PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, September 25, 2025
September 25, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
U.S. Department of the Treasury
Secretary Bessent Speaks Before the Financial Literacy and Education Commission
September 24, 2025
Secretary of the Treasury Scott Bessent gave remarks before the Financial Literacy and Education Commission.
Federal Reserve Board
Working Paper: ‘Automated Credit Limit Increases and Consumer Welfare’
September 24, 2025
The Federal Reserve Board published a working paper titled “Automated Credit Limit Increases and Consumer Welfare.”
Federal Reserve Bank of New York
Report: ‘Transformative and Subsistence Entrepreneurs: Origins and Impacts on Economic Growth’
September 24, 2025
The Federal Reserve Bank of New York published a staff report titled “Transformative and Subsistence Entrepreneurs: Origins and Impacts on Economic Growth.”
Blog: ‘The Emergence of Tokenized Investment Funds and Their Use Cases’
September 24, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “The Emergence of Tokenized Investment Funds and Their Use Cases.”
Blog: ‘The Financial Stability Implications of Tokenized Investment Funds’
September 24, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “The Financial Stability Implications of Tokenized Investment Funds.”
Office of the Comptroller of the Currency
OCC Reports Mortgage Performance for Q2 2025
September 24, 2025
The Office of the Comptroller of the Currency reported on the performance of first-lien mortgages in the federal banking system during Q2 2025.
Commodity Futures Trading Commission
CFTC Proposes Revising Business Conduct and Swap Documentation Requirements for Swap Dealers and Major Swap Participants
September 24, 2025
The Commodity Futures Trading Commission is proposing amendments that would codify existing no-action positions for certain of the CFTC’s business conduct and documentation requirements applicable to swap dealers and major swap participants.
International
European Commission
Commissioner Dombrovskis Speaks at Deutsche Bundesbank Event on the Digital Euro and European Merchants
September 23, 2025
European Commissioner Valdis Dombrovskis gave remarks at a Deutsche Bundesbank event on the digital euro and European merchants.
European Banking Authority
Q2 2025 Supervisory Data Indicate Improvements in ROE Despite Continued Tightening of Net Interest Margins in EU/EEA Banks
September 24, 2025
The European Banking Authority published its Q2 2025 Risk Dashboard (RDB), which discloses aggregated statistical information for the largest EU/EEA credit institutions.
Bank of England
Speech: ‘The Supply Side Demands More Attention’
September 24, 2025
Monetary Policy Committee member Megan Greene gave a speech titled “The Supply Side Demands More Attention,” at the Adam Smith Business School, University of Glasgow.
Financial Conduct Authority
Update on Appointing Bond Consolidated Tape Provider
September 24, 2025
The Financial Conduct Authority announced it has received a legal challenge to the decision to award the contract for the bond consolidated tape provider.
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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