PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday February 21, 2025
February 21, 2025
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Major Developments
Bank Policy Institute
Financial Institutions Support Administration’s Effort to Maintain U.S. Leadership in Digital Assets
February 20, 2025
The Bank Policy Institute, American Bankers Association, Americas Focus Committee of the Association of Global Custodians, Financial Services Forum, Securities Industry and Financial Markets Association and The Clearing House Association sent a joint letter to the Working Group on Digital Asset Markets to propose recommendations to bolster U.S. leadership in digital assets by removing obstacles to bank engagement with digital asset activities.
Federal Agencies
Federal Reserve Board
Speech: Navigating Inflation Waves: A Phillips Curve Perspective
February 20, 2025
Federal Reserve Board Governor Adriana D. Kugler gave a speech entitled “Navigating Inflation Waves: A Phillips Curve Perspective.”
Speech: Risks and Challenges for Bank Regulation and Supervision
February 20, 2025
Federal Reserve Board Vice Chair for Supervision Michael S. Barr gave a speech entitled “Risks and Challenges for Bank Regulation and Supervision.”
Speech: How Healthy are U.S. Households’ Balance Sheets?
February 19, 2025
Federal Reserve Board Vice Chair Philip N. Jefferson gave a speech entitled “How Healthy are U.S. Households’ Balance Sheets?”
Federal Reserve Bank of Boston
Working Paper: Monetary Policy and the Distribution of Income: Evidence from U.S. Metropolitan Areas
February 20, 2025
The Federal Reserve Bank of Boston’s Research Department published a working paper entitled “Monetary Policy and the Distribution of Income: Evidence from U.S. Metropolitan Areas.”
Securities and Exchange Commission
SEC Announces Cyber and Emerging Technologies Unit to Protect Retail Investors
February 20, 2025
The Securities and Exchange Commission announced the creation of the Cyber and Emerging Technologies Unit (CETU) to focus on combatting cyber-related misconduct and to protect retail investors from bad actors in the emerging technologies space.
Introductory Remarks at the 2nd Annual Judge Stanley Sporkin SEC Division of Enforcement Directors Panel
February 20, 2025
Securities and Exchange Commission Acting Chair Mark T. Uyeda gave introductory remarks at the 2nd Annual Judge Stanley Sporkin SEC Division of Enforcement Directors Panel.
Fannie Mae
Economy Enters 2025 on Strong Footing as Markets Digest Policy Uncertainty
February 20, 2025
Incoming gross domestic product (GDP), labor market and inflation data point to an economy that entered 2025 with strong momentum, according to the February 2025 commentary from the Fannie Mae (FNMA/OTCQB) Economic and Strategic Research (ESR) Group.
International
Bank of England
Speech: Innovation in UK Financial Markets - Shortening the Settlement Cycle
February 20, 2025
Bank of England Executive Director Sasha Mills gave a speech entitled “Innovation in UK Financial Markets - shortening the settlement cycle.”
Bank of England Prudential Regulation Authority
The Prudential Regulation Authority’s Approach to Policy
February 20, 2025
The Prudential Regulation Authority (PRA) issued a statement of policy setting out how the PRA makes policy along with a policy statement which provides feedback to responses received to Consultation Paper 27/23.
Administration Changes
Vacancies
Appointments/Confirmation Hearings
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 Michael Barr (resignation as vice chair for supervision, effective February 28, 2025)
- 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 (Acting 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 (nominated December 2024); Mark T. Uyeda (Acting Chairman effective January 20, 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 (effective January 20, 2025)
Small Business Administration – Kelly Loeffler (effective February 20, 2025)
U.S. Department of Housing and Urban Development – Scott Turner (nominated November 2024)
Federal Housing Finance Agency – Bill Pulte (nominated January 2025)
U.S. Department of Education – Linda McMahon (nominated November 2024)
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 the Consolidated 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