Print ArticleNovember 2025
DC Updates
DC Updates highlights recent press releases on actions of the Federal Reserve Board as well as speeches and congressional testimonies of Board members that may be of interest to community bankers. All the Federal Reserve Board’s rulemakings, press releases, testimonies, speeches, and policy statements can be found on the Board's website. The updates listed below reflect actions, speeches, and testimonies from June 25, 2025, to September 17, 2025.
Letter
Supervision and Regulation (SR) Letter
SR Letter 25-02, “Order Granting an Exemption from the Customer Identification Program Rule Requirement Related to a Bank Obtaining Taxpayer Identification Number Information from the Customer,” released August 15, 2025.
Public Releases
Matters Related to Safety and Soundness Supervision and Consumer Affairs
Agencies Announce Third Public Outreach Meeting as Part of Their Review of Regulations (September 9, 2025)
As part of the review of regulations required by the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA), the Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency (collectively referred to as the “federal bank regulatory agencies”) hosted a hybrid public outreach meeting on October 30, 2025, in Kansas City, MO, to provide stakeholders with an opportunity to present their views on (1) applications and reporting; (2) powers and activities; (3) international operations; (4) consumer protection; (5) directors, officers, and employees; (6) money laundering; (7) rules of procedure; (8) safety and soundness; (9) securities; (10) banking operations; (11) capital; and (12) the Community Reinvestment Act (CRA).
The Federal Reserve Board will be sunsetting its Novel Activities Supervision Program, which was created in 2023 to supervise certain crypto and fintech activities in banks, and return to monitoring banks' novel activities through the normal supervisory process. The Board also rescinded the supervisory letter that created the program, SR Letter 23-07, “Creation of Novel Activities Supervision Program.”
Federal Bank Regulatory Agencies Seek Further Comment on Interagency Effort to Reduce Regulatory Burden (July 21, 2025)
The EGRPRA of 1996 requires the federal bank regulatory agencies and the Federal Financial Institutions Examination Council to conduct a review of their regulations at least once every 10 years to identify outdated or otherwise unnecessary regulatory requirements for their supervised institutions. The federal bank regulatory agencies published the fourth request for public comment on three categories: (1) banking operations, (2) capital, and (3) the CRA. The comment period ended October 23, 2025.
Federal Bank Regulatory Agencies Issue Joint Proposal to Rescind 2023 CRA Final Rule (July 16, 2025)
As previously announced, the federal bank regulatory agencies jointly issued a proposal to rescind the October 2023 CRA final rule and to reinstate the CRA framework that existed prior to the October 2023 rule. For additional information, see the March 28, 2025, press release in which the federal bank regulatory agencies announced their intent to rescind the CRA final rule issued in October 2023.
Federal Bank Regulatory Agencies Issue Joint Statement on Risk-Management Considerations for Crypto-Asset Safekeeping (July 14, 2025)
The federal bank regulatory agencies issued a joint statement highlighting potential risk-management considerations for crypto-asset safekeeping. The statement does not create any new supervisory expectations. The statement provides clarity on banks' engagement in crypto-asset-related activities within the framework of existing risk-management principles, safety and soundness, and applicable laws and regulations.
Other Federal Reserve Board Announcements
Stephen I. Miran Sworn in as a Member of the Federal Reserve Board (September 16, 2025)
Stephen I. Miran took the oath of office as a member of the Federal Reserve Board on September 16, 2025. Miran was nominated for the position by President Trump on September 2, 2025, and he was confirmed by the U.S. Senate on September 15, 2025. His term as a member of the Board ends on January 31, 2026.
Adriana D. Kugler Submits Resignation as a Member of the Federal Reserve Board, Effective August 8, 2025 (August 1, 2025)
The Federal Reserve Board announced that Adriana D. Kugler stepped down from her position as governor, effective August 8, 2025. Kugler began her term as a governor on September 13, 2023.
Speeches
Speeches Related to Supervision and Regulation
Embracing Innovation, speech given by Vice Chair for Supervision Michelle W. Bowman at the Wyoming Blockchain Symposium 2025, Teton Village, WY, on August 19, 2025.
Thoughts on the Economy and Community Bank Capital, speech given by Vice Chair for Supervision Michelle W. Bowman at the Kansas Bankers Association 2025 CEO & Senior Management Summit, Colorado Springs, CO, on August 9, 2025.
Booms and Busts and the Regulatory Cycle, speech given by Governor Michael S. Barr at the Brookings Institution, Washington, DC, on July 16, 2025.
Welcoming Remarks, speech given by Vice Chair for Supervision Michelle W. Bowman (via prerecorded video) at "Unleashing a Financially Inclusive Future," the Federal Reserve Board’s second annual Financial Inclusion Conference, Washington, DC, on July 15, 2025.
Expanding Financial Inclusion, speech given by Governor Michael S. Barr at "Unleashing a Financially Inclusive Future," the Federal Reserve Board’s second annual Financial Inclusion Conference, Washington, DC, on July 15, 2025.
Speeches Related to the U.S. Economy and Monetary Policy
Monetary Policy and the Fed’s Framework Review, speech given by Chair Jerome H. Powell at “Labor Markets in Transition: Demographics, Productivity, and Macroeconomic Policy,” an economic symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, WY, on August 22, 2025.
Technological Advancements in Payments, speech given by Governor Christopher J. Waller at the Wyoming Blockchain Symposium 2025, Teton Village, WY, on August 20, 2025.
A View of the Housing Market and U.S. Economic Outlook, speech given by Former Governor Adriana D. Kugler at the Housing Partnership Network Symposium, Washington, DC, on July 17, 2025.