PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, September 23, 2025
September 23, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
U.S. Department of the Treasury
Treasury and IRS Issue Proposed Regulations on ‘No Tax on Tips’ Deduction
September 22, 2025
The Treasury Department and IRS issued proposed regulations identifying the occupations that customarily and regularly received tips before 2025 and therefore may be eligible for the deduction.
Boosting Collaboration Between UK and US Financial Systems to Drive Innovation and Growth in Global Markets
September 22, 2025
U.K. Chancellor of the Exchequer Rachel Reeves and U.S. Treasury Secretary Scott Bessent announced the creation of the Transatlantic Taskforce for Markets of the Future.
Federal Reserve Board
Speech: ‘Nonmonetary Forces and Appropriate Monetary Policy’
September 22, 2025
Federal Reserve Board Governor Stephen I. Miran gave a speech titled “Nonmonetary Forces and Appropriate Monetary Policy” at the Economic Club of New York.
Working Paper: ‘Core Inflation in the Advanced Economies: A Regional Perspective’
September 22, 2025
The Federal Reserve Board published a working paper titled “Core Inflation in the Advanced Economies: A Regional Perspective.”
Federal Reserve Bank of New York
Blog: ‘Financial Intermediaries and Pressures on International Capital Flows’
September 22, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Financial Intermediaries and Pressures on International Capital Flows.”
SCE Public Policy Survey — August 2025
September 22, 2025
The Federal Reserve Bank of New York released the SCE Public Policy Survey results for August 2025.
Securities and Exchange Commission
Small Business Forum Report to Congress Highlights Recommendations to Improve Capital Raising
September 22, 2025
The Securities and Exchange Commission (SEC) released a report to Congress summarizing policy recommendations made during the SEC’s 44th Annual Small Business Forum.
Commodity Futures Trading Commission
CFTC Staff Extends No-Action Position for Certain Package Transactions From the Trade Execution Requirement for Swaps
September 22, 2025
The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight extended its no-action positions in CFTC Letter No. 22-15 regarding swaps executed as part of package transactions in which at least one individual swap component is subject to the trade execution requirement under Commodity Exchange Act Section 2(h)(8), and all other components are futures contracts (MAT/Futures Package Transactions).
Bank Policy Institute
Banks Urge SEC to Apply Proven Safeguards to Crypto Custody Rules
September 19, 2025
The Bank Policy Institute, the Association of Global Custodians and the Financial Services Forum submitted joint recommendations to the SEC to strengthen crypto custody requirements to protect customers and the financial system.
ILC Loophole Undermines Financial Safety and Market Competition
September 19, 2025
The Bank Policy Institute recommended the Federal Deposit Insurance Corporation pause all new deposit insurance approvals for industrial loan companies (ILCs) until Congress eliminates the ILC loophole and rules for ILCs are strengthened.
International
Bank of England Prudential Regulation Authority
PRA Proposes Reduced Reporting Requirements for Banks
September 22, 2025
The Prudential Regulation Authority has announced proposals to reduce regulatory requirements for banks by deleting 37 individual reporting templates.
- Future Banking Data Consultation Paper
- Resolution Deletions Consultation Paper
- Statistical Reporting 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 (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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