Daily Financial Regulation Update -- Wednesday, August 13, 2025

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Federal Agencies

Federal Reserve Bank of Boston

How Is Growing Uncertainty, Tech Innovation Affecting the US and Global Economies?

August 12, 2025

The Federal Reserve Bank of Boston held a panel titled “A central bank perspective on the evolving global landscape” that included Federal Reserve Board Governor Lisa D. Cook, Boston Fed President and CEO Susan M. Collins and Central Bank of Chile Board Member Luis Felipe Céspedes.

• Press Release

 

Federal Housing Finance Agency

‘Foreclosure Prevention, Refinance, and Federal Property Manager's Report — May 2025’

August 12, 2025

The Federal Housing Finance Agency released the “Foreclosure Prevention, Refinance, and Federal Property Manager’s Report – May 2025.”

• Report
• Press Release

 

U.S. Department of Labor

Labor Department Rescinds 2021 Supplemental Statement on Alternative Assets in 401(k) Plans

August 12, 2025

The U.S. Department of Labor’s Employee Benefits Security Administration has rescinded a December 21, 2021, supplemental statement that discouraged fiduciaries from considering alternative assets in 401(k) retirement plan investment menus.

• Press Release

 

International

European Commission

Commission Launches Review of Foreign Subsidies Regulation

August 12, 2025

The European Commission has launched its first review of the Foreign Subsidies Regulation (FSR). As a first step of this review, the commission is seeking feedback from interested parties, with a deadline of November 18, 2025.

• Press Release

 

European Banking Authority

SupTech Can Make AML/CFT Supervision More Effective, the EBA Finds

August 12, 2025

The European Banking Authority (EBA) published a report on the use of technology tools in anti-money laundering and countering the financing of terrorism (AML/CFT) supervision (SupTech).

• Report
• Press Release

 

Bank of England

Discussion Paper: ‘Residential mortgages: Loss given default (LGD) and probability of default (PD) estimation’

August 12, 2025

The Bank of England published a discussion paper titled “Residential mortgages: Loss given default (LGD) and probability of default (PD) estimation.”

• Discussion Paper

 

Asset Purchase Facility Quarterly Report — 2025 Q2

August 12, 2025

The Bank of England released the Asset Purchase Facility Quarterly Report for Q2 2025.

• 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)
• 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