PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, October 15, 2025
October 15, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
U.S. Department of the Treasury
US and UK Take Action Targeting Cybercriminal Networks in Southeast Asia
October 14, 2025
The U.S. Department of the Treasury’s Office of Foreign Assets Control and Financial Crimes Enforcement Network, in close coordination with the U.K.’s Foreign, Commonwealth and Development Office, took complementary actions against criminal networks responsible for targeting citizens of the United States and other allied nations through online scams and laundering of stolen funds.
Federal Reserve Board
Speech: ‘Understanding the Fed’s Balance Sheet’
October 14, 2025
Federal Reserve Chair Jerome H. Powell gave a speech titled “Understanding the Fed’s Balance Sheet” at the 67th Annual Meeting of the National Association for Business Economics in Philadelphia.
Federal Reserve Bank of New York
Blog: ‘Consumption Sensitivity of Uncertain Households’
October 14, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Consumption Sensitivity of Uncertain Households.”
State Agencies
New York State Department of Financial Services
Superintendent Harris Secures More Than $19 Million From Auto Insurers Over Data Breaches
October 14, 2025
New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris secured more than $19 million in penalties from eight auto insurance companies for violating DFS’ cybersecurity regulation.
International
European Commission
Commission Greenlights Slovenia’s Fourth Payment Request Under NextGenerationEU
October 13, 2025
The European Commission positively assessed Slovenia’s fourth payment request of €439.7 million under the Recovery and Resilience Facility, the centerpiece of NextGenerationEU.
Commission Greenlights Portugal’s Seventh Payment Request Under NextGenerationEU
October 13, 2025
The commission positively assessed Portugal’s seventh payment request of €1.06 billion in grants (net of pre-financing) under the Recovery and Resilience Facility, the centerpiece of NextGenerationEU.
Commission Greenlights Greece’s Sixth Payment Request Under NextGenerationEU
October 13, 2025
The commission positively assessed Greece’s sixth payment request for €2.44 billion under the Recovery and Resilience Facility, the centerepiece of NextGenerationEU.
European Banking Authority
EBA Finds White Labeling Widely Used in Banking and Payments
October 14, 2025
The European Banking Authority published a report on white labelling, a business model in which a financial institution works with another company (partner) — sometimes not even a financial firm — to offer products and services under the partner’s brand.
Bank of England
Financial Conduct Authority
FCA Supports Tokenization to Boost Efficiency and Innovation in Asset Management
October 14, 2025
The Financial Conduct Authority (FCA) has set out plans to support tokenization to drive innovation and growth in asset management.
FCA Secures $101 Million Redress for BlueCrest Investors
October 14, 2025
The FCA has secured $101 million in redress to U.K. and other non-U.S. investors in a fund sub-managed by BlueCrest Capital Management (U.K.) LLP and imposed a public censure.
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 – 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
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