Regulatory Agendas: SEC, CFTC, FinCEN, FRB, FDIC, OCC, and CFPB
Anticipated final and proposed rulemakings
KPMG Regulatory Insights
- Robust Rulemaking List: Long listing of regulatory rulemakings across the financial services regulatory agencies.
- Revisions/Updates: Proposals are likely to seek public comments/information in order to help amend existing rulemakings and previously issued rulemaking proposals.
- Redirection: Agenda items reflect a redirection of agency priorities, including a focus on crypto/digital assets and capital formation.
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September 2025
Closing out calendar year 2025 and heading into 2026, federal financial services regulatory agencies issue their ‘Spring 2025’ Regulatory Agendas, which detail a large array of planned and proposed rulemakings.
The issuing agencies and key topics include:
- Securities and Exchange Commission (SEC): crypto assets, capital formation, tailoring
- Commodity Futures Trading Commission (CFTC): business conduct, operational resilience, registration/reporting requirements
- Financial Crimes Enforcement Network (FinCEN): beneficial ownership information, anti-money laundering/countering the financing of terrorism programs
- Federal Reserve Board (FRB): Basel III capital, stress capital buffer, stress testing
- Federal Deposit Insurance Corporation (FDIC): reputation risk, sign and advertising requirements
- Office of the Comptroller of the Currency (OCC): licensing amendments
- Consumer Financial Protection Bureau (CFPB); larger participants, supervisory designations, UDAAP clarifications
The anticipated rulemakings reflect the shift in priorities under new agency leadership and include a number of potential proposals to amend, “reconsider” or “rescind” existing rules.
Note: The agencies are required by Executive Orders to publish agendas of regulatory and deregulatory activities. This Spring 2025 Regulatory Agenda is the first publication in 2025, and although it was officially released September 4, 2025, in some cases the information is current as of April/May 2025. Where available, links to rulemakings published in the Federal Register are included below.
Notable planned final and proposed rulemakings include:
SEC | ||
|---|---|---|
Rulemaking | Stage of Rulemaking | Anticipated Action Date |
Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers | Final | Apr 20261 |
Updates to "Small Entity" Definitions for Purposes of the Regulatory Flexibility Act | Proposal | Oct 2025 |
Enhanced Oversight for U.S. Government Securities Traded on Alternative Trading Systems | Proposal | Apr 2026 |
Definition of Dealer | Proposal | Apr 2026 |
Trade-Through Rule | Proposal | Apr 2026 |
Crypto Market Structure Amendments | Proposal | Apr 2026 |
Amendments to Broker-Dealer Financial Responsibility and Recordkeeping and Reporting Rules | Proposal | Apr 2026 |
Publication or Submission of Quotations Without Specified Information | Proposal | Apr 2026 |
Transfer Agents | Proposal | Apr 2026 |
Amendments to the Custody Rules | Proposal | Apr 2026 |
Amendments to Rule 17a-7 Under the Investment Company Act | Proposal | Apr 2026 |
Amendments to Form N-PORT | Proposal | Apr 2026 |
Shareholder Proposal Modernization | Proposal | Apr 2026 |
Rationalization of Disclosure Practices | Proposal | Apr 2026 |
Updating the Exempt Offering Pathways | Proposal | Apr 2026 |
Shelf Registration Modernization | Proposal | Apr 2026 |
Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies | Proposal | Apr 2026 |
Crypto Assets | Proposal | Apr 2026 |
Rule 144 Safe Harbor | Proposal | Apr 2026 |
Foreign Private Issuer Eligibility | ANPR | Jun 2025 |
Evaluating the Continued Effectiveness of the Consolidated Audit Trail | ANPR | Oct 2025 |
Asset-Backed Securities Registration and Disclosure Enhancements | ANPR | Oct 2025 |
1See Regulatory Alert
CFTC | ||
|---|---|---|
Rulemaking | Stage of Rulemaking | Anticipated Action Date |
Margin Requirements for Uncleared Swaps | Final | Dec 2025 |
Procedures for Consideration of Enforcement Matters | Final | Jul 2025 |
Supplementing Reporting Fields (parts 43, 45) | Final | Dec 2025 |
Business Conduct and Swap Documentation Requirements for Swap Dealers and Major Swap Participants | Proposal | Jul 2025 |
Ownership and Control Reports | Proposal | Oct 2025 |
Made Available to Trade Process | Proposal | Oct 2025 |
Reporting of Private Funds | Proposal | Dec 2025 |
Commodity Pool Operator Exemptions for Mutual Funds (registration requirements) | Proposal | Dec 2025 |
Compliance Requirements for Commodity Pool Operators | Proposal | Dec 2025 |
Block Trade Reporting | Proposal | Dec 2025 |
Cross-Border Application of SD and SBSD Requirements | Proposal | Dec 2025 |
Permitted Counterparties | Proposal | Dec 2025 |
Elimination of Form 304 and Cotton-on-Call Report | Proposal | Dec 2025 |
Swap Data Reporting. Sunset Large Trader Reporting for Physical Commodity Swaps | Proposal | Dec 2025 |
Codification of Staff No-Action Relief re: Fully Collateralized Binary Options | Proposal | Dec 2025 |
Codification of Staff No-Action Relief re: Clearing for Swaps Resulting from Multilateral Portfolio Compression Exercises | Proposal | Dec 2025 |
Codification of Staff Interpretation re: Certain Foreign Exchange Products | Proposal | Dec 2025 |
Privacy Act Regulation. Exempt Insider Risk Program Records | Proposal | Dec 2025 |
Affiliations Requirements | Proposal | Dec 2025 |
Operational Resilience Framework | Proposal | Dec 2025 |
Risk Management for Swap Dealers and Futures Commission Merchants | Proposal | Dec 2025 |
Regulatory Treatment of Event Contracts | Concept Release | July 20252 |
Definition of Small Entity | RFC | Oct 2025 |
2See Regulatory Alert
FinCEN | ||
|---|---|---|
Rulemaking | Stage of Rulemaking | Anticipated Action Date |
Beneficial Ownership Reporting Requirement (removal of requirements for domestic reporting companies and U.S. person) | Final | Oct 20253 |
Anti-Money Laundering and Countering the Financing of Terrorism Programs | Final | Jan 2026 |
Updating Whistleblower Incentives and Protections | Proposal | Oct 2025 |
Revisions to Customer Due Diligence Requirements re: BOI | Proposal | May 2026 |
3See Regulatory Alert
Interagency | ||
|---|---|---|
Rulemaking | Stage of Rulemaking | Anticipated Action Date |
Joint Data Standards Required by the Financial Data Transparency Act (FRB, FDIC, OCC, CFPB, SEC, CFTC, NCUA, FHFA) | Final | Dec 2025 |
Basel III Revisions: Amendments to the Capital Rule for Large Banking Organizations (FRB, FDIC, OCC) | Proposal | Dec 2025 4 |
Regulatory Capital: Enhanced SLR for GSIBs (FRB, FDIC, OCC) | Proposal | Jul 2025 5 |
Community Reinvestment Act – Recission of 2023 final rule (FRB, FDIC, OCC) | Proposal | Jul 2025 |
4See Regulatory Alerts here and here
5See Regulatory Alerts here and here
FRB | ||
|---|---|---|
Rulemaking | Stage of Rulemaking | Anticipated Action Date |
Stress Testing Volatility | Final | Sep 20256 |
Transparency improvements for the stress capital buffer framework | Proposal | Sep 20257 |
Revisions to the LFI Rating System and Framework for Insurance Organizations | Proposal | Jul 20258 |
6See Regulatory Alert here
7See Regulatory Alert here
8See Regulatory Alert here
FDIC | ||
|---|---|---|
Rulemaking | Stage of Rulemaking | Anticipated Action Date |
Establishment and Relocation of Domestic Branches and Offices | Proposal | Jul 2025 |
Official Sign and Advertising Requirements | Proposal | Jul 2025 |
Prohibition on the Use of Reputation Risk | Proposal | Jul 2025 |
OCC | ||
|---|---|---|
Rulemaking | Stage of Rulemaking | Anticipated Action Date |
Availability of Information under FOIA | Final | Nov 2025 |
Licensing Amendments: Policies and procedures for corporate activities and transactions | Proposal | Sep 2025 |
List of regulations to potentially rescind or amend pursuant to EO 14219 | Proposal | Dec 2025 |
CFPB | ||
|---|---|---|
Rulemaking | Stage of Rulemaking | Anticipated Action Date |
State Official Notification Rules | Final | Jul 2025 |
Remittance Transfers under the EFTA | Final | Dec 2025 |
Streamlining Mortgage Servicing for Borrowers Experiencing Payment Difficulties | Final | Dec 2025 |
Procedures for Supervisory Designation Proceedings | Proposal | May 2025 |
Rules of Practice for Adjudication | Proposal | May 2025 |
Registry of Nonbank Persons | Proposal | May 2025 |
Payday, Vehicle, Title and High-cost Instalment Loans | Proposal | Jul 2025 |
Legal Standard Applicable to Supervisory Designation of Nonbank Persons | Proposal | Aug 2025 |
Clarifying Obligations under the ECOA | Proposal | Sep 2025 |
Procedures for Periodic Review of regulations | Proposal | Oct 2025 |
Small Business Lending Data - reconsideration | Proposal | Oct 2025 |
Personal Financial Data Rights | Proposal | Dec 20259 |
Defining Larger Participants of markets for: auto financing; consumer debt collection; consumer reporting; international money transfer | ANPR | Jul 2025 (FR Aug 2025) |
Discretionary Mortgage Servicing under TILA | ANPR | Jul 2025 |
Discretionary Servicing under RESPA | ANPR | Jul 2025 |
Loan Originator Compensation Requirements | ANPR | Jul 2025 |
Unfair, Deceptive, or Abusive Acts or Practices (potential clarifications) | ANPR/RFI | Sep 2025 |
9See Regulatory Alert here
For insights on many of these topics, please refer to KPMG Regulatory Insights Regulatory Alerts.
In case you missed it, you may also find our Key Ten Regulatory Challenges of 2025: Mid-Year Update to be of interest.
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Regulatory Agendas: SEC, CFTC, FinCEN, FRB, FDIC, OCC, and CFPB
Anticipated final and proposed rulemakings
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