Daily Financial Regulation Update -- Wednesday, August 20, 2025

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Major Developments

Federal Reserve Board

Speech: ‘Embracing Innovation’

August 19, 2025

Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman gave a speech titled “Embracing Innovation” at the Wyoming Blockchain Symposium 2025.

• Speech

 

Federal Agencies

Federal Deposit Insurance Corporation

FDIC Board Approves Proposal to Amend Official Signs and Advertising Requirements

August 19, 2025

The Federal Deposit Insurance Corporation Board of Directors approved a proposed rule to amend regulations governing the display of the FDIC official digital sign and non-deposit signage. 

• Proposed Rule
• Press Release
• Financial Institution Letter
• Board Materials

 

Bank Policy Institute

Joint Trades Call for Recalibration of Cryptoasset Prudential Standards and Highlight DLT’s Transformative Role in Capital Markets

August 19, 2025

A coalition of leading global financial trade associations, together with Boston Consulting Group (BCG) and other technical advisors, sent a letter to the Basel Committee on Banking Supervision (BCBS) urging a pause and recalibration of the Cryptoasset Exposures Standard (SCO60) and a comprehensive report highlighting the transformative potential of distributed ledger technology (DLT) in capital markets.

• Letter
• Press Release

 

International

Bank of England

Paper: ‘Review of the analytical framework supporting financial policy at the Bank of England’

August 19, 2025

The Bank of England published a Financial Stability Paper titled “Review of the analytical framework supporting financial policy at the Bank of England.”

• Paper

 

Financial Conduct Authority

Report: ‘Generating and using synthetic data for models in financial services: governance considerations’

August 19, 2025

The Financial Conduct Authority published a report titled “Generating and using synthetic data for models in financial services: governance considerations.”

• 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