PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, September 22, 2025
September 22, 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
Federal Agencies
Federal Reserve Board
Working Paper: ‘One Policy Rate, Many Stances: Evidence from the European Monetary Union’
September 19, 2025
The Federal Reserve Board published a working paper titled “One Policy Rate, Many Stances: Evidence from the European Monetary Union.”
Working Paper: ‘Where’s The Bank? Banking Access in the Era of Branch Consolidation’
September 19, 2025
The Federal Reserve Board published a working paper titled “Where’s The Bank? Banking Access in the Era of Branch Consolidation.”
Working Paper: ‘Non-homothetic Demand Shifts and Inflation Inequality’
September 19, 2025
The Federal Reserve Board published a working paper titled “Non-homothetic Demand Shifts and Inflation Inequality.”
Working Paper: ‘Attention-Dependent Monetary Transmission to Household Beliefs’
September 19, 2025
The Federal Reserve Board published a working paper titled “Attention-Dependent Monetary Transmission to Household Beliefs.”
Working Paper: ‘Monetary Policy and Bank Funding Costs: Patterns and Predictability in the Transmission of the Policy Rate to U.S. Banks’ Funding Costs’
September 19, 2025
The Federal Reserve Board published a working paper titled “Monetary Policy and Bank Funding Costs: Patterns and Predictability in the Transmission of the Policy Rate to U.S. Banks' Funding Costs.”
Working Paper: ‘Does Financial Stress Affect Commodity Futures Traders’ Positions?’
September 19, 2025
The Federal Reserve Board published a working paper titled “Does Financial Stress Affect Commodity Futures Traders' Positions?”
Working Paper: ‘Do Banks Price Flood Risk in Mortgage Origination: Evidence from a Natural Experiment in New Orleans’
September 19, 2025
The Federal Reserve Board published a working paper titled “Do Banks Price Flood Risk in Mortgage Origination: Evidence from a Natural Experiment in New Orleans.”
Working Paper: ‘Financial Structure and Mergers’
September 19, 2025
The Federal Reserve Board published a working paper titled “Financial Structure and Mergers.”
Federal Reserve Bank of New York
Blog: ‘The New York Fed DSGE Model Forecast — September 2025’
September 19, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “The New York Fed DSGE Model Forecast — September 2025.”
Federal Deposit Insurance Corporation
FDIC Releases Results of Summary of Deposits Annual Survey
September 19, 2025
The Federal Deposit Insurance Corporation (FDIC) released results of its annual survey of branch office deposits for all FDIC-insured institutions as of June 30, 2025.
Securities and Exchange Commission
Remarks: The Autobahn and Private Markets Remarks at Better Markets Academic Advisory Board Annual Conference
September 19, 2025
Securities and Exchange Commissioner Caroline A. Crenshaw gave remarks at the Better Markets Academic Advisory Board Annual Conference.
International
European Banking Authority
European Supervisors to Financial Institutions: Stay Alert to Stability Risks in Volatile Times
September 19, 2025
The three European Supervisory Authorities (EBA, EIOPA and ESMA) issued their Autumn 2025 Joint Committee Report on risks and vulnerabilities in the EU financial system.
Bank of England
Working Paper: ‘Capital flows and exchange rates: A quantitative assessment of the dilemma hypothesis’
September 19, 2025
The Bank of England released a staff working paper titled “Capital flows and exchange rates: A quantitative assessment of the dilemma hypothesis.”
Market Participants Survey Results — September 2025
September 19, 2025
The Bank of England released the Market Participants Survey results for September 2025.
Consolidated Worldwide Claims — Q2 2025
September 19, 2025
The Bank of England released the consolidated worldwide claims statistics for Q2 2025.
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 – 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
Contributors
Practice Areas
For More Information