PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, August 11, 2025
August 11, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Stephen Miran Nominated to Fed Board
August 7, 2025
President Donald Trump nominated Stephen Miran as governor of the Federal Reserve Board to fill the seat vacated by Adrianna Kugler.
- Senate Banking Committee Chair Tim Scott Statement
- Senate Banking Committee Ranking Member Elizabeth Warren Statement
Federal Agencies
Federal Reserve Board
Paper: ‘Linear and nonlinear econometric models against machine learning models: realized volatility prediction’
August 8, 2025
The Federal Reserve Board published a discussion paper titled “Linear and nonlinear econometric models against machine learning models: realized volatility prediction.”
Federal Deposit Insurance Corporation
Statement From Acting Chairman Travis Hill on Executive Order Titled ‘Guaranteeing Fair Banking For All Americans’
August 8, 2025
Federal Deposit Insurance Corporation Acting Chairman Travis Hill issued a statement on an executive order titled “Guaranteeing Fair Banking for All Americans.”
Bank Policy Institute
Blog: ‘eSLR Reform Aligns Leverage Requirement With Original Objective’
August 8, 2025
The Bank Policy Institute published a blog post titled “eSLR Reform Aligns Leverage Requirement with Original Objective.”
Banks Respond to Executive Order to Promote Financial Services Access
August 7, 2025
The Bank Policy Institute, American Bankers Association, Consumer Bankers Association and Financial Services Forum issued a statement responding to President Trump’s executive order to promote access to financial services in the United States.
International
European Banking Authority
The EBA Confirms Its Response to the New European Commission’s Delegated Act Postponing the Market Risk Framework in the EU
August 8, 2025
Following the European Commission’s adoption of a Delegated Act postponing application of the revised market risk framework in the EU, the so-called Fundamental Review of the Trading Book (FRTB), the European Banking Authority (EBA) confirmed that its no-action letter published on 12 August 2024 would remain fully valid and in place.
The EBA Amends Technical Standards Specifying the Data Collection for the 2026 Benchmarking Exercise
August 8, 2025
The EBA published its final draft Implementing Technical Standards (ITS), amending the Implementing Regulation on the benchmarking of credit and market risk for the 2026 exercise.
Bank of England
Financial Conduct Authority
Consultation Paper: ‘Derivative reporting requirements under UK EMIR: additional draft Q&As’
August 8, 2025
The Bank of England and Financial Conduct Authority (FCA) published a joint consultation paper titled “Derivative reporting requirements under UK EMIR: additional draft Q&As.”
Bank of England
Market Participants Survey Results — August 2025
August 8, 2025
The Bank of England released the August 2025 Market Participants Survey results.
Policy Statement: ‘Amendments to the UK EMIR Trade Repository Reporting Requirements – August 2025’
August 8, 2025
The Bank of England released a policy statement titled “Amendments to the UK EMIR Trade Repository reporting requirements – August 2025.”
Bank of England Prudential Regulation Authority
Statement of Policy: ‘The PRA’s approach to the implementation of the O-SII buffer’
August 8, 2025
The Prudential Regulation Authority (PRA) released a statement of policy titled “The PRA’s approach to the implementation of the O-SII buffer.”
Financial Conduct Authority
FCA Shares Feedback on the New Standard Setting Body for Open Banking
August 8, 2025
The FCA published a feedback statement titled, “Design of the Future Entity for UK Open Banking.”
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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