PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, July 31, 2025
July 31, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
The President’s Working Group on Digital Asset Markets Releases Recommendations
July 30, 2025
The Working Group on Digital Asset Markets released its recommendations.
Federal Agencies
U.S. Department of the Treasury
Report to the Secretary of the Treasury From the Treasury Borrowing Advisory Committee
July 30, 2025
The U.S. Department of the Treasury Borrowing Advisory Committee issued a report to the secretary of the treasury following its meeting held July 29, 2025.
Federal Reserve Board
Federal Reserve Issues FOMC Statement
July 30, 2025
The Federal Reserve issued a statement that the Federal Open Markets Committee decided to maintain the target range for the federal funds rate at 4.25-4.5%.
Securities and Exchange Commission
SEC Permits In-Kind Creations and Redemptions for Crypto ETPs
July 29, 2025
The Securities and Exchange Commission voted to approve orders to permit in-kind creations and redemptions by authorized participants for crypto asset exchange-traded product shares.
Commodity Futures Trading Commission
CFTC Staff Issues No-Action Letter on SEF Order Book
July 30, 2025
The Commodity Futures Trading Commission’s Division of Market Oversight issued a no-action letter stating that it will not recommend the commission commence an enforcement action against a swap execution facility (SEF) that does not provide a central limit order book as set forth in CFTC Regulation 37.3(a)(2), in connection with swap transactions executed on the SEF that are not subject to the trade execution requirement in Commodity Exchange Act Section 2(h)(8).
U.S. Small Business Administration
SBA Issues Letter of Warning to Federal Contracting Officers
July 29, 2025
The U.S. Small Business Administration (SBA) issued a formal letter to contracting officers across the federal government, strengthening oversight of the SBA 8(a) Business Development Program and reinforcing the officers’ legal responsibility to report suspected fraud, waste and abuse.
International
European Commission
Commission Presents Voluntary Sustainability Reporting Standard to Ease Burden on SMEs
July 29, 2025
The commission has adopted a recommendation on voluntary sustainability reporting for small and medium-sized companies (SMEs). The recommendation presents a voluntary standard that will make it easier for SMEs that are not covered by the Corporate Sustainability Reporting Directive (CSRD) to respond to specific requests for sustainability information from large financial institutions and companies.
European Banking Authority
The EBA Publishes Additional Data Guidance Ahead of the Release of Its 2025 EU-Wide Stress Test
July 30, 2025
The European Banking Authority published the metadata, the data dictionary and the guide for data exploitation. This information is intended to assist data users in automating the analysis of the 2025 EU-wide stress test data, which will be released on August 1.
Bank of England Prudential Regulation Authority
Consultation Paper: CRR Definitions: Restatement in PRA Rulebook
July 30, 2025
The Prudential Regulation Authority released a consultation paper entitled “CRR Definitions: restatement in PRA Rulebook.”
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 (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
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