PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, June 25, 2025
June 25, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Congress
U.S. Senate
Committee on Banking, Housing and Urban Affairs
Principles for Digital Assets Market Structure Legislation Released
June 24, 2025
A set of principles for the development of comprehensive market structure legislation over digital assets has been released.
U.S. House of Representatives
Committee on Financial Services
Financial Services Committee Hosts Fed Chair Jerome Powell
June 24, 2025
The House Committee on Financial Services hosted Federal Reserve Chairman Jerome Powell to give an update on the Federal Reserve’s monetary policy outlook.
- Press Release
- Hearing
- Committee Memorandum
- FRB Chair Powell Testimony
- Committee Chair Hill Statement
Federal Agencies
U.S. Department of the Treasury
Joint Statement on the U.S.-U.K. Financial Regulatory Working Group
June 24, 2025
The 11th official meeting of the U.S.-UK Financial Regulatory Working Group took place in London on 3 June 2025.
Federal Reserve Bank of New York
New York Fed Case Study on Private Investments in Multifamily Affordable Apartments Finds Investment Managers Plan to Increase Capital Deployed for New Developments
June 24, 2025
The Federal Reserve Bank of New York released a case study focused on private investment vehicles in affordable multifamily rental housing.
Speech: The Totality of the Data
June 24, 2025
Federal Reserve Bank of New York President and CEO John C. Williams gave a speech entitled “The Totality of the Data,” at NY CREATES Albany NanoTech Complex in Albany, New York.
Speech: Best Practices in U.S. Treasury Repo Markets
June 24, 2025
Federal Reserve Bank of New York Head of Markets Group Anna Nordstrom gave a speech entitled “Best Practices in U.S. Treasury Repo Markets,” at the ISDA Treasury Forum in New York City, NY.
Federal Housing Finance Agency
FHFA House Price Index® Down 0.4 Percent in April; Up 3.0 Percent from Last Year
June 24, 2025
U.S. house prices fell 0.4 percent in April, according to the U.S. Federal Housing (FHFA) seasonally adjusted monthly House Price Index.
Bank Policy Institute
BPI Urges Federal Reserve to Avoid Uncertainty in Stress Test Averaging Proposal
June 23, 2025
The Bank Policy Institute and U.S. Chamber of Commerce Center for Capital Markets Competitiveness sent a comment letter to the Federal Reserve stating that the Reserve should avoid unnecessary uncertainty in its proposed changes to the stress tests that determine banks’ capital requirements.
International
Bank of England
Prudential Regulation Authority
Financial Conduct Authority
Payment Systems Regulator
The Bank of England, Financial Conduct Authority, Prudential Regulation Authority and Payment Systems Regulator Revise Memorandum of Understanding in Relation to Payments in the U.K.
June 24, 2025
The Bank of England, the Financial Conduct Authority, the Prudential Regulation Authority and the Payment Systems Regulator have a Memorandum of Understanding (MoU) which sets out the high-level cooperation framework in relation to payments in the UK.
Bank of England
Speech: RTGS 2: a Launchpad for Innovation
June 24, 2025
Bank of England Executive Director Victoria Cleland gave a speech entitled “RTGS 2: a launchpad for innovation,” at UK Finance Digital Innovation Summit 2025.
Speech: Navigating an Uncertain Outlook: the Signals From the Labour Market
June 24, 2025
Bank of England Deputy Governor Dave Ramsden gave a speech entitled “Navigating an uncertain outlook: the signals from the labour market,” at the Barclays-CEPR Monetary Policy Forum 2025.
Speech: A Feature Not a Bug
June 24, 2025
Monetary Policy Committee Member Megan Greene gave a speech entitled “A feature not a bug,” at the National Institute of Economic and Social Research.
Bank of England Prudential Regulation Authority
Consultation Paper: Credit Union Service Organisations
June 24, 2025
The Prudential Regulation Authority published a consultation paper entitled “Credit Union Service Organisations.”
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
Practice Areas
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