Daily Financial Regulation Update -- Thursday, September 4, 2025

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Federal Agencies

Federal Reserve Board

Beige Book — August 2025

September 3, 2025

The Federal Reserve Board published the August 2025 Beige Book.

• Beige Book

 

Federal Reserve Board to Host Conference on Payments Innovation

September 3, 2025

The Federal Reserve Board announced that it will host a conference on payments innovation on Oct. 21.

• Press Release

 

Federal Reserve Bank of New York

Blog: ‘Economic Capital: A New Measure of Bank Solvency’ 

September 3, 2025

The Federal Reserve Bank of New York published a Liberty Street Economics blog post titled “Economic Capital: A New Measure of Bank Solvency.”

• Blog

 

Commodity Futures Trading Commission

CFTC Staff Issues No-Action Letter Regarding Event Contracts

September 3, 2025

The Commodity Futures Trading Commission’s Division of Market Oversight and the Division of Clearing and Risk announced they have taken a no-action position regarding swap data reporting and recordkeeping regulations for event contracts in response to a request from QCX LLC, a designated contract market, and QC Clearing LLC, a derivatives clearing organization.  

• Staff Letter
• Press Release

 

Ginnie Mae

Global Markets Analysis Report — August 2025

September 3, 2025

Ginnie Mae released the Global Markets Analysis Report for August 2025.

• Report

 

International

European Commission

Commission Completes Proposal for 2028-34 EU Long-Term Budget

September 3, 2025

The Commission has adopted a second package of seven sectoral proposals completing the framework for the next long-term EU budget for 2028–34.

• Press Release
• Questions and Answers
• Factsheets

 

Bank of England

Speech: ‘Building trust and supporting innovation in the multi-moneyverse’

September 3, 2025

Bank of England Deputy Governor Sarah Breeden gave a speech titled “Building trust and supporting innovation in the multi-moneyverse” at the Bank of England and Warwick Business School Innovation in Money and Payments Conference.

• Bank

 

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; purportedly terminated August 25, 2025)
• 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