PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, August 15, 2025
August 15, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
U.S. Department of the Treasury
Treasury Announces Federal Government Will Phase Out Paper Checks on September 30
August 14, 2025
The U.S. Department of the Treasury announced that the federal government will stop issuing paper checks for most federal payments on September 30, 2025.
Treasury Sanctions Cryptocurrency Exchange and Network Enabling Sanctions Evasion and Cybercriminals
August 14, 2025
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is re-designating the cryptocurrency exchange Garantex Europe OU (Garantex), which has directly facilitated notorious ransomware actors and other cybercriminals by processing over $100 million in transactions linked to illicit activities since 2019.
Federal Reserve Board
Paper: ‘The Banking Panic in New Mexico in 1924 and the Response of the Federal Reserve’
August 14, 2025
The Federal Reserve Board published a discussion paper titled “The Banking Panic in New Mexico in 1924 and the Response of the Federal Reserve.”
Bank Policy Institute
Banks Ask Court to Clarify Compliance Expectations Under Section 1033
August 14, 2025
The Bank Policy Institute, Kentucky Bankers Association and Forcht Bank filed a motion with the U.S. District Court for the Eastern District of Kentucky asking the court to clarify that banks will not have to comply with the existing Section 1033 rule while the Consumer Financial Protection Bureau (CFPB) works to substantially revise the rule.
International
Financial Conduct Authority
Sustainability-Linked Loans Market: Two Years On
August 14, 2025
The Financial Conduct Authority (FCA) published a follow-up letter to share insights from its ongoing engagement with banks active in the sustainability-linked loans (SLL) market.
Are Firms Ready for T+1 in the UK and Europe?
August 14, 2025
The FCA issued an update on its expectations and plans as firms prepare for the move to the T+1 on October 11, 2027.
Blog: ‘The evolution of consumer credit: What the next decade holds’
August 14, 2025
The FCA published a blog post titled “The evolution of consumer credit: What the next decade holds.”
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)
- Stephen Miran (nominated August 7, 2025)
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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