PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, December 11, 2025
December 11, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Federal Reserve Board
Federal Reserve Lowers Interest Rate
December 10, 2025
The Federal Reserve Board released a statement following the Federal Open Market Committee (FOMC) meeting during which the committee decided to lower the target range for the federal funds rate by 0.25 percentage point to 3.5% to 3.75%.
Federal Reserve Board and FOMC Release Economic Projections
December 10, 2025
The Federal Reserve Board and FOMC released economic projections from the Dec. 9-10 FOMC meeting.
Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: ‘From Principles to Policy: Enabling 21st Century AI Innovation in Financial Services’
December 10, 2025
The U.S. House Committee on Financial Services held a hearing titled “From Principles to Policy: Enabling 21st Century AI Innovation in Financial Services.”
Federal Agencies
Office of the Comptroller of the Currency
OCC Releases Preliminary Findings on Large Banks’ Debanking Activities
December 10, 2025
The Office of the Comptroller of the Currency released preliminary findings from its supervisory review of debanking activities at the nine largest national banks it supervises: JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, U.S. Bank, Capital One, PNC Bank, TD Bank and BMO Bank.
Commodity Futures Trading Commission
CFTC Announces CEO Innovation Council Participants
December 10, 2025
The Commodity Futures Trading Commission (CFTC) announced the first round of CEO Innovation Council participants, representing exchanges.
CFTC Announces Regulatory Clarity for US Access to Markets
December 9, 2025
The CFTC announced the Market Participants Division, Division of Clearing and Risk, and Division of Market Oversight issued a no-action letter to harmonize three separate definitions of “U.S. person,” among other things, under the CFTC’s Dodd-Frank Act cross-border swap framework.
Consumer Financial Protection Bureau
Report: ‘The Buy Now, Pay Later Market’
December 10, 2025
The Consumer Financial Protection Bureau published a report titled “The Buy Now, Pay Later Market.”
National Credit Union Administration
NCUA Announces Deregulation Project and First Round of Proposed Regulatory Changes
December 10, 2025
The National Credit Union Administration announced the first round of proposed regulatory changes associated with a new initiative to review and potentially revise the agency’s regulations.
Ginnie Mae
Global Markets Analysis Report — November 2025
December 10, 2025
Ginnie Mae released the Global Markets Analysis Report for November 2025.
International
European Commission
EU Becomes Major Green Bond Issuer
December 9, 2025
The EU has become one of the largest issuers of green bonds in the world, according to the 2025 edition of the NextGenerationEU (NGEU) Green Bonds Annual Allocation and Impact Report.
European Banking Authority
EBA Publishes Final Draft on Real Estate Risk Weights
December 10, 2025
The European Banking Authority published its final draft amending Regulatory Technical Standards (RTS) on the types of factors to be considered by national authorities in assessing the appropriateness of real estate risk weights.
Bank of England
PRA Issues Letter to UK Prime Minister on Economic Growth
December 10, 2025
The Prudential Regulation Authority issued a letter to U.K. Prime Minister Keir Starmer providing updates on work to support economic growth.
Financial Conduct Authority
Stablecoin Payments a Priority for 2026 as FCA Outlines Growth Achievements
December 10, 2025
The Financial Conduct Authority (FCA) sent a letter to U.K. Prime Minister Keir Starmer setting out new growth measures for 2026, including supporting U.K.-issued stablecoins to provide faster and more convenient payments.
FCA Launches Firm Checker to Fight Financial Crime
December 10, 2025
The FCA issued research showing that around 800,000 people reported losing money to investments or pensions‑related scams in the 12 months to May 2024.
Research Note: ‘Motor Insurance Pricing and Local Area Ethnicity in England and Wales’
December 10, 2025
The FCA published a research note titled “Motor insurance pricing and local area ethnicity in England and Wales.”
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)
- 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 – 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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