Daily Financial Regulation Update -- Tuesday, October 28, 2025

Subscribe to PH FedACTion: Financial Regulatory Updates
Subscribe to the PHFintech: Crypto Policy Tracker

 

Major Developments

Federal Reserve Board

Federal Reserve Board Requests Comment on Annual Stress Test Proposals

October 24, 2025

The Federal Reserve Board requested comment on proposals to enhance the transparency and public accountability of its annual stress test.

• Federal Register Notice: Enhanced Transparency and Public Accountability of the Supervisory Stress Test Models and Scenarios
• Federal Register Notice: Request for Comment on Scenarios for the Board’s 2026 Supervisory Stress Test
• 2026 Proposed Supervisory Stress Test Scenarios
• Statement from Chair Powell
• Statement from Vice Chair for Supervision Bowman
• Statement from Governor Barr
• Statement from Governor Miran
• Statement from Governor Waller
• Open Board Meeting
• Dodd-Frank Act Stress Tests 2026
• Board Memo
• Press Release

 

Federal Agencies

U.S. Department of the Treasury

Treasury Sanctions Colombian President and His Support Network

October 24, 2025

The U.S. Department of the Treasury’s Office of Foreign Assets Control is designating Colombian President Gustavo Francisco Petro Urrego and several supporters pursuant to counternarcotics-related authorities.

• Press Release

 

Bank Policy Institute

Banks and Business Groups React to Fed Announcement on Stress Test Proposal

October 24, 2025

The Federal Reserve issued a proposal to improve the accuracy and transparency of its stress testing models and the stress testing framework more generally.

• Press Release

 

International

Bank of England

Capital Issuance — September 2025

October 27, 2025

The Bank of England published the capital issuance statistics from September 2025.

• Press Release

 

Financial Conduct Authority

FCA Lifts Ban on Retail Access to Some Crypto Exchange Trade Notes

October 27, 2025

The Financial Conduct Authority (FCA) lifted the ban on retail access to certain crypto exchange trade notes (cETNs) on Oct. 8. Retail consumers can now access cENTs when they are listed on the Official List and admitted to trading on a U.K.-recognized investment exchange.

• Official List
• Press Release

 

Article: ‘FCA welcomes legislation to bring ESG ratings providers into regulation’

October 27, 2025

The FCA published an article titled “FCA welcomes legislation to bring ESG ratings providers into regulation.”

• Statutory Instrument
• 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

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