PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, June 9, 2025
June 09, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Federal Reserve Board
Speech: Taking a Fresh Look at Supervision and Regulation
June 6, 2025
Federal Reserve Board Vice Chair for Supervision Michelle W. Bowman gave a speech entitled “Taking a Fresh Look at Supervision and Regulation” at the Georgetown University McDonough School of Business Psaros Center for Financial Markets and Policy in Washington, D.C.
Federal Agencies
Federal Reserve Board
Federal Reserve Board Begins 2025 Census of Finance Companies and Other Lenders
June 6, 2025
The Federal Reserve Board announced that it began its 2025 Census of Finance Companies and Other Lenders.
Working Paper: Black Swans and Financial Stability: A Framework for Building Resilience
June 6, 2025
The Federal Reserve Board published a working paper entitled “Black Swans and Financial Stability: A Framework for Building Resilience.”
Securities and Exchange Commission
Regressing Into Progress: Remarks Before the International Center for Insurance Regulation Digital Insurance Forum
June 6, 2025
Securities and Exchange Commission Commissioner Hester M. Peirce gave a speech entitled “Regressing into Progress,” before the International Center for Insurance Regulation Digital Insurance Forum.
International
Bank of England
Bank Overground: How is the Transition to a Repo-Led Framework Progressing?
June 6, 2025
The Bank of England published a Bank Overground article entitled “How is the transition to a repo-led framework progressing?”
External Business of Monetary Financial Institutions Operating in the UK – 2025 Q1
June 6, 2025
The Bank of England released the Q1 2025 statistics for external business of Monetary Financial Institutions operating in the UK.
Consultation Paper: Amendments to the UK EMIR Trade Repository Reporting Requirements – June 2025
June 6, 2025
The Bank of England and Financial Conduct Authority published a joint consultation paper entitled “Amendments to the UK EMIR Trade Repository reporting requirements – June 2025.”
Financial Conduct Authority
FCA to Lift Ban on Crypto ETNs to Support UK Growth and Competitiveness
June 6, 2025
The Financial Conduct Authority is proposing to life the ban on offering crypto exchange traded notes to retail investors.
FCA Cuts Costs for UK Fund Managers
June 6, 2025
The Financial Conduct Authority published a consultation paper on simplifying reporting requirements for funds’ assessments of value.
FCA Removes Further Regulatory Returns No Longer Needed
June 6, 2025
The Financial Conduct Authority is proposing to remove unnecessary data reporting.
FCA Leads International Crackdown on Illegal Finfluencers
June 6, 2025
The Financial Conduct Authority is leading Nine regulators, from Australia, Canada, Hong Kong, Italy, United Arab Emirates and United Kingdom in crackdown on illegal financial promotions by finfluencers.
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 (confirmed June 4, 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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Practice Areas
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