Daily Financial Regulation Update -- Thursday, October 23, 2025

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Major Developments

U.S. Department of the Treasury

Treasury Sanctions Major Russian Oil Companies

October 22, 2025

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on Russia’s energy sector to degrade the Kremlin’s ability to raise revenue for its war efforts and support its weakened economy. The action targeted Russia’s two largest oil companies, Open Joint Stock Company Rosneft Oil Company and Lukoil, and numerous of their subsidiaries, which are now designated pursuant to Executive Order 14024.

• Treasury Release

 

Federal Agencies

Federal Reserve Board

Remarks by Governor Barr

October 22, 2025

Governor Michael S. Barr delivered brief remarks at the Opportunity Finance Network Conference in Washington, D.C. addressing the legacy of community development financial institutions.

• Speech

 

U.S. Small Business Administration

SBA Releases State-Level Analysis of Shutdown Impact on Small Business Lending

October 21, 2025

The U.S. Small Business Administration released a state-level analysis of how small businesses have been impacted by the federal shutdown, which has frozen the agency’s core 7(a) and 504 small business lending programs.

• Press Release

 

International

European Banking Authority

EBA Finds the AML/CFT Colleges Framework Is Maturing

October 22, 2025

The European Banking Authority published its fifth and final Report on the Functioning of Anti-Money Laundering and Countering the Financing of Terrorism Colleges.

• Report
• 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 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

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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