Preheat the oven to 350°F (175°C) and grease a standard 9x5 inch loaf pan.

In a large bowl, whisk together the flour, baking powder, sugar, 1 teaspoon garlic powder, salt, and cayenne pepper.

Incorporate the cold cubed butter into the dry mixture using a pastry cutter until it resembles coarse crumbs.

Gently fold in the shredded cheddar cheese until evenly distributed.

Add the milk and stir with a spatula just until the dough is moistened; do not overwork the batter.

Transfer the batter into the prepared loaf pan and smooth the top.

Bake for 45 to 50 minutes, or until a toothpick inserted into the center of the loaf comes out clean.

While the loaf is baking, whisk together the melted butter, 1/2 teaspoon garlic powder, and dried parsley.

Brush the garlic-herb butter generously over the top of the hot loaf immediately upon removal from the oven.

Allow the loaf to cool in the pan for at least 10 minutes before slicing.