PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, August 25, 2025
August 25, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Consumer Financial Protection Bureau
CFPB Issues Call for Input on Open-Banking Rule
August 22, 2025
The Consumer Financial Protection Bureau (CFPB) issued an Advanced Notice of Proposed Rulemaking seeking comments to inform its consideration of four issues related to the implementation of Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
Federal Agencies
Federal Reserve Board
Federal Open Market Committee Announces Approval of Updates to Its Statement on Longer-Run Goals and Monetary Policy Strategy
August 22, 2025
The Federal Open Market Committee announced the unanimous approval of updates to its Statement on Longer-Run Goals and Monetary Policy Strategy, which articulates the committee’s approach to monetary policy and serves as the foundation for its policy actions.
Speech: ‘Monetary Policy and the Fed’s Framework Review’
August 22, 2025
Federal Reserve Board Chair Jerome H. Powell gave a speech titled “Monetary Policy and the Fed’s Framework Review,” at “Labor Markets in Transition: Demographics, Productivity, and Macroeconomic Policy,” an economic symposium sponsored by the Federal Reserve Bank of Kansas City in Jackson Hole, Wyoming.
Working Paper: ‘The Origins, Structure, and Results of the Federal Reserve’s 2019–20 Review of Its Monetary Policy Framework’
August 22, 2025
The Federal Reserve Board published a working paper titled “The Origins, Structure, and Results of the Federal Reserve’s 2019–20 Review of Its Monetary Policy Framework.”
Working Paper: ‘Reviews of Foreign Central Banks’ Monetary Policy Frameworks: Approaches, Issues, and Outcomes’
August 22, 2025
The Federal Reserve Board published a working paper titled “Reviews of Foreign Central Banks’ Monetary Policy Frameworks: Approaches, Issues, and Outcomes.”
Working Paper: ‘Assessing Maximum Employment’
August 22, 2025
The Federal Reserve Board published a working paper titled “Assessing Maximum Employment.”
Working Paper: ‘Labor Market Dynamics, Monetary Policy Tradeoffs, and a Shortfalls Approach to Pursuing Maximum Employment’
August 22, 2025
The Federal Reserve Board published a working paper titled “Labor Market Dynamics, Monetary Policy Tradeoffs, and a Shortfalls Approach to Pursuing Maximum Employment.”
Working Paper: ‘Retrospective on the Federal Reserve Board Staff’s Inflation Forecast Errors since 2019’
August 22, 2025
The Federal Reserve Board published a working paper titled “Retrospective on the Federal Reserve Board Staff’s Inflation Forecast Errors since 2019.”
Working Paper: ‘Inflation since the Pandemic: Lessons and Challenges’
August 22, 2025
The Federal Reserve Board published a working paper titled “Inflation since the Pandemic: Lessons and Challenges.”
Working Paper: ‘Pandemic and War Inflation: Lessons from the International Experience’
August 22, 2025
The Federal Reserve Board published a working paper titled “Pandemic and War Inflation: Lessons from the International Experience.”
Working Paper: ‘Implications of Inflation Dynamics for Monetary Policy Strategies’
August 22, 2025
The Federal Reserve Board published a working paper titled “Implications of Inflation Dynamics for Monetary Policy Strategies.”
Working Paper: ‘Accounting for Uncertainty and Risks in Monetary Policy’
August 22, 2025
The Federal Reserve Board published a working paper titled “Accounting for Uncertainty and Risks in Monetary Policy.”
Working Paper: ‘Monetary Policy, Uncertainty, and Communications’
August 22, 2025
The Federal Reserve Board published a working paper titled “Monetary Policy, Uncertainty, and Communications.”
Working Paper: ‘Explaining World Savings’
August 22, 2025
The Federal Reserve Board published a working paper titled “Explaining World Savings.”
Federal Reserve Bank of Boston
Working Paper: ‘Global Inflation, Regional Factors’
August 22, 2025
The Federal Reserve Bank of Boston published a working paper titled “Global Inflation, Regional Factors.”
Commodity Futures Trading Commission
Acting Chairman Pham Announces Next Crypto Sprint Initiative
August 22, 2025
Commodity Futures Trading Commission Acting Chairman Caroline D. Pham announced on Aug. 21 that the CFTC will begin its next crypto sprint initiative for the implementation of the recommendations in the President’s Working Group on Digital Asset Markets report.
International
Bank of England
Working Paper: ‘Trading blows: The exchange-rate response to tariffs and retaliations’
August 22, 2025
The Bank of England published a working paper titled “Trading blows: The exchange-rate response to tariffs and retaliations.”
Financial Conduct Authority
Data: Access to Cash Coverage in the UK — Q2 2024
August 22, 2025
The Financial Conduct Authority released data on geographical cash access coverage in the U.K. at the end of the second quarter (April to June) of 2024.
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
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Practice Areas
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