Daily Financial Regulation Update -- Friday, August 22, 2025

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Federal Agencies

Securities and Exchange Commission

SEC Names Judge Margaret Ryan as Director of Enforcement Division

August 21, 2025

The Securities and Exchange Commission announced that Judge Margaret “Meg” Ryan has been named director of the Division of Enforcement effective Sept. 2, 2025. Acting Director of Enforcement Sam Waldon will return to his previous role as chief counsel for the division.

• Press Release

 

International

European Commission

EU and US Publish Joint Statement on Transatlantic Trade and Investment

August 20, 2025

The EU and U.S. have issued a joint statement establishing a framework for fair, balanced and mutually beneficial transatlantic trade and investment. This statement confirms and builds on the political agreement reached between EU President von der Leyen and U.S. President Trump on July 27.

• Joint Statement
• Press Release
• Q&A
• Commissioner Sefcovic Remarks

 

Bank of England

Real-Time Gross Settlement (RTGS) System and CHAPS Annual Report 2024/25

August 21, 2025

The Bank of England published its 2024/2025 Annual Report for Real-Time Gross Settlement System and CHAPS.

• Report

 

Bank of England Prudential Regulation Authority

Future Banking Data Roundtable With the Association of Foreign Banks

August 21, 2025

The Bank of England and Prudential Regulation Authority held a roundtable with representatives of subsidiaries and branches of international banks operating in the U.K.

• Press Release

 

Financial Conduct Authority

FCA Publication: ‘Multi-firm review of algorithmic trading controls: high-level observations’

August 21, 2025

The Financial Conduct Authority released a publication titled “Multi-firm review of algorithmic trading controls: high-level observations.”

• Review

 

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)
• Stephen Miran (nominated August 7, 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