Insights

PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, June 26, 2025

June 26, 2025

Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe

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Major Developments

Federal Reserve Board Votes to Advance Supplementary Leverage Ratio Proposal

June 25, 2025

The Federal Reserve Board voted at an open meeting to advance an interagency proposal on the supplementary leverage ratio.

Congress

U.S. Senate

Committee on Banking, Housing and Urban Affairs

Hearing: The Semiannual Monetary Policy Report to the Congress

June 25, 2025

The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing entitled, “The Semiannual Monetary Policy Report to the Congress.” The Committee heard testimony from The Honorable Jerome H. Powell, Chair, Board of Governors of the Federal Reserve System.

Federal Agencies

Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency

Agencies release list of distressed or underserved nonmetropolitan middle-income geographies

June 25, 2025

The Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency released the 2025 list of distressed or underserved nonmetropolitan middle-income geographies where certain bank activities are eligible for Community Reinvestment Act (CRA) credit.

Federal Reserve Board

Working Paper: Total Recall? Evaluating the Macroeconomic Knowledge of Large Language Models

June 25, 2025

The Federal Reserve Board published a working paper entitled, “Total Recall? Evaluating the Macroeconomic Knowledge of Large Language Models.”

Paper

Federal Deposit Insurance Corporation

FDIC Office of Inspector General Memorandum

June 25, 2025

The Federal Deposit Insurance Corporation Office of Inspector General posted a General Memorandum entitled, “FDIC Succession Management and Employee Retention Efforts.”

Memorandum

Securities and Exchange Commission

SEC Office of the Investor Advocate Delivers to Congress Report on Objectives for Fiscal Year 2026

June 25, 2025

The Securities and Exchange Commission’s Office of the Investor Advocate delivered its Report to Congress on the office’s objectives for fiscal year 2026.

Bank Policy Institute

Blog: The 3 Letters at the Heart of Bank Supervision Dysfunction

June 25, 2025

The Bank Policy Institute published a blog post entitled, “The 3 Letters at the Heart of Bank Supervision Dysfunction.”

Blog

International

Financial Conduct Authority

FCA continues mortgage rule review to boost home ownership and support growth

June 25, 2025

The Financial Conduct Authority is seeking a public conversation on the future of the mortgage market as part of its work to help consumers navigate their financial lives and to support economic growth.

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