PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, July 16, 2025
July 16, 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: Dodd-Frank Turns 15: Lessons Learned and the Road Ahead
July 15, 2025
The U.S. House Committee on Financial Services held a hearing entitled “Dodd-Frank Turns 15: Lessons Learned and the Road Ahead.”
Federal Agencies
Federal Reserve Board
Speech: Expanding Financial Inclusion
July 15, 2025
Federal Reserve Board Governor Michael S. Barr gave a speech entitled “Expanding Financial Inclusion” at "Unleashing a Financially Inclusive Future," the second annual Financial Inclusion Conference hosted by the Federal Reserve Board in Washington, D.C.
Speech: Welcoming Remarks
July 15, 2025
Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman gave welcoming remarks at “Unleashing a Financially Inclusive Future," the second annual Financial Inclusion Conference hosted by the Federal Reserve Board in Washington, D.C.
Federal Reserve Bank of New York
Empire State Manufacturing Survey — July 2025
July 15, 2025
The Federal Reserve Bank of New York released the July 2025 Empire State Manufacturing Survey.
Federal Deposit Insurance Corporation
FDIC Board of Directors Proposes to Establish Office of Supervisory Appeals
July 15, 2025
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) proposed new amendments and proposed a new revision to the FDIC’s Guidelines for Appeals of Material Supervisory Determinations.
- Proposed Amendments
- Memorandum
- Press Release
- Acting Chair Hill Statement
- Financial Institution Letter
FDIC Proposes Regulatory Threshold Adjustments and Indexing to Reflect Inflation
July 15, 2025
The FDIC’s Board of Directors approved a notice of proposed rulemaking (NPR) that would periodically update certain regulatory thresholds to reflect historical inflation, including those under 12 CFR part 363 related to annual independent audit and reporting requirements, and adjust those thresholds in the future based on a proposed indexing methodology.
FDIC Board Approves Request for Information on Industrial Banks and Industrial Loan Companies and Their Parent Companies
July 15, 2025
The FDIC’s Board of Directors approved publication of a new request for information (RFI) that solicits information and comments from interested parties on how the agency reviews filings submitted by industrial banks and industrial loan companies.
- Request for Information
- Memorandum
- Withdrawal of Proposed Rule
- Press Release
- Acting Chair Hill Statement
- Financial Institution Letter
FDIC Board of Directors Approves Notice of Proposed Rulemaking on the Establishment and Relocation of Branches and Offices
July 15, 2025
The FDIC’s Board of Directors approved a notice of proposed rulemaking to streamline the processes for the establishment and relocation of domestic branches and offices.
Consolidated Reports of Condition and Income for Second Quarter 2025
July 15, 2025
The FDIC released the Consolidated Reports of Condition and Income for Second Quarter 2025
Office of the Comptroller of the Currency
Jonathan V. Gould Takes Office as the 32nd Comptroller of the Currency
July 15, 2025
Jonathan V. Gould became the 32nd Comptroller of the Currency, after being sworn into the office.
International
European Banking Authority
ESAs Publish Guide on DORA Oversight Activities
July 15, 2025
The European Supervisory Authorities (EBA, EIOPA, ESMA – collectively, the ESAs) published a guide on oversight activities under the Digital Operational Resilience Act.
Bank of England
Prudential Regulation Authority
Bank of England Announces Measures to Promote Banking Resilience, Capital Certainty, Competition and Growth
July 15, 2025
The Bank of England, including the Prudential Regulation Authority, has announced a package of measures designed to maintain stability in the financial sector while offering new growth opportunities for mid-sized banks and building societies.
- MREL Final Policy
- MREL Statement of Policy
- Resolution Assessment Threshold PRA Consultation Paper
- MREL Reporting Requirements PRA Consultation paper
- MREL Disclosure Requirements PRA Consultation Paper
- Fit For Purpose Resolution Regime Paper
- Press Release
Bank of England Prudential Regulation Authority
Consultation Paper: Basel 3.1: Adjustments to the Market Risk Framework
July 15, 2025
The Prudential Regulation Authority released a consultation paper entitled “Basel 3.1: Adjustments to the market risk framework.”
PRA Statement on Prudential Treatment of Non-UK Covered Bonds
July 15, 2025
The Prudential Regulation Authority (PRA) issued a statement on prudential treatment of non-UK Covered Bonds.
Bank of England Prudential Regulation Authority
Financial Conduct Authority
FCA and PRA Cut Senior Manager Regime Red Tape to Help Boost Growth
July 15, 2025
In the first phase of reforms to the Senior Manager Certification Regime, the Financial Conduct Authority (FCA) and PRA are proposing to streamline the regime to make it more effective and efficient and to drive growth in financial services.
Joint statement by the PRA and FCA on HM Treasury’s Captive Insurance Consultation Response
July 15, 2025
The FCA and the PRA welcomed HM Treasury’s plans to support the growth of the UK’s captive insurance market.
Financial Conduct Authority
FCA Lowers Costs for Businesses Raising Capital in Support of Growth
July 15, 2025
The FCA announced stripped back rules that will make it easier for companies to raise the money they need to grow.
- Press Release
- Public Offers and Admissions Policy Statement
- Public Offer Platforms Policy Statement
- Press Release
FCA Sets Faster Targets for Authorizations
July 15, 2025
The FCA announced a plan to up processes for firms and individuals seeking authorization.
Redress System Reforms to Prevent Compensation Delays and Provide Predictability Needed for Innovation
July 15, 2025
The FCA and Financial Ombudsman Service are seeking to modernize the financial redress system to help prevent it becoming overwhelmed, delaying consumer compensation.
FCA Statement on Market Reforms and What's to Come
July 15, 2025
The FCA issued a statement on reforms it’s making to capital markets.
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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