PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, June 20, 2025
June 20, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
U.S. Department of the Treasury
Treasury Endorses New International Payments Standards, Supports FATF Reports on Countering Illicit Finance
June 18, 2025
On June 13, the Financial Action Task Force (FATF) concluded its joint plenary with the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL), the FATF-style regional body for Europe, in Strasbourg, France. The plenary agreed to release reports on proliferation financing sanctions evasion typologies and how terrorist groups like Hamas, Hizballah and the Houthis raise and move funds. The body also found consensus on a revised payments standard, new publications on how countries around the world are regulating virtual assets to combat illicit finance and a new mechanism to prevent the FATF standards from being misused to pressure civil society groups.
Treasury Releases Social Security and Medicare Trustees Reports
June 18, 2025
The U.S. Department of the Treasury — joined by Departments of Health and Human Services and Labor, the Centers for Medicare & Medicaid Services and the Social Security Administration — released the annual Social Security and Medicare Trustees Reports.
Treasury International Capital Data for April
June 18, 2025
The U.S. Department of the Treasury released Treasury International Capital (TIC) data for April 2025. The next release, which will report on data for May 2025, is scheduled for July 17, 2025.
Federal Reserve Board
Federal Reserve Issues FOMC Statement
June 18, 2025
The Federal Reserve issued a statement that the Federal Open Market Committee maintained the target range for the federal funds rate at 4-1/4 to 4-1/2 percent.
Federal Reserve Board and FOMC Release Economic Projections
June 18, 2025
The Federal Reserve Board and Federal Open Market Committee released economic projections made during the FOMC June 17-18 meeting.
Commodity Futures Trading Commission
Remarks: The Future of Finance: Enabling AI Tools To Enhance Compliance and Surveillance
June 18, 2025
Commodity Futures Trading Commission Commissioner Kristin N. Johnson gave keynote remarks entitled “The Future of Finance: Enabling AI Tools To Enhance Compliance and Surveillance,” at RegHub Summit London 2025.
Federal Financial Institutions Examination Council
2025 FFIEC Median Family Income Report
June 18, 2025
The Federal Financial Institutions Examination Council released the 2025 FFIEC Median Family Income Report.
U.S. Small Business Administration
SBA Reinstates Rule to Return Federal Contractors to Work
June 18, 2025
The U.S. Small Business Administration announced that it would be reinstating a rule to require government contractors to return to work, effective Oct. 1.
International
European Banking Authority
The EBA Consults on Technical Standards on Acquisitions in Credit Institutions
June 18, 2025
The European Banking Authority launched a public consultation on draft Regulatory Technical Standards (RTS) specifying the list of minimum information to be provided to the relevant competent authority at the time of the notification of the proposed acquisition of qualifying holdings in a credit institution.
Bank of England Prudential Regulation Authority
Speech: Innovation and Regulation – Striking the Balance
June 18, 2025
Bank of England Executive Director for Prudential Policy David Bailey gave a speech entitled “Innovation and regulation – striking the balance.”
Financial Conduct Authority
Speech: Eating Your Regulatory Greens: A Balanced Strategy to Support Financial Services
June 18, 2025
Financial Conduct Authority Chief Operating Officer Emily Shepperd gave a speech entitled “Eating your regulatory greens: a balanced strategy to support financial services,” at an Association of British Insurers event.
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 (nominated February 11, 2025); Rodney E. Hood (Acting Comptroller effective February 10, 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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