PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, November 24, 2025
November 24, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
Subscribe to PH FedACTion: Financial Regulatory Updates
Subscribe to the PHFintech: Crypto Policy Tracker
Congress
U.S. House of Representatives
Committee on Small Business
Committee on Small Business Holds Hearing on Made in America Manufacturing
November 21, 2025
The U.S. House Committee on Small Business held a hearing titled “Made in the USA: How Main Street is Revitalizing Domestic Manufacturing.”
Federal Agencies
U.S. Department of the Treasury
Treasury Moves to Prevent Abuse of Refundable Tax Credit Benefits by Illegal Aliens
November 21, 2025
The U.S. Department of the Treasury announced that it will issue regulations concerning the treatment of certain refundable individual income tax credits under the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (PRWORA).
Federal Reserve Board
Fed Extends Comment Period on Stress Test Model and Scenario Transparency and Accountability Proposal
November 21, 2025
The Federal Reserve Board announced that it will extend until Feb. 21, 2026, the comment period on its proposal to improve stress test model and scenario transparency and accountability.
Fed Releases Results of Bank Senior Financial Officer Survey
November 21, 2025
The Federal Reserve Board released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances.
Speech: ‘AI, the Economy, and Financial Stability’
November 21, 2025
Federal Reserve Board Vice Chair Philip N. Jefferson gave a speech titled “AI, the Economy, and Financial Stability” at the 2025 Federal Reserve Bank of Cleveland Financial Stability Conference in Cleveland, Ohio.
Welcoming Remarks at 2025 National College Fed Challenge Finals
November 21, 2025
Federal Reserve Board Governor Michael S. Barr gave welcoming remarks at the 2025 National College Fed Challenge Finals.
Federal Reserve Bank of New York
Speech: ‘Navigating Unpredictable Terrain’
November 21, 2025
Federal Reserve Bank of New York President and CEO John C. Williams gave remarks titled “Navigating Unpredictable Terrain” at the Central Bank of Chile Centennial Conference.
Securities and Exchange Commission
Virtual Remarks at the Harvard Law School Program on International Financial Systems, 2025 Japan – U.S. Symposium
November 21, 2025
Securities and Exchange Commission Commissioner Mark T. Uyeda gave virtual remarks at the Harvard Law School Program on International Financial Systems, 2025 Japan.
Commodity Futures Trading Commission
CFTC Staff Issues CPO No-Action Letter
November 21, 2025
The Commodity Futures Trading Commission’s Market Participants Division announced it has issued a no-action letter to the Structured Finance Association in the context of qualifying credit risk transfer (CRT) transactions engaged in by their member financial institutions and certain commodity pool operator (CPO) requirements.
Consumer Financial Protection Bureau
Fair Debt Collection Practices Act CFPB Annual Report 2025
November 21, 2025
The Consumer Financial Protection Bureau released the Fair Debt Collection Practices Act 2025 Annual Report.
Financial Crimes Enforcement Network
Financial Action Task Force Identifies Jurisdictions With Anti-Money Laundering, Combating the Financing of Terrorism and Counter-Proliferation Finance Deficiencies
November 21, 2025
The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), updated its lists of jurisdictions with strategic AML/CFT/CPF deficiencies at the conclusion of its plenary meeting last month.
International
Bank of England
Working Paper: ‘Bond financing conditions, economic activity and the financial accelerator’
November 21, 2025
The Bank of England published a staff working paper titled “Bond financing conditions, economic activity and the financial accelerator.”
Working Paper: ‘Monetary policy, state-dependent bank capital requirements and the role of non-bank financial intermediaries’
November 21, 2025
The Bank of England published a staff working paper titled “Monetary policy, state-dependent bank capital requirements and the role of non-bank financial intermediaries.”
Working Paper: ‘Sticky production and monetary policy’
November 21, 2025
The Bank of England published a staff working paper titled “Sticky production and monetary policy.”
Bank of England Prudential Regulation Authority
Financial Conduct Authority
Consultation Paper: ‘Regulatory fees and levies: policy proposals for 2026/27’
November 21, 2025
The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) published a joint consultation, Chapter 4 of which proposes to update the invoice due dates for firms who pay £50,000 or more in PRA and FCA fees in a year (referred to as payments on account) to avoid invoices being labelled as overdue due to procedural issues.
Financial Conduct Authority
FCA Transaction Reporting Proposals to Save Firms £100 Million a Year
November 21, 2025
The FCA issued proposals to streamline transaction reporting requirements.
Government Publishes Draft Statutory Instrument on T+1 Settlement
November 21, 2025
On Nov. 20, the government published a draft statutory instrument and related policy note to make T+1 the standard settlement cycle in the U.K. from October 11, 2027.
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
Contributors
Practice Areas
For More Information