Daily Financial Regulation Update -- Friday, August 29, 2025

Subscribe to PH FedACTion: Financial Regulatory Updates
Subscribe to the PHFintech: Crypto Policy Tracker

 

Federal Agencies

U.S. Department of the Treasury

OFR Working Paper: ‘Repo Rate Spillovers: Evidence From a Natural Experiment’

August 28, 2025

The Office of Financial Research published a working paper titled “Repo Rate Spillovers: Evidence From a Natural Experiment.”

• Paper
• Press Release

 

Commodity Futures Trading Commission

CFTC Announces FBOT Advisory to Provide Regulatory Clarity for Non-US Exchanges

August 28, 2025

The Commodity Futures Trading Commission’s Division of Market Oversight issued an advisory regarding the foreign board of trade (FBOT) registration framework for non-U.S. entities legally organized and operating outside the United States that seek to provide persons physically located in the United States with direct market access to their trading platforms.

• Staff Letter
• Press Release

 

Financial Crimes Enforcement Network

FinCEN Issues Advisory and Financial Trend Analysis on Chinese Money Laundering Networks

August 28, 2025

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an advisory to urge financial institutions to be vigilant in detecting the use of Chinese money laundering networks (CMLN) by Mexico-based drug cartels, including several designated as foreign terrorist organizations. It also issued a financial trend analysis highlighting the scope and breadth of CMLN activity in the United States. 

• Advisory
• Financial Trend Analysis
• Press Release

 

International

European Commission

EU Proposes Tariff Reductions to Implement EU-US Deal

August 28, 2025

The European Commission is presenting two proposals paving the way for implementing the EU-U.S. Joint Statement of 21 August.

• EU U.S. Joint Statement
• Text of Joint Statement
• Proposal Q&A
• Joint Statement Q&A
• Press Release
• President von der Leyen Statement

 

Bank of England

Capital Issuance — July 2025

August 28, 2025

The Bank of England released capital issuance statistics for July 2025.

• Statistics

 

Financial Conduct Authority

FCA Continues to Simplify Supervisory Communications

August 28, 2025

The Financial Conduct Authority (FCA) announced that it is simplifying its multi-firm and thematic reviews and labelling those published before 2022 as “historical.”

• Press Release

 

FCA Removes More Data Returns, Helping 36,000 Firms

August 28, 2025

The FCA announced 36,000 firms will no longer need to submit a nil return when completing certain tasks to disciplinary action.

• Press Release

 

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; purportedly terminated August 25, 2025)
• 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