PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, September 17, 2025
September 17, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Congress
U.S. House of Representatives
Committee on Financial Services
Markup of Various Measures
September 16, 2025
The U.S. House Committee on Financial Services held a markup on the following measures:
H.R. 1531, the PROTECT Taiwan Act
H.R. 2478, the Financial Exploitation Prevention Act
H.R. 3234, to amend the Federal Deposit Insurance Act to modify the amount of reciprocal deposits of an insured depository institution that are not considered to be funds obtained by or through a deposit broker, and for other purposes.
H.R. 3484, the Business Owners Protection Act of 2025
H.R. 3682, the Financial Stability Oversight Council Improvement Act of 2025
H.R. 5262, the Bank Competition Modernization Act
H.R. 5270, the Stress Testing Accountability and Transparency Act
H.R. 5276, the Community Bank LIFT Act
H.R. 5291, the Merchant Banking Modernization Act
H.R. 5317, the Community Bank Deposit Access Act of 2025
H.R. 5344, the Kleptocracy Asset Recovery Rewards Program Act
Committee on Small Business
House Approves One-Year SBIR and STTR Extension
September 16, 2025
The House of Representatives voted to advance a bipartisan bill to extend the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs through the fiscal year.
Federal Agencies
Federal Reserve Board
Stephen I. Miran Sworn in as Fed Governor
September 16, 2025
Dr. Stephen I. Miran took the oath of office as a member of the Board of Governors of the Federal Reserve System.
G.17 Industrial Production and Capacity Data — September 2025
September 16, 2025
The Federal Reserve Board released the G.17 Industrial Production and Capacity Data through August 2025.
Federal Reserve Bank of New York
Business Leaders Survey — September 2025
September 16, 2025
The Federal Reserve Bank of New York released the September 2025 Business Leaders Survey.
FINRA
FINRA Announces Launch of Crypto and Blockchain Education Program
September 16, 2025
FINRA announced the launch of its new Crypto and Blockchain Education Program, which is designed to provide FINRA member firms and their employees with educational resources focused on crypto assets and blockchain technology.
International
Bank of England Prudential Regulation Authority
Consultation Paper: ‘Insurance third-country branches: policy implementation and other updates’
September 16, 2025
The Prudential Regulation Authority published a consultation paper titled “Insurance third-country branches: policy implementation and other updates.”
Financial Conduct Authority
Market Study: ‘Structure of the UK pure protection market for retail customers’
September 16, 2025
The Financial Conduct Authority published a market study titled “Structure of the UK pure protection market for retail customers.”
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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