Daily Financial Regulation Update -- Wednesday, September 24, 2025

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Federal Agencies

Federal Reserve Board

Fed Chair Gives Remarks on Economic Outlook

September 23, 2025

Federal Reserve Board Chair Jerome H. Powell gave remarks on the economic outlook at the Greater Providence Chamber of Commerce 2025 Economic Outlook Luncheon.

• Speech

 

Speech: ‘Views on the Economy and Monetary Policy’

September 23, 2025

Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman gave a speech titled “Views on the Economy and Monetary Policy” at the 2025 Kentucky Bankers Association Annual Convention.

• Speech

 

Federal Reserve Bank of New York

Article: ‘Tracking the Economy in Real‑Time Through Regional Business Surveys’

September 23, 2025

The Federal Reserve Bank of New York published a The Teller Window article titled “Tracking the Economy in Real‑Time Through Regional Business Surveys.”

• Article

 

Commodity Futures Trading Commission

CFTC Launches Tokenized Collateral and Stablecoins Initiative

September 23, 2025

The Commodity Futures Trading Commission announced it will launch an initiative for the use of tokenized collateral including stablecoins in derivatives markets. 

• Press Release

 

International

European Banking Authority

EBA Advises EU Commission on Review of EU Covered Bond Framework

September 23, 2025

The European Banking Authority published its advice in response to the European Commission’s Call for Advice on the review and performance of the EU covered bond framework.

• Advice
• Press Release

 

Bank of England

Market Notice: Bank of England Foreign Currency Reserves — September 2025

September 23, 2025

The Bank of England released a market notice announcing some changes to the financing of its foreign exchange reserves.

• Market Notice

 

Remarks: ‘On QT’

September 23, 2025

Bank of England Chief Economist Huw Pill gave remarks titled “On QT” at the Inaugural Pictet Research Institute Symposium 2025.

• Speech

 

Financial Conduct Authority

Speech: ‘The confidence dividend: Tackling financial crime to strengthen markets’

September 23, 2025

Financial Conduct Authority Joint Executive Director of Enforcement and Market Oversight Therese Chambers gave a speech titled “The confidence dividend: Tackling financial crime to strengthen markets” at AFME’s European Compliance and Legal Conference 2025.

• Speech

 

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