PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, August 4, 2025
August 04, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
Federal Reserve Board
Adriana D. Kugler Submits Resignation as a Member of the Federal Reserve Board, Effective August 8, 2025
August 1, 2025
The Federal Reserve Board announced that Adriana D. Kugler will step down from her position as governor of the Federal Reserve Board, effective August 8, 2025.
Dissenting Statement on FOMC Action by Vice Chair for Supervision Michelle W. Bowman
August 1, 2025
Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman issued a statement of dissent following the most recent Federal Open Market Committee (FOMC) meeting vote to maintain the federal funds rate.
Dissenting Statement on FOMC action by Governor Christopher J. Waller
August 1, 2025
Federal Reserve Board Governor Christopher J. Waller issued a statement of dissent following the most recent FOMC meeting vote to maintain the federal funds rate.
Discussion Paper: Food, Fuel and Facts: Distributional Effects of Global Price Shocks
August 1, 2025
The Federal Reserve Board published a discussion paper entitled “Food, Fuel, and Facts: Distributional Effects of Global Price Shocks.”
Federal Reserve Bank of New York
Report: Understanding the Pricing of Carbon Emissions: New Evidence From the Stock Market
August 1, 2025
The Federal Reserve Bank of New York issued a staff report entitled “Understanding the Pricing of Carbon Emissions: New Evidence From the Stock Market.”
Report: Can Redemption Fees Prevent Runs on Funds?
August 1, 2025
The Federal Reserve Bank of New York issued a staff report entitled “Can Redemption Fees Prevent Runs on Funds?”
Securities and Exchange Commission
SEC Creates Task Force to Tap Artificial Intelligence for Enhanced Innovation and Efficiency Across the Agency
August 1, 2025
The Securities and Exchange Commission announced the launch of a task force on artificial intelligence (AI) that will spearhead the agency’s efforts to enhance innovation and efficiency in its operations through the responsible use of AI.
On the Road: SEC Crypto Task Force to Host a Series of Roundtables Across the US
August 1, 2025
The Securities and Exchange Commission announced that its Crypto Task Force will host a series of roundtables across the country to provide opportunities for additional stakeholders to meet with Commissioner Hester Peirce, who leads the Crypto Task Force. The roundtables will take place on the following dates and in the following cities:
- August 4: Berkeley, California
- August 19: Boston, Massachusetts
- September 4: Dallas, Texas
- September 15: Chicago, Illinois
- September 25: New York, New York
- October 3: Irvine, California
- October 24: Cleveland, Ohio
- October 29: Scottsdale, Arizona
- November 12: New York, New York
- December 5: Ann Arbor, Michigan
U.S. Department of Labor
BLS Releases July Jobs Report
August 1, 2025
The U.S. Bureau of Labor Statistics released the Employment Situation report for July 2025.
Bank Policy Institute
U.S. District Court Extends Pause on Stress Testing Lawsuit Until October 15
August 1, 2025
A U.S. District Court approved a joint request between the Federal Reserve and a coalition of bank and business groups to extend a pause in litigation challenging the Federal Reserve’s stress testing framework.
International
European Banking Authority
The EBA Publishes the Results of Its 2025 EU-Wide Stress Test
August 1, 2025
The European Banking Authority (EBA) released the results of its 2025 EU-wide stress test involving 64 banks from 17 EU and EEA countries and covering 75% of EU banking sector assets.
Financial Conduct Authority
FCA Opens Retail Access to Crypto ETNs
August 1, 2025
The Financial Conduct Authority (FCA) announced that firms will soon be able to give retail consumers access to crypto exchange traded notes.
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
Practice Areas
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