PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, August 14, 2025
August 14, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Conference of State Bank Supervisors
Broad Coalition to Congress: Strike Uninsured Depository Flaw in GENUIS Act
August 13, 2025
A coalition of state, consumer and bank groups has joined the Conference of State Bank Supervisors (CSBS) in asking Congress to strike Section 16(d) of the GENIUS Act, which grants an uninsured state-chartered bank with a payment stablecoin subsidiary broad authority to engage in nationwide money transmission and custody activities "through" that subsidiary, effectively bypassing host state licensing and possible oversight.
Federal Agencies
Federal Reserve Board
Paper: ‘Policy Rate Uncertainty and Money Market Funds Portfolio Allocations’
August 13, 2025
The Federal Reserve Board published a discussion paper titled “Policy Rate Uncertainty and Money Market Funds (MMF) Portfolio Allocations.”
Paper: ‘Recession Shapes of Regional Evolution: Factors of Hysteresis’
August 13, 2025
The Federal Reserve Board published a discussion paper titled “Recession Shapes of Regional Evolution: Factors of Hysteresis.”
Paper: ‘Expanding the Labor Market Lens: Two New Eurozone Labor Indicators’
August 13, 2025
The Federal Reserve Board published a discussion paper titled “Expanding the Labor Market Lens: Two New Eurozone Labor Indicators.”
Federal Reserve Bank of New York
Article: ‘Data Security, AI and Infrastructure: Examining Cyber Risk in the Financial System’
August 13, 2025
The Federal Reserve Bank of New York published a The Teller Window article titled “Data Security, AI, and Infrastructure: Examining Cyber Risk in the Financial System.”
Blog: ‘How Firms Spread Good Management’
August 13, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “How Firms Spread Good Management.”
Federal Reserve Bank of Boston
Paper: ‘Why Has Consumer Spending Remained So Resilient? Evidence From Credit Card Data’
August 13, 2025
The Federal Reserve Bank of Boston published a Current Policy Perspectives paper titled “Why Has Consumer Spending Remained So Resilient? Evidence from Credit Card Data.”
Securities and Exchange Commission
SEC Launches New Statistics and Data Visualizations Webpage
August 13, 2025
The Securities and Exchange Commission announced a new statistics and data visualization page that includes statistics and graphics on key elements of the capital markets, such as initial public offerings, exempt offerings, corporate bond offerings, reporting issuers, municipal advisors, transfer agents and household participation in the capital markets.
U.S. Small Business Administration
OIG Report: ‘SBA’s Collection Efforts on Delinquent COVID-19 EIDLs’
August 13, 2025
The Office of Inspector General of the Small Business Administration issued a report titled “SBA’s Collection Efforts on Delinquent COVID-19 EIDLs.”
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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