Daily Financial Regulation Update -- Friday, August 1, 2025

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Federal Agencies

U.S. Department of the Treasury

Treasury Secretary Bessent Gives Remarks at the Launch of the White House Digital Assets Report

July 31, 2025

Secretary of the Treasury Scott Bessent gave remarks at the launch of the White House Digital Assets Report.

• Remarks

 

Federal Reserve Board

Federal Reserve Board Joins Other Regulators to Allow Banks Flexibility in Collecting Certain Customer Identification Information

July 31, 2025

The Federal Reserve Board joined other federal financial institution regulatory agencies, as well as the Financial Crimes Enforcement Network, in providing banks the flexibility to use an alternative method for collecting certain customer identification information. Specifically, the agencies now permit banks and credit unions to obtain a tax identification number from a third party, rather than directly from the customer.

• Order
• Press Release

 

Securities and Exchange Commission

Speech; American Leadership in the Digital Finance Revolution

July 31, 2025

Securities and Exchange Commission Chair Paul S. Atkins gave a speech entitled “American Leadership in the Digital Finance Revolution.”

• Speech

 

Commodity Futures Trading Commission

CFTC Staff Issues No-Action Letter Regarding Swap Data Error Correction Notification Requirements

July 31, 2025

The Commodity Futures Trading Commission’s Division of Market Oversight has taken a no-action position with respect to reporting counterparties that fail to submit a swap data error correction notification. If, at the time the reporting counterparty initially discovers and assesses the impact of an error, the reporting counterparty makes a reasonable determination that the number of reportable trades affected by the error does not exceed 5% of the reporting counterparty’s open swaps for the relevant asset class in swaps for which it was the reporting counterparty. 

• No-Action Letter
• Press Release

 

Ginnie Mae

APM: Lost Instrument Bond for Missing Note on Re-Performing Loans for Single-Family MBS Pools

July 31, 2025

Ginnie Mae released an All-Participant Memorandum entitled “Lost Instrument Bond for Missing Note on Re-Performing Loans for Single-Family MBS Pools.”

• APM
• Press Release

 

State Agencies

New York State Department of Financial Services

Request for Information Regarding ‘Buy-Now-Pay-Later’ Activities

July 31, 2025

The New York State Department of Financial Services sent a letter to buy-now-pay-later lenders and other stakeholders requesting information regarding activities.

• Letter

 

International

European Banking Authority

EU Banks Continue to Meet Their MREL Requirements Set by Resolution Authorities on the Basis of the Identified Resolution Strategies

July 31, 2025

The European Banking Authority published its Q4 2024 semi-annual Dashboard on the minimum requirement for own funds and eligible liabilities (MREL), which discloses aggregated statistical information for 345 banks earmarked for resolution across the European Union (EU) and for which the EBA has received data about both decisions and resources.

• MREL Dashboard
• Press Release

 

The EBA Consults on Harmonized Reporting for Third-Country Branches Across the EU

July 31, 2025

The European Banking Authority launched a public consultation on its draft Implementing Technical Standards (ITS) for the supervisory reporting of third-country branches under the Capital Requirements Directive.

• Press Release
• Consultation Paper

 

Bank of England

Credit Union Annual Statistics — 2024

July 31, 2025

The Bank of England released the credit union annual statistics for 2024.

• Statistics

 

Bank of England Prudential Regulation Authority

Prudential Regulation Authority Unveils Options to Enhance Competition in the Mortgage Market

July 31, 2025

The Prudential Regulation Authority has unveiled a series of possible options to make it easier for mid-sized firms to scale-up and compete in the residential mortgage market, and is now opening a wide discussion with industry on how best to do so.

• Discussion Paper
• Press Release

 

Financial Conduct Authority

FCA Seeks Improvement to Digital Loan Processes

July 31, 2025

The Financial Conduct Authority released the results of its review of the digital loan process.

• Press Release
• Research Note
• Guidance

 

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