Daily Financial Regulation Update -- Tuesday, August 19, 2025

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Major Developments

U.S. Department of the Treasury

Treasury Issues Request for Comment Related to the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act

August 18, 2025

The U.S. Department of the Treasury issued a Request for Comment required by Section 9(a) of the GENIUS Act to provide input on the use of innovative or novel methods, techniques or strategies to detect and mitigate illicit finance risks involving digital assets.

• Request for Comment 
• Press Release

 

Federal Agencies

Federal Reserve Bank of New York

SCE Labor Market Survey – July 2025

August 18, 2025

The Federal Reserve Bank of New York released the July 2025 SCE Labor Market Survey.

• Survey

 

Business Leaders Survey – August 2025

August 18, 2025

The Federal Reserve Bank of New York released the Business Leaders Survey for August 2025.

• Report
• Overview

 

Federal Reserve Bank of Boston

Working Paper: ‘Inflation Factors’

August 18, 2025

The Federal Reserve Bank of Boston’s Research Department published a working paper titled “Inflation Factors.”

• Paper
• Press Release

 

National Credit Union Administration

NCUA Seeks Credit Union Input at Town Hall on September 9

August 18, 2025

The National Credit Union Administration will host a Strategic Plan Town Hall on Tuesday, September 9, starting at 2:00 p.m. Eastern. The event invites credit union industry stakeholders to provide input on the next NCUA Strategic Plan and the upcoming priorities of the agency.

• Press Release

 

U.S. Department of Education

U.S. Department of Education Issues Proposed Public Service Program Rules

August 18, 2025

The U.S. Department of Education issued a Notice of Proposed Rulemaking that would limit benefits to borrowers under the Public Service Loan Forgiveness program.

• Press Release
• Proposed Rule

 

International

European Banking Authority

The EBA Publishes Its Final Standards for Off-Balance Sheet Items Conversion Factors

August 18, 2025

The European Banking Authority published its final draft Regulatory Technical Standards (RTS) on the allocation of off-balance sheet items and the specification of factors that might constrain institutions’ ability to cancel unconditionally cancellable commitments considerations.

• Draft RTS
• Press Release

 

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)
• Stephen Miran (nominated August 7, 2025)

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