PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday February 7, 2025
February 07, 2025
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Congress
U.S. House of Representatives
Committee on Small Business
Committee on Small Business Holds Hearing to Discuss Restoring Optimism on Main Street
February 6, 2025
The U. S. House Committee on Small Business held a hearing entitled, “Hope on the Horizon: Prioritizing Small Business Growth in the 119th Congress.”
Federal Agencies
Federal Reserve Board
Speech: Do Non-inflationary Economic Expansions Promote Shared Prosperity? Evidence from the U.S. Labor Market
February 6, 2025
Federal Reserve Board Vice Chair Philip N. Jefferson gave a speech entitled, “Do Non-inflationary Economic Expansions Promote Shared Prosperity? Evidence from the U.S. Labor Market,” at Swarthmore College.
Federal Reserve Bank of New York
Article: The FX Market’s Evolution in Focus at 2024 Conference
February 6, 2025
The Federal Reserve Bank of New York published a The Teller Window article entitled, “The FX Market’s Evolution in Focus at 2024 Conference.”
Federal Reserve Bank of Boston
Current Policy Perspectives: The Impact of Tariffs on Inflation
February 6, 2025
The Federal Reserve Bank of Boston published a Current Policy Perspectives paper entitled, “The Impact of Tariffs on Inflation.”
Bank Policy Institute
Blog: Treasury Market Resiliency and Large Banks’ Balance Sheet Constraints
February 6, 2025
The Bank Policy Institute published a blog post entitled, “Treasury Market Resiliency and Large Banks’ Balance Sheet Constraints.”
International
European Banking Authority
Reviewed supervisors overall applied the EBA’s recommendations on tax integrity and dividend arbitrage trading schemes, the EBA Report finds
February 6, 2025
The European Banking Authority published a Peer Review assessing the effectiveness and degree of supervisory convergence of issues relating to tax integrity and dividend arbitrage trading schemes following the implementation of its 2020 Action plan on dividend arbitrage trading schemes.
EBA reflects on the short/medium term objectives of its interest rate risk in the banking book Heatmap
February 6, 2025
The European Banking Authority published a Report on the short to medium term objectives of its interest rate risk in the banking book (IRRBB) Heatmap, including observations and recommendations to institutions and supervisors.
Bank of England
Monetary Policy Report – February 2025: Bank Rate reduced to 4.5%
February 6, 2025
The Bank of England’s Monetary Policy Committee voted by a majority of 7–2 to reduce Bank Rate by 0.25 percentage points, to 4.5%. Two members preferred to reduce Bank Rate by 0.5 percentage points, to 4.25%.
Monthly Decision Maker Panel data - January 2025
February 6, 2025
The Bank of England released the data from the January 2025 Decision Maker Panel survey.
Financial Conduct Authority
Cryptoasset AML / CTF regime: feedback on good and poor quality applications
February 6, 2025
The Financial Conduct Authority updated its guidance on good and poor quality applications under the cryptoasset AML/CTF regime.
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 Jonathan McKernan (sworn in January 5, 2023)
- Director Michael Hsu (Acting Comptroller of the Currency)
- Director Rohit Chopra (Director of Consumer Financial Protection Bureau)
Office of the Comptroller of the Currency – Michael Hsu (Acting Comptroller, effective May 10, 2021)
Securities and Exchange Commission – Mark T. Uyeda (Acting Chairman effective January 20, 2025); Paul Atkins (nominated December 2024)
Commodity Futures Trading Commission – Caroline D. Pham (Acting Chairman effective January 20, 2025)
Consumer Financial Protection Bureau – Scott Bessent (Acting Director effective February 3, 2025)
National Credit Union Administration – Kyle Hauptman (Acting Chairman effective January 20, 2025)
Small Business Administration – Kelly Loeffler (nominated December 2024)
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