Beginning August 20th, 2017, the Magic Kingdom will no longer present a 3:00 parade…
The Disney Festival of Fantasy Parade will be presented at 2:00pm daily starting August 20th. This appears to be a permanent change.
No reason for the change has been given, but the Paint the Night Electrical Parade coming to the Magic Kingdom could be the reason. The park would need more time between the entertainment offerings considering how popular Happily Ever After is and how popular the Paint the Night Parade would be (should it be moving, still a rumor at this point).