PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, June 30, 2025
June 30, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
National Credit Union Administration
Financial Crimes Enforcement Network
Agencies Issue Exemption Order to Customer Identification Program Requirements
June 27, 2025
The Federal Deposit Insurance Corporation, the Office of Comptroller of the Currency and the National Credit Union Administration, with the concurrence of the Financial Crimes Enforcement Network, issued an order granting an exemption from a requirement of the Customer Identification Program (CIP) Rule implementing Section 326 of the USA PATRIOT Act.
- Order
- Press Release
- FDIC Financial Institution Letter
- OCC Bulletin
- Acting Comptroller Hood Statement
Congress
U.S. Senate
Committee on Banking, Housing and Urban Affairs
Updated Banking Committee Provisions in the One Big Beautiful Bill
June 27, 2025
The U.S. Senate Committee on Banking, Housing, and Urban Affairs released updated legislative text of the Senate Banking Committee’s provisions in Senate Republicans’ One Big Beautiful Bill.
Federal Agencies
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Agencies Request Comment on Proposal to Modify Certain Regulatory Capital Standards
June 27, 2025
The Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency requested comment on a proposal to modify certain regulatory capital standards to reduce disincentives for banking organizations to engage in lower-risk activities and promote the smooth functioning of U.S. Treasury markets.
- Proposed Rule
- Board Memo
- Press Release
- FinCEN Press Release
- Chair Powell Statement
- Vice Chair Bowman Statement
- Governor Barr Statement
- Governor Kugler Statement
- Governor Waller Statement
- FDIC Financial Institution Letter
- FDIC Acting Chair Hill Statement
- OCC Bulletin
- Acting Comptroller Hood Statement
Federal Reserve Board
Federal Reserve Board's Annual Bank Stress Test Showed That Large Banks Are Well Positioned to Weather a Severe Recession, While Staying Above Minimum Capital Requirements and Continuing to Lend to Households and Businesses
June 27, 2025
The results of the Federal Reserve Board's annual bank stress test showed that large banks are well positioned to weather a severe recession, while staying above minimum capital requirements and continuing to lend to households and businesses.
Federal Reserve Bank of New York
Report: The Theory of Financial Stability Meets Reality
June 27, 2025
The Federal Reserve Bank of New York published a staff report entitled “The Theory of Financial Stability Meets Reality.”
International
European Banking Authority
The Banking Sector in the EU Continues to Show Resilience in Capital, Liquidity and Profitability, But Geopolitical Events Could Pose Significant Challenges for the Industry
June 27, 2025
The European Banking Authority released the Spring 2025 edition of its risk assessment report, which also analyzes the funding plans of banks within the European Union/European Economic Area.
ESAs Launch Consultation on How to Integrate ESG Risks in the Financial Stress Tests for Banks and Insurers
June 27, 2025
The European Supervisory Authorities launched a public consultation on their draft Joint Guidelines on ESG stress testing, as mandated by the Capital Requirements Directive and the Solvency II Directive.
Bank of England
IEO Evaluation of Horizon Scanning
June 27, 2025
The Bank of England released the report of the Independent Evaluation Office on whether the Bank uses horizon scanning effectively.
Working Paper: When the Fog Clears: the Effect of Reduced Inflation Uncertainty on Households' Financial Behaviour
June 27, 2025
The Bank of England published a staff working paper entitled “When the fog clears: the effect of reduced inflation uncertainty on households' financial behaviour.”
Working Paper: Financial Frictions and Firms’ Capital Composition: a Structural Estimation of Firms’ Borrowing Constraints for the UK
June 27, 2025
The Bank of England published a staff working paper entitled “Financial frictions and firms’ capital composition: a structural estimation of firms’ borrowing constraints for the UK.”
Working Paper: How Fixed are Global Exchange Rates?
June 27, 2025
The Bank of England published a staff working paper entitled “How fixed are global exchange rates?”
Bank Overground: Shining a Light on Hidden Leverage: Using Transaction Level Data to Monitor Leveraged Positions in the Non-Bank Financial System
June 27, 2025
The Bank of England published a Bank Overground article entitled “Shining a light on hidden leverage: using transaction level data to monitor leveraged positions in the non-bank financial system.”
Bank of England Prudential Regulation Authority
Results of the Firm Feedback Survey 2024
June 27, 2025
The Prudential Regulation Authority released the results of the 2024 firm feedback survey.
Financial Conduct Authority
Policy Statement: Data Decommissioning: Removing Reporting and Notification Requirements
June 27, 2025
The Financial Conduct Authority published a policy statement entitled “Data Decommissioning: Removing reporting and notification requirements.”
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
Practice Areas
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