PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, July 10, 2025
July 10, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
Federal Reserve Board
Minutes of the Federal Open Market Committee, June 17–18, 2025
July 9, 2025
The Federal Reserve released the minutes of the Federal Open Market Committee meeting that was held on June 17–18, 2025.
Federal Deposit Insurance Corporation
Public Report of Entities Submitting Notices for a Primary Purpose Exception
July 9, 2025
The FDIC has updated the list of companies that have submitted notices for a Primary Purpose Exception (PPE) under the 25% or Enabling Transactions test.
Securities and Exchange Commission
Enchanting, But Not Magical: A Statement on the Tokenization of Securities
July 9, 2025
Securities and Exchange Commission Commissioner Hester M. Peirce issued a statement on the tokenization of securities.
Commodity Futures Trading Commission
CFTC Issues Advisory on Referrals for Potential Criminal Enforcement
July 9, 2025
The Commodity Futures Trading Commission’s Division of Enforcement issued an advisory to provide guidance describing its plan to address criminally liable regulatory offenses in accordance with Executive Order 14294, Fighting Overcriminalization in Federal Regulations.
CFTC Staff Issues No-Action Letter Extension Regarding Counterparties Clearing Swaps Through Relief DCOs
July 9, 2025
The Commodity Futures Trading Commission’s Division of Market Oversight issued a no-action letter extending the no-action position in CFTC Staff Letter No. 22-18 concerning certain swap reporting requirements of Part 45 of the CFTC’s regulations.
FINRA
FINRA Publishes 2025 Industry Snapshot
July 9, 2025
FINRA published the 2025 FINRA Industry Snapshot, the annual statistical report on registered representatives, brokerage firms and market activity that FINRA oversees.
Bank Policy Institute
Global Patchwork of Prudential Rules Undermines Resilience, Hurts Economic Growth
July 9, 2025
The Bank Policy Institute, GFMA and the Institute of International Finance published a joint paper saying that fragmentation in global financial regulation puts competition, economic growth and financial system resilience at risk.
International
European Banking Authority
The EBA Consults to Amend Its Technical Standards on Own Funds and Eligible Liabilities
July 9, 2025
The European Banking Authority launched a public consultation to amend the EU Delegated Regulation on own funds and eligible liabilities.
The EBA Consults on the Revision of Product Oversight and Governance Guidelines for Retail Banking Products to Consider Products with ESG Features and Greenwashing Risks
July 9, 2025
The European Banking Authority (EBA) launched a public consultation proposing to revise the EBA Guidelines on product oversight and governance arrangements for retail banking products.
Bank of England
Financial Stability Report — July 2025
July 9, 2025
The Bank of England released the Financial Stability Report for July 2025.
Financial Policy Committee Record — July 2025
July 9, 2025
The Bank of England released the record of the Financial Policy Committee meeting on June 27, 2025.
Bank of England
Prudential Regulation Authority
Thematic Findings From the 2024 Cyber Stress Test
July 9, 2025
The Bank of England and Prudential Regulation Authority sent a letter to PRA-regulated firms and relevant FMIs outlining the thematic findings from the 2024 Cyber Stress Test.
Bank of England Prudential Regulation Authority
Prudential Regulation Authority Announces Review of the Loan to Income (LTI) Flow Limit Rule and Offers Interim Modification by Consent
July 9, 2025
Following the FPC’s recommendation, the Prudential Regulation Authority is reviewing the loan to income (LTI) ratio requirements and is offering a modification by consent to disapply the relevant Part of the PRA Rulebook while the review is ongoing.
Financial Conduct Authority
Finalized Guidance: Treatment of Politically Exposed Persons
July 9, 2025
The Financial Conduct Authority released finalized guidance on the treatment of politically exposed persons.
Finalized Guidance: Amendments to PRA Rulebook and FCA Guidance Concerning the De Minimis Threshold for the Loan to Income Flow Limit in Mortgage Lending
July 8, 2024
The Financial Conduct Authority released finalized amendments to the PRA Rulebook and FCA Guidance concerning the de minimis threshold for the Loan to Income flow limit in mortgage lending.
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
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