PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, December 24, 2025
December 24, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
Federal Reserve Bank of New York
Report: ‘Deposit Specialization and Lending Behavior’
December 23, 2025
The Federal Reserve Bank of New York published a staff report titled “Deposit Specialization and Lending Behavior.”
Article: ‘Standing Repo Operations in the Federal Reserve’s Monetary Policy Implementation Framework’
December 23, 2025
The Federal Reserve Bank of New York published a The Teller Window article titled “Standing Repo Operations in the Federal Reserve’s Monetary Policy Implementation Framework.”
Blog: ‘Tariffs, Trade, and Tumbling Credit Scores: The Top 5 LSE Posts of 2025’
December 23, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Tariffs, Trade, and Tumbling Credit Scores: The Top 5 LSE Posts of 2025.”
Office of the Comptroller of the Currency
OCC Proposes Amendments to Heightened Standards
December 23, 2025
The Office of the Comptroller of the Currency (OCC) issued for public comment a notice of proposed rulemaking to amend its guidelines on heightened standards for insured national banks, insured federal savings associations and insured federal branches.
OCC Issues Proposals on Preemption of State Interest-on-Escrow Laws
December 23, 2025
The OCC requested comment on two proposals on national banks’ and federal savings associations’ real estate lending powers related to the payment of interest on funds held in escrow accounts.
- Real Estate Lending Escrow Accounts Notice
- Preemption Determination: State Interest-on-Escrow Laws Notice
- Press Release
Securities and Exchange Commission
Commissioner Issues Update on Treasury Clearing Implementation
December 23, 2025
Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda issued an update on the implementation of the Treasury Clearing rule.
SEC Issues Investor Alert on Investment Scams in Group Chats
December 23, 2025
The SEC’s Office of Investor Education and Assistance issued an investor alert warning investors that fraudsters may use investment-related group chats, including on commonly used social media platforms, to lure investors into scams.
Commodity Futures Trading Commission
Michael Selig Sworn In as 16th CFTC Chairman
December 22, 2025
Michael S. Selig was sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission.
Consumer Financial Protection Bureau
CFPB Releases 2024 Financial Literacy Annual Report
December 23, 2025
The Consumer Financial Protection Bureau released its 2024 Financial Literacy Annual Report.
National Credit Union Administration
NCUA Announces Second Round of Deregulation Proposals
December 23, 2025
The National Credit Union Administration announced the second round of proposed regulatory changes associated with its Deregulation Project.
U.S. Department of Housing and Urban Development/Federal Housing Administration
HUD OIG Publishes FY 2026 Management and Performance Challenges Report
December 23, 2025
The Office of Inspector General of the Department of Housing and Urban Development released the FY 2026 Top Management and Performance Challenges report.
Federal Housing Finance Agency
Foreclosure Prevention, Refinance and FPM Report — Q3 2025
December 23, 2025
The Federal Housing Finance Agency (FHFA) published the Foreclosure Prevention, Refinance and FPM Report for Q3 2025.
Fannie and Freddie Enterprise Housing Goals Final Rule
December 23, 2025
The FHFA issued a final rule that established new affordable housing goals for Fannie Mae and Freddie Mac.
International
Bank of England
Bank of England Releases Minutes of Court of Directors Meeting
December 23, 2025
The Bank of England released the minutes of the Court of Directors meeting held on Oct. 28.
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
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