Daily Financial Regulation Update -- Tuesday, June 17, 2025

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Major Developments

Federal Deposit Insurance Corporation
Federal Reserve Board
Office of the Comptroller of the Currency

Federal Bank Regulatory Agencies Seek Comment to Address Payments and Check Fraud

The federal bank regulatory agencies — the Federal Deposit Insurance Corporation, Federal Reserve Board and Office of the Comptroller of the Currency — are seeking comment on potential actions to help consumers, businesses and financial institutions mitigate risk of payments fraud, with a particular focus on check fraud — meaning the use of illegal means to make or receive payments for personal gain, including scams. 

The federal bank regulatory agencies are seeking input on:

• External collaboration among the agencies, Federal Reserve Banks and industry stakeholders;
• Consumer, business and industry education by the agencies and Federal Reserve Banks about payments fraud;
• Regulation and supervision to mitigate payments fraud, including opportunities the board may have related to check fraud;
• Payments fraud data collection and information sharing; and
• Federal Reserve Banks’ operator tools and services to reduce payments fraud.

Comments must be received by 90 days after the request for information is published in the Federal Register.  

• Request for Information

 

Federal Agencies

Federal Reserve Bank of New York

Empire State Manufacturing Survey — June 2025

June 16, 2025

The Federal Reserve Bank of New York published the June 2025 Empire State Manufacturing Survey.

• Report
• Overview

 

Federal Deposit Insurance Corporation

National Rates and Rate Caps — June 2025

June 16, 2025

The Federal Deposit Insurance Corporation released the national rates and rate caps for June 2025.

• Rate Caps

 

International

European Banking Authority

The EBA Publishes Key Regulatory Products on Operational Risk Capital Requirements and Related Supervisory Reporting

June 16, 2025

The European Banking Authority (EBA) published three final draft technical standards that are crucial for the implementation of the EU Banking Package and will allow supervisors to monitor institutions’ compliance, thus fostering consistent and enhanced supervision.

• Business Indicator Mandates Final Report
• Operational Risk Supervisory Reporting Final Report
• Press Release

 

Bank of England

Your Voice 2025: Insights From the Bank of England’s Outreach Programs

June 16, 2025

The Bank of England published a report on insights from the 2025 outreach programs.

• 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