PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, July 18, 2025
July 18, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
U.S. House of Representatives
House Passes Crypto Legislation; GENIUS Act Heads to President’s Desk
July 17, 2025
The United States House of Representatives passed the Digital Market Clarity Act, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act and the Anti-CBDC Surveillance State Act. The GENIUS Act, which has already passed the Senate, will become law upon President Trump’s signature.
Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: U.S. Policy on Investment Security
July 16, 2025
The U.S. House Committee on Financial Services Subcommittee on National Security, Illicit Finance and International Financial Institutions held a hearing entitled “U.S. Policy on Investment Security.”
Hearing: HOME 2.0: Modern Solutions to the Housing Shortage
July 16, 2025
The U.S. House Committee on Financial Services Subcommittee on Housing and Insurance held a hearing entitled “HOME 2.0: Modern Solutions to the Housing Shortage.”
Federal Agencies
U.S. Department of the Treasury
Treasury International Capital Data for May
July 17, 2025
The U.S. Department of the Treasury released the Treasury International Capital Data for May 2025.
Federal Reserve Board
Working Paper: Generative AI at the Crossroads: Light Bulb, Dynamo, or Microscope?
July 17, 2025
The Federal Reserve Board published a working paper entitled “Generative AI at the Crossroads: Light Bulb, Dynamo, or Microscope?”
Speech: AI: A Fed Policymaker's View
July 17, 2025
Federal Reserve Board Governor Lisa D. Cook gave a speech entitled “AI: A Fed Policymaker's View,” at the National Bureau of Economic Research Summer Institute 2025: Digital Economics and Artificial Intelligence in Cambridge, Massachusetts.
Speech: A View of the Housing Market and U.S. Economic Outlook
July 17, 2025
Federal Reserve Board Governor Adriana D. Kugler gave a speech entitled “A View of the Housing Market and U.S. Economic Outlook,” at the Housing Partnership Network Symposium in Washington, D.C.
Federal Reserve Bank of New York
Article: Federal Reserve Repo and Reverse Repo Market Operations: 2015 to Now
July 17, 2025
The Federal Reserve Bank of New York published a The Teller Window article entitled “Federal Reserve Repo and Reverse Repo Market Operations: 2015 to Now.”
Speech: Summer of ’25: The Data
July 17, 2025
Federal Reserve Bank of New York President and CEO John C. Williams gave a speech entitled “Summer of ’25: The Data,” at the New York Association for Business Economics.
International
Bank of England Prudential Regulation Authority
Statement of Policy: The PRA’s Approach to Waivers and Permissions Under Own Funds (CRR) Part
July 17, 2025
The Prudential Regulation Authority (PRA) released a statement of policy on its approach to waivers and permissions under Own Funds (CRR) Part.
Policy Statement: Restatement of CRR and Solvency II Requirements in PRA Rulebook – 2026 Implementation
July 17, 2025
The PRA released a policy statement entitled “Restatement of CRR and Solvency II requirements in PRA Rulebook – 2026 implementation.”
Policy Statement: Amendments to the Large Exposures Framework – Part 1
July 17, 2025
The PRA released a policy statement entitled “Amendments to the Large Exposures Framework – Part 1.”
Supervisory Statement: Identification of Groups of Connected Clients for Large Exposures Purposes
July 17, 2025
The PRA released a supervisory statement entitled “Identification of groups of connected clients for large exposures purposes.”
Financial Conduct Authority
Explanatory Note for Direction for the Derivatives Trading Obligation Under Article 28a(9) MiFIR
July 17, 2025
The Financial Conduct Authority (FCA) released an explanatory note on its direction for the derivatives trading obligation under Article 28a(9) Markets in Financial Instruments Regulation.
Primay Market Bulletin 56
July 17, 2025
The FCA released the Primary Market Bulletin No. 56.
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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July 18, 2025
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