 2025

The Joint Committee of the three European Supervisory Authorities — the European Banking Authority, European Insurance and Occupational Pensions Authority and European Securities and Markets Authority, collectively the ESAs — published their fourth annual report on the extent of voluntary disclosure of principal adverse impacts (PAIs) under the Sustainable Finance Disclosure Regulation.

• Report
• Press Release

 

Bank of England

Mortgage Lenders and Administrators Statistics — Q2 2025

September 9, 2025

The Bank of England released the Mortgage Lenders and Administrators Return statistics for Q2 2025.

• Statistics

 

Financial Conduct Authority

Cryptoasset Services: Who Needs to Register

September 9, 2025

The Financial Conduct Authority (FCA) updated its guidance on who must register to provide cryptoasset services.

• Guidance

 

FCA Issues Guidance on AI

September 9, 2025

The FCA released guidance on its approach to AI.

• Guidance

 

FCA Publishes Feedback Statement on AI Live Testing

September 9, 2025

The FCA published a feedback statement titled “Summary of Feedback Received on the Engagement Paper proposing AI Live Testing.”

• Feedback Statement

 

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