PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, August 18, 2025
August 18, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Federal Reserve Board
Federal Reserve Board Announces Sunset of Its Novel Activities Supervision Program
August 15, 2025
The Federal Reserve Board announced that it will sunset its novel activities supervision program and return to monitoring banks’ novel activities through the normal supervisory process.
Federal Agencies
U.S. Department of the Treasury
International Capital Data — June 2025
August 15, 2025
The U.S. Department of the Treasury released Treasury International Capital (TIC) data for June 2025. The next release, which will report on data for July 2025, is scheduled for Sept. 18.
Federal Reserve Bank of New York
Report: ‘A Practitioner’s Note on the Shapley-Owen-Shorrocks Decomposition’
August 15, 2025
The Federal Reserve Bank of New York published a staff report titled “A Practitioner’s Note on the Shapley-Owen-Shorrocks Decomposition.”
Report: ‘Nonlinear Micro Income Processes with Macro Shocks’
August 15, 2025
The Federal Reserve Bank of New York published a staff report titled “Nonlinear Micro Income Processes with Macro Shocks.”
Empire State Manufacturing Survey — August 2025
August 15, 2025
Business activity grew modestly in New York state in August, according to firms responding to the Empire State Manufacturing Survey.
Federal Reserve and Treasury Did Not Intervene in FX Markets During Q2
August 14, 2025
The Federal Reserve and U.S. Department of the Treasury did not intervene in foreign exchange markets during the April – June 2025 quarter, the Federal Reserve Bank of New York said in its quarterly report to the U.S. Congress.
Office of the Comptroller of the Currency
Bank Accounting Advisory Series Updated
August 15, 2025
The Office of the Comptroller of the Currency released its annual update to the Bank Accounting Advisory Series.
Commodity Futures Trading Commission
CFTC Conducting Review of Time and Attendance Compliance Amid OIG Report, Congressional Inquiry
August 15, 2025
Commodity Futures Trading Commission Acting Chairman Caroline D. Pham announced the CFTC is conducting an internal review of staff compliance with time and attendance requirements following a recent Inspector General report and congressional inquiry.
Freddie Mac
Freddie Mac Discloses Dodd-Frank Act Stress Test Results
August 15, 2025
Freddie Mac posted the results of its 2024 and 2025 stress tests for the severely adverse scenario conducted under U.S. Federal Housing’s implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Bank Policy Institute
Banks Respond to Financial Technology Association Letter About Open Banking
August 14, 2025
The Bank Policy Institute, American Bankers Association and Consumer Bankers Association issued a response to a letter sent to President Trump by the Financial Technology Association along with various data aggregators and fintech companies.
Banks Support Changes to Federal Reserve’s Supervisory Ratings System
August 14, 2025
The Bank Policy Institute and the American Bankers Association expressed support for proposed changes to the Large Financial Institution rating system in a letter to the Federal Reserve.
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
Practice Areas
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