PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, July 15, 2025
July 15, 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 Statement on Risk Management Considerations for Crypto-Asset Safekeeping
July 14, 2025
The Federal Reserve Board, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency issued a joint statement to provide clarity on banks' engagement in crypto-asset-related activities. The statement highlights for banks potential risk-management considerations related to holding crypto-assets on their customers' behalf, or crypto-asset safekeeping.
Federal Reserve Board
Working Paper: Fed Repo Operations and Dealer Intermediation
July 14, 2025
The Federal Reserve Board published a working paper entitled, “Fed Repo Operations and Dealer Intermediation.”
Federal Reserve Bank of New York
Report: A Danger to Self and Others: Health and Criminal Consequences of Involuntary Hospitalization
July 14, 2025
The Federal Reserve Bank of New York published a staff report entitled, “A Danger to Self and Others: Health and Criminal Consequences of Involuntary Hospitalization.”
Report: Management and Firm Dynamism
July 14, 2025
The Federal Reserve Bank of New York published a staff report entitled, “Management and Firm Dynamism.”
Blog: Who Lends to Households and Firms?
July 14, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Who Lends to Households and Firms?”
Office of the Comptroller of the Currency
Fair Lending: Removing References to Disparate Impact
July 14, 2025
The Office of the Comptroller of the Currency (OCC) has removed references to supervising banks for disparate impact liability from the “Fair Lending” booklet of the Comptroller’s Handbook and has commenced removing references in other issuances.
Commodity Futures Trading Commission
Opening Remarks of Commissioner Kristin Johnson: Regulators Roundtable on Financial Markets Innovation and Supervision of Emergent Technology
July 14, 2025
Commodity Futures Trading Commission Commissioner Kristin Johnson gave remarks at the Regulators Roundtable on Financial Markets Innovation and Supervision of Emergent Technologies.
International
European Commission
Commission seeks input on review of the State aid General Block Exemption Regulation
July 14, 2025
The European Commission launched a Call for Evidence and public consultation to seek input on the scope and content of its review of the General Block Exemption Regulation (‘GBER').
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 (confirmed July 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
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