Daily Financial Regulation Update -- Thursday, September 18, 2025

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Major Developments

Federal Reserve Board

Federal Open Markets Committee Lowers Rate

September 17, 2025

The Federal Open Markets Committee lowered the target range for the federal funds rate by 0.25% to 4-4.25%.

• Statement
• Implementation Note

 

Federal Reserve Board and Federal Open Market Committee Release Economic Projections From Sept. 16-17 Meeting

September 17, 2025

The Federal Reserve Board and Federal Open Market Committee (FOMC) released economic projections from the Sept. 16-17 FOMC meeting.

• Projections
• Press Release

 

Congress

U.S. House of Representatives

Committee on Small Business

Committee on Small Business Holds Hearing on SBA-Backed Lending Programs

September 16, 2025

The U.S. House Committee on Small Business held a hearing titled “Pathway to Capital: The Role of SBA Lending in Supporting Main Street America.”

• Press Release
• Chair Williams Statement

 

Conference of State Bank Supervisors

Blog: ‘Coming Sept. 20: A Better Licensing Experience for State-Licensed MLOs’

September 17, 2025

The Conference of State Bank Supervisors published a blog post titled “Coming Sept. 20: A Better Licensing Experience for State-Licensed MLOs.”

• Blog

 

Securities and Exchange Commission

SEC Approves Generic Listing Standards for Commodity-Based Trust Shares

September 17, 2025

The Securities and Exchange Commission voted to approve proposed rule changes by three national securities exchanges to adopt generic listing standards for exchange-traded products that hold spot commodities, including digital assets.

• Press Release
• Commissioner Crenshaw Statement
• Commissioner Peirce Statement

 

SEC Clarifies Mandatory Arbitration Provisions Will Not Affect Effectiveness of Registration Statements

September 17, 2025

The SEC published a policy statement to announce that decisions about whether to accelerate the effectiveness of a registration statement will not be affected by the presence of a provision requiring arbitration of investor claims arising under the federal securities laws.

• Fact Sheet
• Final Rule
• Policy Statement
• Press Release
• Chair Atkins Statement
• Commissioner Crenshaw Statement
• Commissioner Peirce Statement
• Commissioner Uyeda Statement

 

Securities and Exchange Commission
Commodity Futures Trading Commission

SEC and CFTC Extend Form PF Compliance Date to Oct. 1, 2026

September 17, 2025

The SEC and Commodity Futures Trading Commission each voted to further extend the date for investment advisers to comply with amendments to Form PF, the confidential reporting form used by certain private fund advisers.

• Extension
• Press Release
• SEC Chair Atkins Statement
• SEC Commissioner Crenshaw Statement
• SEC Commissioner Peirce Statement
• SEC Commissioner Uyeda Statement

 

FINRA

FINRA to Require Use of Portal in Office of Hearing Officers Proceedings

September 17, 2025

FINRA has developed a secure electronic portal to replace email as the primary method for the filing and service of documents in Office of Hearing Officers (OHO) proceedings.

• Regulatory Notice

 

National Credit Union Administration

NCUA Releases Q2 2025 State-Level Credit Union Data Report

September 17, 2025

The National Credit Union Administration released the second quarter state-level credit union data report for 2025. 

• Quarterly U.S. Map Review
• Press Release

 

Bank Policy Institute

Comment Letter: FDIC Proposal Would Help Restore Due Process to Supervisory Appeals System

September 17, 2025

The Bank Policy Institute and American Association of Bank Directors submitted a comment letter to the Federal Deposit Insurance Commission regarding proposed changes to its supervisory appeals process.

• Comment Letter
• Press Release

 

State Agencies

New York State Department of Financial Services

DFS Extends Blockchain Analytics Guidance to New York State Banking Organizations

September 17, 2025

The New York State Department of Financial Services issued new guidance on the use of blockchain analytics tools for banking institutions contemplating or already conducting virtual currency-related activities. 

• Guidance
• Press Release

 

International

Financial Conduct Authority

FCA Shares Proposals to Promote Good Business Practices Among Crypto Firms

September 17, 2025

The Financial Conduct Authority (FCA) is seeking feedback on proposals on the minimum standards crypto firms need to comply with.

• Consultation Paper
• Press Release

 

Speech: ‘Rebalancing risk to facilitate innovation and growth’

September 17, 2025

FCA Chief Economist Kate Collyer gave a speech titled “Rebalancing risk to facilitate innovation and growth.”

• Speech

 

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