PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, August 28, 2025
August 28, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
Federal Reserve Board
Working Paper: ‘Local Estimation for Option Pricing: Improving Forecasts with Market State Information’
August 27, 2025
The Federal Reserve Board published a working paper titled “Local Estimation for Option Pricing: Improving Forecasts with Market State Information.”
Working Paper: ‘When Tails Are Heavy: The Benefits of Variance-Targeted, Non-Gaussian, Quasi-Maximum Likelihood Estimation of GARCH Models’
August 27, 2025
The Federal Reserve Board published a working paper titled “When Tails Are Heavy: The Benefits of Variance-Targeted, Non-Gaussian, Quasi-Maximum Likelihood Estimation of GARCH Models.”
Working Paper: ‘Real Exchange Rate and Net Trade Dynamics: Financial and Trade Shocks’
August 27, 2025
The Federal Reserve Board published a working paper titled “Real Exchange Rate and Net Trade Dynamics: Financial and Trade Shocks.”
Working Paper: ‘Geopolitical Risk and Global Banking’
August 27, 2025
The Federal Reserve Board published a working paper titled “Geopolitical Risk and Global Banking.”
Federal Reserve Bank of Boston
Paper: ‘Transitory or Persistent? What the Frequency of Price Changes May Tell Us about Inflation’
August 27, 2025
The Federal Reserve Bank of Boston published a Current Policy Perspectives paper titled “Transitory or Persistent? What the Frequency of Price Changes May Tell Us about Inflation.”
Commodity Futures Trading Commission
CFTC Enhances Market Oversight With Advanced Surveillance Technology Platform
August 27, 2025
The Commodity Futures Trading Commission is enhancing its market surveillance and fraud detection capabilities by deploying Nasdaq’s suite of surveillance technology.
U.S. Small Business Administration
SBA Orders Lenders to End Practice of Debanking
August 27, 2025
The U.S. Small Business Administration sent a letter to its network of over 5,000 lenders instructing them to end politicized or unlawful banking practices.
International
Financial Conduct Authority
FCA Seeks Boost to Workplace Savings to Help People Navigate Their Financial Lives
August 27, 2025
The Financial Conduct Authority (FCA) has worked with partners to provide clarity on the rules around schemes. This effort includes setting out how employers can avoid breaching National Minimum Wage requirements and explaining how providers can meet financial promotions requirements.
Almost 5,000 Fake FCA Scams Reported in First Six Months of 2025
August 27, 2025
The FCA warned consumers of fraudsters impersonating the FCA as the regulator revealed it had received almost 5,000 fake FCA scam reports in the first half of 2025.
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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Practice Areas
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