Daily Financial Regulation Update -- Wednesday, June 18, 2025

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Major Developments

U.S. Senate

Senate Passes GENIUS Act

June 17, 2025

The United States Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The legislation now returns to the United States House of Representatives and ultimately to a conference committee before final adoption by the Congress.

• Senate Press Release 
• Legislative Draft Approved by the U.S. Senate 
• House Committee on Financial Services Chair Hill Statement
• Conference of State Bank Supervisors Statement

 

Federal Agencies

U.S. Department of the Treasury

OFR Working Paper: House Prices, Debt Burdens and the Heterogeneous Effects of Mortgage Rate Shocks

June 17, 2025

The Office of Financial Research published a working paper entitled “House Prices, Debt Burdens and the Heterogeneous Effects of Mortgage Rate Shocks.”

• Paper

 

Federal Reserve Bank of New York

Business Leaders Survey – June 2025

June 17, 2025

The Federal Reserve Bank of New York released the June 2025 results of the Business Leaders Survey.

• Report
• Overview

 

Bank Policy Institute

Moody’s Seeks to Impose Capital Increase on American Economy, Harming Lending and Economic Growth

June 17, 2025

The Bank Policy Institute submitted a letter to Moody’s Ratings, expressing serious concerns about its proposed revisions to the bank rating methodology. 

• Letter
• Press Release

 

International

European Commission

Commission Proposes Measures to Revive the EU Securitization Framework

June 16, 2025

The European Commission has adopted a package of measures to make the EU securitization framework simpler and more fit for purpose.

• Questions and Answers
• Securitization Regulation Proposal
• Capital Requirements Regulation Proposal
• Consultation
• Press Release

 

Commission Proposes Simplification to Speed Up Defense Investments in the EU

June 16, 2025

The European Commission proposes measures to speed up defense investments and production to make the EU more responsive to today's security challenges, as outlined in the Commission's White Paper for European Defense-Readiness 2030.

• Factsheet
• Omnibus
• Interim Evaluation report
• Press Release

 

Financial Conduct Authority

Speech: Financial Stability in Light of New Global Challenges: Global Shocks, Interconnections and Central Counterparties

June 17, 2025

Financial Policy Committee Member Randall Kroszner gave a speech entitled “Financial stability in light of new global challenges: global shocks, interconnections and central counterparties,” at the FIA International Derivative Expo.

• Speech

 

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

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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