PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, July 8, 2025
July 08, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
Federal Reserve Board
Working Paper: Lost in Aggregation: Geographic Mismeasurement of Income and Spending
July 7, 2025
The Federal Reserve Board published a working paper entitled “Lost in Aggregation: Geographic Mismeasurement of Income and Spending.”
Working Paper: Trading Costs v. Indicative Liquidity in the Off-the-Run Treasury Market
July 7, 2025
The Federal Reserve Board published a working paper entitled “Trading Costs v. Indicative Liquidity in the Off-the-Run Treasury Market.”
Working Paper: Gauging the Sentiment of Federal Open Market Committee Communications through the Eyes of the Financial Press
July 7, 2025
The Federal Reserve Board published a working paper entitled, “Gauging the Sentiment of Federal Open Market Committee Communications through the Eyes of the Financial Press.”
Working Paper: Soft Landing or Stagnation? A Framework for Estimating the Probabilities of Macro Scenarios
July 7, 2025
The Federal Reserve Board published a working paper entitled “Soft Landing or Stagnation? A Framework for Estimating the Probabilities of Macro Scenarios.”
Federal Reserve Bank of New York
Blog: The Zero Lower Bound Remains a Medium‑Term Risk
July 7, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “The Zero Lower Bound Remains a Medium‑Term Risk.”
International
European Commission
Nature Credits Roadmap to Reward Nature-Positive Action and Boost Private Finance
July 7, 2025
The European Commission launched a 'Roadmap towards Nature Credits', to incentivize private investments into actions that protect and preserve nature, and reward those who undertake these actions and invest in them.
European Banking Authority
The EBA Consults on Draft Guidelines on Ancillary Services Undertakings
July 7, 2025
The European Banking Authority launched a public consultation on its draft Guidelines on Ancillary Services Undertakings.
Bank of England
Speech: The End of the Road
July 7, 2025
Monetary Policy Committee Member Alan Tayler gave a speech entitled “The end of the road,” at the London School of Economics and Political Science.
Working Paper: The real economy effects of QE through the corporate bond market
July 4, 2025
The Bank of England published a staff working paper entitled “The real economy effects of QE through the corporate bond market.”
Working Paper: 'Muddling Through or Tunnelling Through?’ UK Monetary and Fiscal Exceptionalism and the Great Inflation
July 4, 2025
The Bank of England published a staff working paper entitled, “'Muddling through or tunnelling through?’ UK monetary and fiscal exceptionalism and the Great Inflation.”
Working Paper: The Implicit Subsidy to the Indian Banking System
July 4, 2025
The Bank of England published a staff working paper entitled “The implicit subsidy to the Indian banking system.”
Bank of England Prudential Regulation Authority
Letter: Solvency-Triggered Termination Rights Clauses in Bulk Purchase Annuity Transactions
July 4, 2025
The Prudential Regulation Authority sent a letter to the Chief Risk Officers to share the PRA’s view of the potential risks arising from the use of solvency-triggered termination rights clauses (STTRs) in bulk purchase annuity (BPA) transactions and its assessment of how firms are mitigating the risks involved.
Prudential Regulation Authority
Financial Conduct Authority
Lloyd’s Managing Agent Authorisation Process to be Streamlined to Support Growth
July 7, 2025
The Prudential Regulation Authority, Financial Conduct Authority and the Society of Lloyd’s have agreed to changes to streamline the process of regulatory approval for Lloyd’s managing agents, intended to reduce the timeframe for authorization.
Financial Conduct Authority
Finalized Guidance: The Treatment of Politically Exposed Persons for Anti-Money Laundering Purposes
July 7, 2025
The Financial Conduct Authority released finalized guidance entitled “The treatment of politically exposed persons for anti-money laundering purposes.”
Consultation: The SI Regime for Bonds and Derivatives Including Discussion Paper on Equity Markets
July 4, 2025
The Financial Conduct Authority published a consultation paper entitled “The SI regime for bonds and derivatives including Discussion Paper on equity markets.”
Response to the Cost Benefit Analysis (CBA) Panel's Interim Annual Report
July 4, 2025
The Financial Conduct Authority issued a response to recommendations in the Cost Benefit Analysis Panel’s Interim Annual Report.
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 (nominated February 11, 2025); Rodney E. Hood (Acting Comptroller effective February 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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