PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, December 23, 2025
December 23, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
Federal Reserve Board
Paper: ‘Estimating Aggregate Data Center Investment with Project-level Data’
December 22, 2025
The Federal Reserve Board published a working paper titled “Estimating Aggregate Data Center Investment with Project-level Data.”
Paper: ‘The Effect of Liquidity Constraints on Labor Supply: Evidence from Interest Rate Ceilings’
December 22, 2025
The Federal Reserve Board published a working paper titled “The Effect of Liquidity Constraints on Labor Supply: Evidence from Interest Rate Ceilings.”
Federal Reserve Bank of New York
Blog: ‘A New Public Data Source: Call Reports from 1959 to 2025’
December 22, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “A New Public Data Source: Call Reports from 1959 to 2025.”
Commodity Futures Trading Commission
CFTC Announces New Member of Digital Asset Markets Subcommittee
December 22, 2025
The Commodity Futures Trading Commission (CFTC) announced Rob Hadick of Dragonfly Capital Partners has joined the Global Markets Advisory Committee’s Digital Asset Markets Subcommittee.
Financial Crimes Enforcement Network
FinCEN Announces Data-Driven Border Operation to Address Potential Money Laundering
December 22, 2025
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a multitiered operation targeting more than 100 U.S. money services businesses operating along the southwest border.
Federal Housing Finance Agency
Report: ‘Fannie Mae and Freddie Mac Single-Family Guarantee Fees in 2024’
December 22, 2025
The Federal Housing Finance Agency released the “Fannie Mae and Freddie Mac Single-Family Guarantee Fees in 2024” report.
State Agencies
New York State Department of Financial Services
Gov. Hochul Signs Nation-Leading Legislation to Require AI Frameworks for AI Frontier Models
December 22, 2025
New York Gov. Kathy Hochul signed legislation to require AI frameworks for AI frontier models, setting a nation-leading standard for AI transparency and safety.
International
European Banking Authority
EBA Strengthens Cross-Border Supervisory Cooperation Through Updated Equivalence Guidelines
December 22, 2025
The European Banking Authority (EBA) has updated its guidelines on the equivalence of confidentiality and professional secrecy regimes in third countries, reinforcing the EU’s commitment to safeguarding confidential information and enabling effective cross‑border supervisory cooperation.
Financial Conduct Authority
Statement: ‘Beware of unregulated holiday park investment schemes’
December 22, 2025
The Financial Conduct Authority (FCA) released a statement warning of unregulated holiday park investment schemes.
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 Christopher J. Waller (sworn in December 18, 2020)
- Governor Lisa D. Cook (sworn in September 13, 2022 – SCOTUS hearing on purported termination to be held in January 2026)
- 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, nominated to be Chair September 30, 2025 and Confirmed December 18, 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 – Michael Selig (confirmed December 18, 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
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
Practice Areas
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