PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, June 27, 2025
June 27, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: From Watchdog to Attack Dog: Examining the CFPB’s Chopra-Era Assault on Disfavored Industries
June 26, 2025
The U.S. House Committee on Financial Services Subcommittee on Oversight and Investigations held a hearing entitled “From Watchdog to Attack Dog: Examining the CFPB’s Chopra-Era Assault on Disfavored Industries.”
Federal Agencies
Federal Reserve Board
Speech: Community Development at the Federal Reserve
June 26, 2025
Federal Reserve Board Governor Michael S. Barr gave a speech entitled “Community Development at the Federal Reserve,” at the Policy Summit 2025: Building Strong and Sustainable Communities, hosted by the Federal Reserve Bank of Cleveland in Cleveland, Ohio.
Working Paper: Transformative and Subsistence Entrepreneurs: Origins and Impacts on Economic Growth
June 26, 2025
The Federal Reserve Board published a working paper entitled “Transformative and Subsistence Entrepreneurs: Origins and Impacts on Economic Growth.”
Working Paper: Macroprudential Regulation and Lending Standards
June 26, 2025
The Federal Reserve Board published a working paper entitled “Macroprudential Regulation and Lending Standards.”
Working Paper: Total Recall? Evaluating the Macroeconomic Knowledge of Large Language Models
June 26, 2025
The Federal Reserve Board published a working paper entitled “Total Recall? Evaluating the Macroeconomic Knowledge of Large Language Models.”
Senior Credit Officer Opinion Survey on Dealer Financing Terms
June 26, 2025
The Federal Reserve Board released the Senior Credit Officer Opinion Survey on Dealer Financing Terms for June 2025.
Federal Reserve Bank of New York
Blog: Financial Intermediaries and the Changing Risk Sensitivity of Global Liquidity Flows
June 26, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “Financial Intermediaries and the Changing Risk Sensitivity of Global Liquidity Flows.”
Conference of State Bank Supervisors
CSBS Issues Money Transmitter Guidance on Virtual Currency and Capital
June 26, 2025
The Conference of State Bank Supervisors issued guidance on the treatment of virtual currency when calculating a licensee’s tangible net worth under the Money Transmission Modernization Act.
Securities and Exchange Commission
SEC Publishes Data on Broker-Dealers, Mergers and Acquisitions, and Business Development Companies
June 26, 2025
The Securities and Exchange Commission’s Division of Economic and Risk Analysis (DERA) has published new reports and data on broker-dealers, mergers and acquisitions (M&A), and business development companies (BDCs).
- Broker-Dealer Activity
- Analysis of Merger & Acquisition Activity
- Business Development Company Data Sets
- Press Release
SEC Roundtable on Executive Compensation Disclosure Requirements
June 26, 2025
The Securities and Exchange Commission hosted a roundtable on executive compensation disclosure requirements with representatives from public companies and investors as well as other experts in this field.
Federal Housing Finance Agency
Foreclosure Prevention, Refinance and FPM Report – 1Q2025
June 26, 2025
The Federal Housing Finance Agency released the Foreclosure Prevention, Refinance, and FPM Report for Q1 2025.
International
Bank of England
Bank of England Publishes 2025 Annual Reports
June 26, 2025
The Bank of England released its 2025 Annual Reports.
- Press Release
- Annual Report and Accounts
- Asset Purchase Facility Annual Report
- Alternative Liquid Facility Annual Report
- Official Market Operations Report
- Climate-Related Financial Disclosures Report
Bank Overground: Beyond Point Estimates: Quantifying Risk Around the Near-Term U.K. GDP Forecast Using a New Quantile-MIDAS Model
June 26, 2025
The Bank of England published a Bank Overground article entitled “Beyond point estimates: quantifying risk around the near-term UK GDP forecast using a new quantile-MIDAS model.”
Speech: The U.K. Economy in an Unpredictable World
June 26, 2025
Bank of England Governor Andrew Bailey gave a speech entitled “The UK economy in an unpredictable world.”
Speech: From Trading Floors to Policy Calls: the Value and Evolution of our Interactions With Financial Markets
June 26, 2025
Andrea Rosen, Director of Markets at the Bank of England, gave a speech entitled “From trading floors to policy calls: the value and evolution of our interactions with financial markets,” at the Centre for Central Banking Studies 'Transforming monetary policy’ conference.
Bank of England Prudential Regulation Authority
PRA Publishes 2025 Annual Reports
June 26, 2025
The Prudential Regulation Authority released its 2025 Annual Reports
- Annual Report
- Cost Benefit Analysis Panel Report
- Practitioner Panel Report
- Insurance Practitioner Report
- Competitiveness and Growth Second Report
- Enforcement Decisions Making Committee Report
Financial Conduct Authority
Risk Management and Wind-Down Planning at E-money and Payments Firms – Multi-Firm Review
June 26, 2025
The Financial Conduct Authority released the results of its multi-firm review on risk management and wind-down planning at e-money and payments firms.
Speech: What Kind of Market Do We Want to Be?
June 26, 2025
The Financial Conduct Authority CEO Nikhil Rathi gave a speech entitled “What kind of market do we want to be?”
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)
- Governor Adriana D. Kugler (sworn in September 13, 2023)
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 (nominated February 11, 2025); Rodney E. Hood (Acting Comptroller effective February 10, 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
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Practice Areas
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