PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, July 1, 2025
July 01, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Office of the Comptroller of the Currency
OCC Report Highlights Key Risks in Federal Banking System
June 30, 2025
The Office of the Comptroller of the Currency reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Spring 2025.
Federal Agencies
U.S. Department of the Treasury
Treasury Terminates Syria Sanctions
June 30, 2025
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is implementing an Executive Order (“Providing for the Revocation of Syria Sanctions”), removing U.S. sanctions on Syria and removing 518 individuals and entities from the List of Specially Designated Nationals and Blocked Persons (SDN List) sanctioned under the Syria sanctions program.
Federal Reserve Bank of Boston
Working Paper: Forecasting U.S. Economic Activity with a Small Information Set
June 30, 2025
The Federal Reserve Bank of Boston’s Research Department published a working paper entitled “Forecasting U.S. Economic Activity with a Small Information Set.”
Commodity Futures Trading Commission
CFTC Staff Issues FCM FAQs
June 30, 2025
The Commodity Futures Trading Commission’s Market Participants Division published responses to frequently asked questions (FAQs) regarding registering an entity as a futures commission merchant (FCM) and the ongoing regulatory obligations of operating an FCM.
Financial Crimes Enforcement Network
Treasury Launches New FinCEN Exchange Series to Combat Narcotics and Drug Trafficking Organizations, Visits El Paso Port of Entry
June 30, 2025
As part of its public-private information sharing exchange program, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) launched a new series entitled “Combating and Obstructing Money Movements Associated with Narcotics and Drug Trafficking Organizations.”
U.S. Small Business Administration
Full-Scale Audit of 8(a) Contracting Program Commenced
June 27, 2025
The U.S. Small Business Administration (SBA) announced that the SBA’s Office of General Contracting and Business Development will launch a full-scale audit of the agency’s 8(a) Business Development Program after a U.S. Department of Justice (DOJ) investigation uncovered a years-long fraud and bribery scheme involving a former federal contracting officer and two 8(a) contractors.
International
European Commission
Commission and EIB Announce a More Flexible Guarantee of €5 Billion to Boost Global Investments
June 30, 2025
The European Commission and the European Investment Bank announced a new type of guarantee agreement that will provide up to €5 billion to de-risk investments and expand EIB operations outside the European Union.
European Banking Authority
The EBA Provides Its Technical Advice to the European Commission on Fees to Validate Pro Forma Models Under the European Market Infrastructure Regulation
June 30, 2025
The European Banking Authority published its response to the European Commission’s Call for Advice on fees to validate pro forma models under the European Market Infrastructure Regulation.
The EBA and the ECB Support Harmonized Implementation of Updated NACE Classification Across EU Reporting Frameworks
June 30, 2025
The European Banking Authority, in collaboration with the European Central Bank, welcomes the advice of the Joint Bank Reporting Committee to implement the revised statistical classification of economic activities, NACE Rev. 2.1, in a harmonized manner across their reporting frameworks.
Bank of England
Banking Sector Regulatory Capital — 2025 Q1
June 30, 2025
The Bank of England released the banking sector regulatory capital statistics for Q1 2025.
Money and Credit — May 2025
June 30, 2025
The Bank of England released the May 2025 Money and Credit statistics along with the effective interest rates.
Bank of England Prudential Regulation Authority
PRA Annual Fees Consultation for 2025/26 — Final Policy Statement
June 30, 2025
The Prudential Regulation Authority released a policy statement entitled “PRA annual fees consultation for 2025/26 – final policy statement.”
Financial Conduct Authority
Once-in-a-Generation Advice Changes to Help Millions Navigate Their Financial Lives
June 30, 2025
The Financial Conduct Authority announced proposals to help people navigate financial lives with support on pensions and investments. The proposals include a consultation paper, retail investments consumer research advice guidance review, and three research notes.
Invoice and Credit Tasks Added to My FCA
June 30, 2025
The Financial Conduct Authority announced that registered and authorized firms can action their invoices and credit tasks in My FCA.
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
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