PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, September 30, 2025
September 30, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
New York State Department of Financial Services
DFS Superintendent to Leave After Four Years of Service
September 29, 2025
New York Gov. Kathy Hochul announced that Adrienne A. Harris, superintendent of the Department of Financial Services, will leave after four years of service.
Federal Agencies
U.S. Department of the Treasury
US Treasury, Swiss Department of Finance and Swiss National Bank Issue Statement on Macroeconomic and Foreign Exchange Matters
September 29, 2025
The U.S. Department of the Treasury, Swiss Federal Department of Finance and Swiss National Bank issued a joint statement on macroeconomic and foreign exchange matters.
PDO Assistant Secretary McMaster Speaks at 2025 Annual Primary Dealer Meeting
September 29, 2025
U.S. Department of the Treasury PDO Assistant Secretary Hunter McMaster gave remarks before the 2025 Annual Primary Dealer Meeting at the Federal Reserve Bank of New York.
Federal Reserve Board
Speech: ‘The Next Frontier of Payments Innovation’
September 29, 2025
Federal Reserve Board Governor Christopher J. Waller gave a speech titled “The Next Frontier of Payments Innovation” at Sibos 2025 in Frankfurt, Germany.
Working Paper: ‘Can LLMs Improve Sanctions Screening in the Financial System? Evidence from a Fuzzy Matching Assessment’
September 29, 2025
The Federal Reserve Board published a working paper titled “Can LLMs Improve Sanctions Screening in the Financial System? Evidence from a Fuzzy Matching Assessment.”
Working Paper: ‘Parallel Trends Forest: Data-Driven Control Sample Selection in Difference-in-Differences’
September 29, 2025
The Federal Reserve Board published a working paper titled “Parallel Trends Forest: Data-Driven Control Sample Selection in Difference-in-Differences.”
Federal Reserve Bank of New York
Speech: ‘Balance Sheet Reduction and Ample Reserves’
September 29, 2025
Federal Reserve Bank of New York Deputy SOMA Manager Julie Remache gave a speech titled “Balance Sheet Reduction and Ample Reserves” at the 2025 Annual Primary Dealer Meeting at the Federal Reserve Bank of New York.
Securities and Exchange Commission
Commodity Futures Trading Commission
SEC-CFTC Hold Joint Roundtable on Regulatory Harmonization Efforts
September 29, 2025
The Securities and Exchange Commission and Commodity Futures Trading Commission held a joint roundtable to discuss regulatory harmonization priorities between their agencies.
- Roundtable
- SEC Chair Atkins Statement
- SEC Commissioner Crenshaw Statement
- SEC Commissioner Uyeda Statement
SEC Commissioner Uyeda Issues Statement on ETF Share Class Relief
September 29, 2025
SEC Commissioner Mark T. Uyeda issued a statement titled “A Return to Principles: Statement on ETF Share Class Relief.”
International
European Commission
Commissioner Dombrovskis Speaks at the Baltic Digital Euro Conference
September 29, 2025
European Commissioner Valdis Dombrovskis gave remarks at the Baltic digital euro conference.
European Banking Authority
EBA Launches 2025 EU-Wide Transparency Exercise
September 29, 2025
The European Banking Authority launched its 2025 EU-wide Transparency Exercise to enhance transparency and market discipline in the EU financial system.
Bank of England
Quarterly Bulletin: ‘Inflation targeting: considerations for central banks in Africa’
September 29, 2025
The Bank of England published the September 2025 Quarterly Bulletin titled “Inflation targeting: considerations for central banks in Africa.”
Money and Credit — August 2025
September 29, 2025
The Bank of England released the Money and Credit statistics and effective interest rates for August 2025.
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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