Daily Financial Regulation Update -- Friday, October 17, 2025

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Major Developments

Agencies Announce Withdrawal of Principles for Climate-Related Financial Risk Management

October 16, 2025

The federal bank regulatory agencies announced the withdrawal of interagency Principles for Climate-Related Financial Risk Management for Large Financial Institutions.

• Federal Register Notice
• Federal Reserve Board Memo
• Statement by Vice Chair for Supervision Bowman
• Statement by Governor Barr
• Statement by Governor Cook
• Statement by Governor Waller
• Fed Press Release
• FDIC Press Release
• OCC Press Release

 

Federal Agencies

Federal Reserve Board

Fed Vice Chair Delivers Welcome Remarks at Stress Testing Research Conference

October 16, 2025

Vice Chair for Supervision Michelle W. Bowman delivered the welcome remarks at the 2025 Federal Reserve Stress Testing Research Conference in Boston.

• Speech

 

Speech: ‘Cutting Rates in the Face of Conflicting Data’

October 16, 2025

Governor Christopher J. Waller gave a speech titled “Cutting Rates in the Face of Conflicting Data” at the Council on Foreign Relations in New York.

• Speech

 

Speech: ‘Exploring the Possibilities and Risks of New Payment Technologies’

October 16, 2025

Governor Michael S. Barr gave a speech titled “Exploring the Possibilities and Risks of New Payment Technologies” at the 2025 D.C. Fintech Week in Washington, D.C.

• Speech

 

Federal Reserve Bank of New York

Blog: ‘The Shadow Value of Central Bank Lending’

October 16, 2025

The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “The Shadow Value of Central Bank Lending.”

• Blog

 

Federal Deposit Insurance Corporation

Speech: ‘Resolution Readiness and Lessons Learned from Recent Large Bank Failures’

October 15, 2025

Acting Chairman Travis Hill gave a speech titled “Resolution Readiness and Lessons Learned from Recent Large Bank Failures” at the Single Resolution Mechanism’s 10th Anniversary Conference.

• Speech

 

International

European Commission

Commission Issues Statement on Current MFF Discussions

October 15, 2025

The proposal for the next Multiannual Financial Framework (MFF) for 2028–34, presented by the commission on July 16, puts forward a significantly streamlined and simplified budgetary architecture designed to respond effectively to the EU’s new and evolving challenges.

• Statement
• Press Release

 

European Banking Authority

ESAs’ Joint Committee Publishes 2026 Work Programme

October 16, 2025

The Joint Committee of the European Supervisory Authorities (ESA) presented its 2026 Work Programme outlining key areas of collaboration for the coming year.

• Programme
• 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 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 – 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

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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