PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, July 17, 2025
July 17, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Agencies Issue Joint Proposal to Rescind 2023 Community Reinvestment Act Final Rule
July 16, 2025
The Federal Reserve Board, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency jointly issued a proposal to rescind the Community Reinvestment Act (CRA) final rule issued in October 2023 and replace it with the prior CRA regulations that were originally adopted by the agencies in 1995, with certain technical amendments.
- Proposed Rule
- Board Memo
- Press Release
- Fed Vice Chair for Supervision Brown Statement
- FDIC Financial Institution Letter
- OCC Bulletin
Federal Reserve Board
Beige Book — July 2025
July 16, 2025
The Federal Reserve Board released the July 2025 Beige Book.
Speech: Booms and Busts and the Regulatory Cycle
July 16, 2025
Federal Reserve Board Governor Michael S. Barr gave a speech entitled “Federal Reserve Bank of New York.”
Working Paper: Breaking Up: Fragmentation in Foreign Direct Investment
July 16, 2025
The Federal Reserve Board published a working paper entitled “Breaking Up: Fragmentation in Foreign Direct Investment.”
Minutes of the Board's Discount Rate Meetings on May 19, June 9, and June 18, 2025
July 15, 2025
The Federal Reserve Board released the minutes from its recent meetings to review and determine the discount rates provided to depository institutions through the discount window. The minutes cover the Board meetings that occurred on May 19, June 9, and June 18, 2025.
Federal Reserve Bank of New York
Business Leaders Survey &mndash; July 2025
July 16, 2025
The Federal Reserve Bank of New York released the July 2025 Business Leaders Survey.
Article: Federal Reserve Repo and Reverse Repo Market Operations: Before the Global Financial Crisis to 2015
July 16, 2025
The Federal Reserve Bank of New York published a The Teller Window article entitled “Federal Reserve Repo and Reverse Repo Market Operations: Before the Global Financial Crisis to 2015.”
Blog: How Shadow Banking Reshapes the Optimal Mix of Regulation
July 16, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “How Shadow Banking Reshapes the Optimal Mix of Regulation.”
Conference of State Bank Supervisors
CSBS Launches First Catalyst Initiative Innovation Challenge
July 16, 2025
The Conference of State Bank Supervisors is inviting technology firms and other vendors to develop proofs of concept that could modernize how bank regulators receive and analyze financial data from banks.
FINRA
FINRA Foundation Releases Sixth Wave of the National Financial Capability Study
July 16, 2025
The FINRA Investor Education Foundation released its sixth wave of the National Financial Capability Study, an expansive source of data and insights about the financial lives of U.S. adults that has been conducted every three years since 2009.
International
European Commission
An Ambitious Budget for a Stronger Europe: 2028-2034
July 16, 2025
The European Commission presented its proposal for the Multiannual Financial Framework (MFF), amounting to almost EUR 2 trillion (or 1.26% of the EU's gross national income on average between 2028 and 2034).
Commission Unveils Anti-Fraud Revamp to Protect the EU Budget
July 16, 2025
The Commission has launched a structured reflection process for the review of the EU Anti-Fraud Architecture. The review complements the preparatory work on the next multiannual financial framework.
European Banking Authority
EBA Publishes Handbook on Simulation Exercises for Resolution Authorities
July 16, 2025
The European Banking Authority published the latest chapter of its resolution Handbook on simulation exercises for resolution authorities.
Bank of England
Design Note — Interoperability Models for UK Based Payments
July 16, 2025
The Bank of England released a design note that sets out the Bank of England’s emerging thinking on potential interoperability models for a digital pound.
Design note — Product Strategy
July 16, 2025
The Bank of England published a design note that outlines the Bank's emerging thinking on the product strategy for a potential digital pound.
Speech: Getting Liquidity Where It is Needed
July 16, 2025
Bank of England Executive Director Nathnael Benjamin gave a speech entitled “Getting liquidity where it is needed,” at OMFIF Economic and Monetary Policy Institute.
Bank of England Prudential Regulation Authority
Policy Statement: The PRA’s implementation of the Bank Resolution (Recapitalisation) Act
July 16, 2025
The Prudential Regulation Authority (PRA) released a policy statement entitled “The PRA’s implementation of the Bank Resolution (Recapitalisation) Act.”
Financial Conduct Authority
Overseas Recognition Regimes Memorandum of Understanding
July 16, 2025
The Memorandum of Understanding (MoU) sets out how the Treasury, the Bank of England, the Prudential Regulation Authority and the FCA will coordinate the discharge of their respective functions in relation to Overseas Recognition Regimes.
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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July 11, 2025
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