Daily Financial Regulation Update -- Thursday, September 11, 2025

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Congress

U.S. House of Representatives

Committee on Financial Services

Hearing: ‘Proxy Power and Proposal Abuse: Reforming Rule 14a-8 to Protect Shareholder Value’

September 10, 2025

The U.S. House Committee on Financial Services held a hearing titled “Proxy Power and Proposal Abuse: Reforming Rule 14a-8 to Protect Shareholder Value.”

• Hearing
• Committee Memorandum
• Chair Hill Statement
• Ranking Member Waters Statement

 

Committee on Small Business

Hearing: ‘Leveling the Playing Field: Fostering Opportunities for Small Business Contractors’

September 10, 2025

The U.S. House Committee on Small Business Subcommittee on Contracting and Infrastructure held a hearing on Sept. 10 titled “Leveling the Playing Field: Fostering Opportunities for Small Business Contractors.”

• Subcommittee Chair LaLota Statement

 

Federal Agencies

U.S. Department of the Treasury

Treasury and GSA Launch SAVE Program With Strengthened Oversight Role

September 10, 2025

The U.S. Department of the Treasury, in partnership with the U.S. General Services Administration, announced the launch of the Savings Award for Verified Efficiencies (SAVE) Program. 

• Press Release

 

Readout From the 20th US-Mexico Banking Dialogue

September 10, 2025

On Sept. 8–9, the U.S. Department of the Treasury and Mexico’s Secretaría de Hacienda y Crédito Público convened senior representatives from the U.S. and Mexican public and private sectors for the 20th U.S.-Mexico Banking Dialogue.

• Readout

 

Securities and Exchange Commission

Keynote Address at the Inaugural OECD Roundtable on Global Financial Markets

September 10, 2025

Securities and Exchange Commission Chair Paul S. Atkins gave the keynote address at the inaugural OECD Roundtable on Global Financial Markets.

• Speech

 

Commodity Futures Trading Commission

CFTC Withdraws Guidance Regarding Listing Voluntary Carbon Credit Derivative Contracts

September 10, 2025

The Commodity Futures Trading Commission announced the withdrawal of its “Guidance Regarding the Listing of Voluntary Carbon Credit Derivative Contracts.” 

• Withdrawal Notice
• Press Release

 

Financial Stability Oversight Council

FSOC Meeting

September 10, 2025

The Financial Stability Oversight Council held a meeting on Sept. 10.

• Readout
• Treasury Secretary Bessent Remarks
• FDIC Acting Chair Hill Statement
• Comptroller Gould Statement
• State Banking Supervisor Kruse Statement

 

Bank Policy Institute

Position Paper on the National Transposition of Article 21C CRD VI

September 10, 2025

The Bank Policy Institute published a position paper on the National Transposition of Article 21C CRD VI.

• Paper

 

International

Bank of England

Minutes of the Money Market Committee Meeting — June 2025

September 10, 2025

The Bank of England released minutes of the Money Market Committee meeting held on June 24.

• Minutes

 

Financial Conduct Authority

Proposed Contactless Changes Could Increase Convenience for Consumers

September 10, 2025

The Financial Conduct Authority (FCA) released a consultation paper regarding increasing the limit of contactless payments.

• Consultation Paper 
• Press Release

 

FCA Cuts More Data Reporting to Benefit 11,000 Firms

September 10, 2025

The FCA is proposing to make further cuts to data reporting that will benefit 11,000 retail intermediary firms.

• Consultation Paper
• 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 (nominated August 7, 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