PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, June 11, 2025
June 11, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Congress
U.S. Senate
Committee on Financial Services
Committee Holds Markup of Various Measures
June 10, 2025
The U.S. House Committee on Financial Services held a markup of various measures, including the Digital Asset Market Clarity (CLARITY) Act of 2025.
Federal Agencies
Securities and Exchange Commission
SEC to Resume Processing of Registration Applications From Swiss-Based Investment Advisers
June 10, 2025
The Securities and Exchange Commission announced that it will immediately resume processing new and pending registration applications of investment advisers with their principal office and place of business in Switzerland.
International
European Banking Authority
EBA Publishes No Action Letter on the Interplay Between Payment Services Directive (PSD2/3) and Markets in Crypto-Assets Regulation (MiCA)
June 10, 2025
The European Banking Authority published a No Action letter advising the EU Commission, EU Council and EU Parliament to ensure that, in the long term, EU law needs to avoid a dual authorisation under two pieces of EU law for the activity of transacting electronic money tokens.
Bank of England
Speech: The Crucial Role of Financial Stability in a Central Bank’s Policy Strategy Framework
June 10, 2025
Financial Policy Committee Member Randall Kroszner gave a speech entitled “The crucial role of financial stability in a central bank’s policy strategy framework.”
Mortgage Lenders and Administrators Statistics – 2025 Q1
June 10, 2025
The Bank of England released the Mortgage Lenders and Administrators Returns for Q1 2025.
Financial Conduct Authority
FCA Rings Bell on New Type of Private Stock Market in Growth Boost
June 10, 2025
The Financial Conduct Authority announced that a new type of private stock market will be launched later in 2025 after the FCA announced the final rules for its Private Intermittent Securities and Capital Exchange System (PISCES).
Speech: Risk, Reform, Reward: Why the UK is the Place to Invest
June 10, 2025
Financial Conduct Authority Executive Director of Markets Simon Wells gave a speech entitled, “Risk, reform, reward: Why the UK is the place to invest,” at the Global Management Summit 2025.
Speech: Supercharging the Digital Sandbox: How We're Collaborating with Nvidia to Accelerate AI Innovation
June 10, 2025
Financial Conduct Authority Chief Data Officer Jessica Rusu gave a speech entitled, “Supercharging the digital sandbox: how we're collaborating with Nvidia to accelerate AI innovation,” at London Tech Week 2025.
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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