PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, July 21, 2025
July 21, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
GENIUS Act Signed Into Law
July 18, 2025
President Donald Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) of 2025 into law.
- Comptroller Gould Statement
- SEC Chair Atkins Statement
- SEC Commissioner Peirce Statement
- CFTC Acting Chair Pham Statement
- Senate Banking Committee Chair Scott Statement
Federal Agencies
Federal Reserve Board
Speech: The Case for Cutting Now
July 17, 2025
Federal Reserve Board Governor Christopher J. Waller gave a speech entitled “The Case for Cutting Now” at the Money Marketeers of New York University.
Commodity Futures Trading Commission
Commissioner Johnson Hosted the Regulators’ Roundtable: Financial Markets Innovation and Supervision of Emergent Technology in London
July 18, 2025
On July 14, 2025, Commodity Futures Trading Commission Commissioner Kristin Johnson convened the third annual international financial markets regulation roundtable in London.
CFTC Staff Issues No-Action Letter Extension Regarding Position Aggregation Requirements
July 18, 2025
The Commodity Futures Trading Commission’s Division of Market Oversight issued a no-action letter extending the no-action positions in CFTC Staff Letter No. 22-09 regarding certain position aggregation requirements, which expires August 12.
Bank Policy Institute
Blog: How to Stop Scams: Start at the Source
July 18, 2025
The Bank Policy Institute published a blog post entitled “How to Stop Scams: Start at the Source.”
International
European Commission
Commission Seeks Feedback on Proposed Foreign Subsidies Regulation Guidelines
July 18, 2025
The European Commission has launched a public consultation on a draft of the guidelines on the implementation of the Foreign Subsidies Regulation.
European Banking Authority
Bank of England
The Bank of England’s Supervisory Approach to Onboarding New Financial Market Infrastructure Firms
July 18, 2025
The Bank of England released a publication explaining the bank’s supervisory approach to onboarding new FMIs that fall within its regulatory remit, complementing its overall approach to supervising FMIs.
Macro Technical Paper: A Structural VAR Model for the U.K. Economy
July 18, 2025
The Bank of England published Macro Technical Paper No. 3, “A structural VAR model for the UK economy.”
Working Paper: A Game-Theoretic Foundation for the Fiscal Theory of the Price Level
July 18, 2025
The Bank of England published a staff working paper entitled “A game-theoretic foundation for the fiscal theory of the price level.”
Policy Statement: Fundamental Rules for Financial Market Infrastructures
July 18, 2025
The Bank of England published a policy statement entitled “Fundamental Rules for Financial Market Infrastructures.”
Supervisory Statement: Fundamental Rules for Financial Market Infrastructures
July 18, 2025
The Bank of England published a supervisory statement entitled “Fundamental Rules for Financial Market Infrastructures: supervisory statement.”
Consultation Paper: Ensuring the Resilience of CCPs
July 18, 2025
The Bank of England published a consultation paper entitled “Ensuring the resilience of CCPs.”
Bank of England Prudential Regulation Authority
Update on the 2026 Dynamic General Insurance Stress Test (DyGIST)
July 18, 2025
The Prudential Regulation Authority released a statement confirming that the 2026 Dynamic General Insurance Stress Test (DyGIST) will commence in May 2026, with the objectives and format remaining as outlined in our original announcement.
Financial Conduct Authority
Protections to Help Buy Now Pay Later Borrowers Navigate Their Financial Lives
July 18, 2025
The Financial Conduct Authority announced proposals to provide protections for Buy Now Pay Later borrowers.
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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