Daily Financial Regulation Update -- Tuesday, July 29, 2025

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Congress

Economy Statement for the Treasury Borrowing Advisory Committee

July 28, 2025

The Department of the Treasury Borrowing Advisory Committee released data suggesting that U.S. economic growth resumed in the second quarter of 2025 and likely fully recovered from the modest headwinds that appeared in the first quarter. 

• Statement

 

Federal Agencies

U.S. Department of the Treasury

Treasury Announces Marketable Borrowing Estimates

July 28, 2025

The U.S. Department of the Treasury announced its current estimates of privately held net marketable borrowing for the July-September 2025 and October-December 2025 quarters.

• Press Release

 

International

European Banking Authority

A Careless Use of Innovative Compliance Products Can Lead to Money Laundering and Terrorism Financing Risks, the EBA Says in Its Opinion

July 28, 2025

The European Banking Authority published its 2025 Opinion on money laundering and terrorist financing (ML/TF) risks affecting the EU’s financial sector.

• Opinion
• Press Release

 

Financial Conduct Authority

Data Quality Controls in Benchmarks Sector — Review

July 28, 2025

The Financial Conduct Authority published findings from its review of how benchmark administrators manage data risks. 

• Review

 

FCA Appoints Liam Coleman as Interim Chair of the Financial Ombudsman Service

July 28, 2025

Liam Coleman has been appointed interim chair of the Financial Ombudsman Service, effective October 10, 2025.

• 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)
• 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

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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