PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, July 24, 2025
July 24, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
Securities and Exchange Commission
Statement on Commencement of Appointment Process for Five Public Company Accounting Oversight Board Seats
July 23, 2025
Securities and Exchange Commission Chair Paul S. Atkins issued a statement soliciting candidates for all five board positions, including the chairperson, of the Public Company Accounting Oversight Board.
Statement on the Commission’s Status Report in the Climate-Related Disclosure Rules Litigation
July 23, 2025
Securities and Exchange Commission Commissioner Caroline Crenshaw issued a statement on the SEC’s status report in the climate-related disclosure rules litigation.
Investor Bulletin: How Fees and Expenses Affect Your Investment Portfolio
July 23, 2025
The Securities and Exchange Commission’s Office of Investor Education and Advocacy issued an Investor Bulletin to educate investors about how fees they pay for investment services and products can impact the value of their portfolio.
Investor Bulletin: Mutual Fund and ETF Fees and Expenses
July 23, 2025
The Securities and Exchange Commission’s Office of Investor Education and Advocacy issued an Investor Bulletin to explain some common mutual fund and exchange-traded fund (ETF) fees and expenses.
Commodity Futures Trading Commission
CFTC Staff Issues No-Action Letter Regarding Event Contracts
July 23, 2025
The Commodity Futures Trading Commission’s Division of Market Oversight and the Division of Clearing and Risk today announced they have taken a no-action position regarding swap data reporting and recordkeeping regulations in response to a request from the Chicago Mercantile Exchange Inc., a designated contract market and derivatives clearing organization.
FINRA
FINRA Adopts Exemption From FINRA Rules 5130 and 5131 for Business Development Companies
July 23, 2025
FINRA has adopted amendments to exempt business development companies (BDCs) from FINRA Rule 5130 (Restrictions on the Purchase and Sale of Initial Equity Public Offerings) and from paragraph (b) (Spinning) of FINRA Rule 5131 (New Issue Allocations and Distributions).
International
European Banking Authority
The EBA Publishes Report on Direct Provision of Banking Services from Third Countries
July 23, 2025
The European Banking Authority published a report on the direct provision of banking services from third countries.
Financial Conduct Authority
FCA Helps Unlock Market Access for UK and Swiss Firms
July 23, 2025
The Financial Conduct Authority is inviting U.K. and Swiss firms to submit interest in providing cross-border services as part of the Berne Financial Services Agreement (BFSA).
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 (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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