Daily Financial Regulation Update -- Tuesday, December 9, 2025

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Federal Agencies

Federal Reserve Bank of New York

Survey Shows Inflation Expectations Steady; Consumers Expect Worsening Financial Situations and Rising Medical Costs

December 8, 2025

The Federal Reserve Bank of New York’s Center for Microeconomic Data released the November 2025 Survey of Consumer Expectations, which shows that households’ inflation expectations remained unchanged at the short-, medium- and longer-term horizons. 

• Survey
• Press Release

 

Commodity Futures Trading Commission

CFTC Announces Launch of Digital Assets Pilot Program for Tokenized Collateral in Derivatives Markets

December 8, 2025

The Commodity Futures Trading Commission (CFTC) announced the launch of a digital assets pilot program for certain digital assets, including BTC, ETH and USDC, to be used as collateral in derivatives markets. The commission also released guidance on tokenized collateral and withdrew outdated requirements given the enactment of the GENIUS Act.

• Press Release
• Digital Assets Pilot Program
• Guidance
• Withdrawal

 

Financial Crimes Enforcement Network

FinCEN Further Extends FBAR Deadline for Certain Financial Professionals

December 8, 2025

The Financial Crimes Enforcement Network (FinCEN) announced an extension of time for certain Report of Foreign Bank and Financial Accounts (FBAR) filings in light of the notice of proposed rulemaking (NPRM) that FinCEN issued on March 10, 2016, which proposes to revise the regulations implementing the Bank Secrecy Act (BSA) requirements regarding FBARs.

• Notice

 

Ginnie Mae

All Participant Memorandum on High Balance Loans

December 8, 2025

Ginnie Mae released an All Participant Memorandum on high balance loans.

• Memorandum
• Press Release

 

International

Bank of England

Minutes of the London FXJSC Legal Sub-Committee Meeting — Sept. 17

December 8, 2025

The Bank of England released the minutes of the London Foreign Exchange Joint Standing Committee Legal Sub-Committee meeting held Sept. 17.

• Minutes

 

Minutes of the London FXJSC Operations Sub-Committee Meeting — Sept. 18

December 8, 2025

The Bank of England released the minutes of the London Foreign Exchange Joint Standing Committee Operations Sub-Committee meeting held Sept. 18.

• Minutes

 

Minutes of the London FXJSC Main Committee Meeting — Sept. 25

December 8, 2025

The Bank of England released the minutes of the London Foreign Exchange Joint Standing Committee meeting held Sept. 25.

• Minutes

 

Market Notice: ‘Update to lending and deposit spread of the Operational Standing Facility’

December 8, 2025

The Bank of England released a market notice titled “Update to lending and deposit spread of the Operational Standing Facility.”

• Market Notice

 

Bank of England Prudential Regulation Authority

Policy Statement: ‘Future banking data review: Deletion of banking reporting templates’

December 8, 2025

The Prudential Regulation Authority released a policy statement titled “Future banking data review: Deletion of banking reporting templates.”

• Policy Statement

 

Financial Conduct Authority

FCA Sets Out Landmark Package to Boost UK Investment Culture

December 8, 2025

The Financial Conduct Authority (FCA) has set out a suite of measures to empower retail investment, reinforce wholesale markets and maintain the U.K.’s position as a world-leading financial center. 

• Press Release
• Consultation Paper
• Discussion Paper
• Policy Statement
• Statement of Consumer Duty Expectations

 

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