PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, July 3, 2025
July 03, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
Federal Reserve Board
Working Paper: Trade Costs and Inflation Dynamics
July 2, 2025
The Federal Reserve Board published a working paper entitled “Trade Costs and Inflation Dynamics.”
International
European Commission
Key Actions Launched to Advance the Circular Economy
July 2, 2025
The European Commission launched several initiatives to accelerate the EU's transition to a circular economy and prepare the ground for the Circular Economy Act, expected in 2026. The forthcoming Act will support the EU's goals under the Competitiveness Compass and the Clean Industrial Deal to double the share of recycled material in EU's economy and become a global leader in circular economy by 2030.
European Banking Authority
EBA Consults on Draft Guidelines on the Methodology to Estimate and Apply Credit Conversion Factors Under the Capital Requirements Regulation
July 2, 2025
The European Banking Authority (EBA) launched a public consultation on its draft guidelines on the methodology institutions shall apply for their own estimation and application of credit conversion factors under the Capital Requirements Regulation.
The EBA Consults on Draft Amended Guidelines on the Application of the Definition of Default Under the Capital Requirements Regulation
July 2, 2025
The EBA launched a public consultation on its draft amended guidelines on the application of the definition of default under the Capital Requirements Regulation.
Bank of England
Bank of England Launches Consultation on Future Banknote Designs
July 2, 2025
The Bank of England is asking the public to give their views on what theme they would like to see represented in the design of the next series of banknotes.
Speech: Building Tomorrow’s Markets: the Digitalisation of Finance
July 2, 2025
Bank of England Executive Director Sasha Mills gave a speech entitled “Building tomorrow’s markets: the digitalisation of finance,” at the UK Finance Digital Innovation Summit 2025.
Remarks: Unexpected Curves
July 2, 2025
Monetary Policy Committee Member Alan Taylor gave remarks entitled “Unexpected curves,” at the ECB Forum on Central Banking in Sintra, Portugal.
Financial Conduct Authority
FCA Clarifies Expectations on Bullying, Harassment and Violence to Deepen Trust in Financial Services
July 2, 2025
The Financial Conduct Authority (FCA) has confirmed rules under which serious bullying and harassment in financial firms qualify as misconduct.
Speech: Shining a Light on Private Markets
July 2, 2025
Deputy Chief Executive Sarah Pritchard gave a speech entitled “Shining a light on private markets,” at the Investment Association’s Private Markets Summit.
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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