Daily Financial Regulation Update -- Friday, August 8, 2025

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Major Developments

The White House

Executive Order: Guaranteeing Fair Banking for All Americans

The president of the United States issued an executive order that calls on banking decisions to be “made on the basis of individualized, objective, and risk-based analyses.”

• Executive Order
• Statement of Comptroller of the Currency Jonathan V. Gould

 

Executive Order: Democratizing Access to Alternative Assets for 401(K) Investors

The president of the United States issued an executive order directing the secretary of labor to revise guidance to permit investments in “alternative assets,” including:

1. Private market investments, including direct and indirect interests in equity, debt or other financial instruments that are not traded on public exchanges, including those where the managers of such investments, if applicable, seek to take an active role in the management of such companies.
2. Direct and indirect interests in real estate, including debt instruments secured by direct or indirect interests in real estate.
3. Holdings in actively managed investment vehicles that are investing in digital assets.
4. Direct and indirect investments in commodities.
5. Direct and indirect interests in projects financing infrastructure development.
6. Lifetime income investment strategies, including longevity risk-sharing pools.

• Executive Order

 

Federal Agencies

Federal Reserve Board

G.19 Consumer Credit Data — June 2025

August 7, 2025

The Federal Reserve Board published the G.19 consumer credit data for June 2025.

• Data

 

Federal Reserve Bank of New York

Inflation Expectations Tick Up; Consumers More Optimistic About Taxes and Their Financial Situations

August 7, 2025

The Federal Reserve Bank of New York’s Center for Microeconomic Data released the July 2025 Survey of Consumer Expectations, which shows that households’ inflation expectations increased at the short- and longer-term horizons and were unchanged at the medium-term horizon.

• Survey
• Press Release

 

Article: Nanotech, Semiconductors and Workforce Challenges: A Visit to the Capital Region

August 7, 2025

The Federal Reserve Bank of New York published a The Teller Window article entitled “Nanotech, Semiconductors, and Workforce Challenges: A Visit to the Capital Region.”

• Article

 

Blog: Flood Risk and Flood Insurance

August 7, 2025

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “Flood Risk and Flood Insurance.”

• Blog

 

Commodity Futures Trading Commission

CFTC Staff Issues No-Action Letter Regarding Event Contracts

August 7, 2025

The Commodity Futures Trading Commission’s Division of Market Oversight and the Division of Clearing and Risk announced they have taken a no-action position regarding swap data reporting and recordkeeping regulations for event contracts. This was in response to a request from the Railbird Exchange, LLC, a designated contract market, and QC Clearing LLC, a derivatives clearing organization.

• Letter
• Press Release

 

International

European Commission

European Banking Authority

The EBA Consults on Revised Guidelines on Internal Governance

August 7, 2025

The European Banking Authority launched a consultation on its revised guidelines on internal governance under the Capital Requirements Directive.

• Consultation Paper
• Press Release

 

Bank of England

Bank Rate Reduced to 4% — August 2025

August 7, 2025

The Bank of England released the Monetary Policy Report for August 2025 and announced that at its meeting ending on August 6, 2025, the MPC voted by a majority of 5-4 to reduce the Bank Rate by 0.25 percentage points to 4%, rather than maintaining it at 4.25%.

• Summary and Minutes
• Report

 

Monthly Decision Maker Panel Data — July 2025

August 7, 2025

The Bank of England released the Decision Maker Panel Survey data for July 2025.

• Survey

 

Financial Conduct Authority

FCA Sets Out Changes to Payment Safeguarding Rules

August 7, 2025

The Financial Conduct Authority (FCA) introduced new rules to improve safeguarding practices among payment firms.

• Policy Statement
• Press Release

 

Transaction Governance in Wholesale Banks — Review

August 7, 2025

The FCA released a multifirm review of transaction governance in wholesale banks.

• Review

 

Multifirm Review Into Off-Channel Communications

August 7, 2025

The FCA released a multifirm review into off-channel communications.

• Review

 

Review: Share Buybacks in UK Listed Equities

August 7, 2025

The FCA released a multifirm review on share buybacks in U.K. listed equities.

• Review

 

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