PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, June 12, 2025
June 12, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
Subscribe to PH FedACTion: Financial Regulatory Updates
Subscribe to the PHFintech: Crypto Policy Tracker
Federal Agencies
U.S. Department of the Treasury
Secretary Scott Bessent's Statement Before the Appropriations Subcommittee on Financial Services and General Government
June 11, 2025
Secretary of the Treasury Scott Bessent testified before the Appropriations Subcommittee on Financial Services and General Government.
Secretary Scott Bessent's Statement Before the House Ways and Means Committee
June 11, 2025
Secretary of the Treasury Scott Bessent testified before the House Ways and Means Committee.
Federal Reserve Bank of Boston
Article: What stops the bleeding? Health care gets harder to find in northern New England
June 11, 2025
The Federal Reserve Bank of Boston published an article entitled, “What stops the bleeding? Health care gets harder to find in northern New England.”
Securities and Exchange Commission
Statements at Open Meeting on Further Extension of the Form PF Compliance Date
June 11, 2025
Securities and Exchange Commission Chair Paul S. Atkins and Commissioner Hester M. Peirce gave statements at an open meeting on further extension of the Form PF compliance data.
Federal Housing Finance Agency
Prepayment Monitoring Report First Quarter 2025
June 11, 2025
The Federal Housing Finance Agency released the Prepayment Monitoring Report for the First Quarter 2025.
Bank Policy Institute
Blog: Government Examiners Are Prohibiting Banks from Lending to Some of America’s Most Important Companies
June 11, 2025
The Bank Policy Institute published a blog post entitled, “Government Examiners Are Prohibiting Banks from Lending to Some of America’s Most Important Companies.”
International
Bank of England
Transitioning to a repo-led operating framework – discussion paper feedback statement
June 11, 2025
The Bank of England published a feedback statement providing a summary of the responses to the Bank’s December 2024 discussion paper ‘Transitioning to a repo-led operating framework’.
Market Notice: Recalibration of the Indexed Long-Term Repo Operation
June 11, 2025
The Bank of England released a market notice confirming the recalibrated parameters of the Indexed Long-Term Repo (ILTR) operation.
Using the ILTR: a guide for participants
June 11, 2025
The Bank of England published a guide further detailing the Indexed Long-Term Repo facility.
Speech: Picking what matters
June 11, 2025
Bank of England Executive Director Nathanael Benjamin gave a speech entitled, “Picking what matters,” at the Global Investment Management summit.
Speech: Learning by doing
June 11, 2025
Bank of England Executive Director Victoria Saporta gave a speech entitled, “Learning by doing.”
Financial Conduct Authority
Retirement income advice: good practice and areas for improvement
June 11, 2025
The Financial Conduct Authority published guidance providing examples of good practice and potential areas for improvement for firms providing retirement income advice
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
Contributors
Practice Areas
For More Information