PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, September 29, 2025
September 29, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
Federal Reserve Board
Speech: ‘Thoughts on Monetary Policy Decisionmaking and Challenges Ahead’
September 26, 2025
Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman gave a speech titled “Thoughts on Monetary Policy Decisionmaking and Challenges Ahead” at the Forecasters Club of New York Luncheon.
Working Paper: ‘Imperfect Information and Slow Recoveries in the Labor Market’
September 26, 2025
The Federal Reserve Board published a working paper titled “Imperfect Information and Slow Recoveries in the Labor Market.”
Federal Reserve Bank of New York
Article: ‘Financial Inclusion in the United States: Measurement, Determinants, and Recent Developments’
September 26, 2025
The Federal Reserve Bank of New York published an Economic Policy Review article titled “Financial Inclusion in the United States: Measurement, Determinants, and Recent Developments.”
Conference of State Bank Supervisors
Blog: ‘Adjusting Outdated Regulatory Thresholds Helps Community Banks’
September 26, 2025
The Conference of State Bank Supervisors published a blog post titled “Adjusting Outdated Regulatory Thresholds Helps Community Banks.”
Office of the Comptroller of the Currency
OCC Reports Q2 2025 Bank Trading Revenue
September 25, 2025
The Office of the Comptroller of the Currency reported cumulative trading revenue of U.S. commercial banks and savings associations of $16.6 billion in the second quarter of 2025.
Securities and Exchange Commission
SEC Seeks Public Comment to Improve Rules on Residential Mortgage-Backed Securities and Asset-Backed Securities
September 26, 2025
The Securities and Exchange Commission (SEC) published a concept release soliciting public comment on how to improve current SEC rules governing residential mortgage-backed securities (RMBS) and certain aspects of asset-backed securities (ABS) generally.
- Concept Release
- Fact Sheet
- Press Release
- Chair Atkins Statement
- Commissioner Crenshaw Statement
- Commissioner Peirce Statement
- Commissioner Uyeda Statement
Statement on Simultaneous Commission Consideration of Settlement Offers and Related Waiver Requests
September 26, 2025
SEC Chair Paul S. Atkins issued a statement on simultaneous commission consideration of settlement offers and related waiver requests.
Remarks: ‘Bees, Ts, and NFTs’
September 26, 2025
SEC Commissioner Hester M. Peirce gave remarks titled “Bees, Ts, and NFTs” at the Coin Center Dinner.
Federal Housing Finance Agency
US Federal Housing Completes Withdrawal From International ‘Greening the Financial System’ Network
September 25, 2025
The U.S. Federal Housing Finance Agency has formalized its withdrawal from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) in a letter to the chair of NGFS.
Bank Policy Institute
Blog: ‘The Ongoing Distortion of the Internal Liquidity Stress Test’
September 26, 2025
The Bank Policy Institute (BPI) published a blog post titled “The Ongoing Distortion of the Internal Liquidity Stress Test.”
BPI Response to Fed Governor Barr Speech on Stress Testing
September 26, 2025
Sarah Flowers, BPI’s senior vice president and head of capital advocacy, responded to a Peterson Institute for International Economics speech by Federal Reserve Governor Michael Barr on stress testing.
State Agencies
New York State Department of Financial Services
DFS Announces New Guidance to Encourage Continued Investments Into Community Development and Mission-Driven Institutions
September 26, 2025
The New York State Department of Financial Services announced new guidance allowing state-chartered banks to receive Community Reinvestment Act (CRA) credit for lending to or investing in community development financial institutions (CDFIs) — even if their 2024 federal certification has lapsed.
International
Bank of England
Working Paper: ‘Deep reinforcement learning in a monetary model’
September 26, 2025
The Bank of England released a staff working paper titled “Deep reinforcement learning in a monetary model.”
Working Paper: ‘Infusing economically motivated structure into machine learning methods’
September 26, 2025
The Bank of England released a staff working paper titled “Infusing economically motivated structure into machine learning methods.”
Working Paper: ‘Blockwise Boosted Inflation: Non-linear determinants of inflation using machine learning’
September 26, 2025
The Bank of England released a staff working paper titled “Blockwise Boosted Inflation: Non-linear determinants of inflation using machine learning.”
Financial Conduct Authority
FCA Issues Warning on High-Risk Investments From Unregulated Firms
September 26, 2025
The Financial Conduct Authority issued a statement warning of high-risk investments from unregulated firms.
Consultation Paper: ‘Consequential Handbook changes following the proposals in CP25/17’
September 26, 2025
The Financial Conduct Authority released a consultation paper titled “Consequential Handbook changes following the proposals in CP25/17.”
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
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