PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, June 24, 2025
June 24, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
Federal Reserve Board
Federal Reserve Board Announces That Reputational Risk Will No Longer Be a Component of Examination Programs in Its Supervision of Banks
June 23, 2025
The Federal Reserve Board announced that reputational risk will no longer be a component of examination programs in its supervision of banks.
Speech: Unintended Policy Shifts and Unexpected Consequences
June 23, 2025
Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman gave a speech entitled “Unintended Policy Shifts and Unexpected Consequences” at “Assessing the Effectiveness of Monetary Policy During and After the COVID-19 Pandemic,” a research conference sponsored by the International Journal of Central Banking and the Czech National Bank in Prague, Czech Republic.
Speech: Welcoming Remarks
June 23, 2025
Federal Reserve Board Governor Christopher J. Waller gave welcoming remarks at “Assessing the Effectiveness of Monetary Policy During and After the COVID-19 Pandemic,” a research conference hosted by the Czech National Bank and the International Journal of Central Banking in Prague, Czech Republic.
Federal Reserve Bank of New York
Blog: Reserves and Where to Find Them
June 23, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Reserves and Where to Find Them.”
Office of the Comptroller of the Currency
Guidance on Referrals for Potential Criminal Enforcement: Notice
June 23, 2025
The Office of the Comptroller of the Currency (OCC) issued guidance describing its plan to address criminally liable regulatory offenses in accordance with Executive Order 14294, “Fighting Overcriminalization in Federal Regulations.”
Commodity Futures Trading Commission
CFTC Staff Issues No-Action Letter Extension Regarding Non-U.S. Swap Dealers
June 23, 2025
The Commodity Futures Trading Commission’s Division of Market Oversight issued a no-action letter extending the no-action position of CFTC Letter No. 22-14 concerning certain swap reporting requirements of Part 45 and Part 46 of the CFTC’s regulations.
Financial Crimes Enforcement Network
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering, Countering the Financing of Terrorism and Counter-Proliferation Finance Deficiencies
June 23, 2025
At the conclusion of its plenary meeting this month, the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), updated its lists of jurisdictions with strategic AML/CFT/CPF deficiencies.
State Agencies
New York State Department of Financial Services
Guidance on Impact to Financial Sector of Ongoing Global Conflicts
June 23, 2025
The New York State Department of Financial Services issued guidance on the impact to financial sections of ongoing global conflicts.
International
Bank of England
Bank of England Renews Its Commitment to Adhere to the FX Global Code
June 23, 2025
The Bank of England has renewed its Statement of Commitment to the FX Global Code based on the revised Code dated December 2024.
Letter: The Bank’s Policies on Reserve Accounts and Quantitative Tightening
June 23, 2025
Bank of England Governor Andrew Bailey sent a letter to MP Richard Tice regarding the Bank’s policies on reserve accounts and quantitative tightening.
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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