PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday January 17, 2025
January 17, 2025
Subscribe to PH FedACTion: Financial Regulatory Updates
Subscribe to the new PHFintech: Crypto Policy Tracker
Congress
U.S. Senate
Committee on Banking, Housing and Urban Affairs
Nomination Hearing
January 16, 2025
The U.S. Committee on Banking, Housing and Urban Affairs held a hearing on the nomination of Mr. Eric Scott Turner to be secretary of the U.S. Department of Housing and Urban Development.
Federal Agencies
U.S. Department of the Treasury
U.S. Department of the Treasury Releases Guidance on Domestic Content Bonus for Clean Energy Credits
January 16, 2025
The U.S. Department of the Treasury and Internal Revenue Service are releasing additional guidance on the Inflation Reduction Act’s domestic content bonus for Clean Electricity Production and Investment Tax Credits.
Federal Reserve Bank of New York
Business Leaders Survey – January 2025
January 16, 2025
The Federal Reserve Bank of New York released the January 2025 Business Leaders Survey.
Article: When It Rains, It Pours: Cyber Vulnerability and Financial Conditions
January 16, 2025
The Federal Reserve Bank of New York published an article entitled, “When It Rains, It Pours: Cyber Vulnerability and Financial Conditions.”
Article: Monitoring Money Market Dynamics Around Year‑end
January 16, 2025
The Federal Reserve Bank of New York published a The Teller Window article entitled, “Monitoring Money Market Dynamics Around Year‑end.”
Conference of State Bank Supervisors
CSBS Urges Congress to Support the Dual-Banking System
January 16, 2025
The Conference of State Bank Supervisors (CSBS) asked new Congressional leaders to advance policies that support community banking, enable effective state-federal partnerships, and safeguard the dual-banking system.
Consumer Financial Protection Bureau
Blog: Holding Credit Reporting Companies Accountable for Junk Data
January 16, 2025
The Consumer Financial Protection Bureau published a blog post entitled, “Holding Credit Reporting Companies Accountable for Junk Data.”
2024 CFPB Annual Employee Survey Results
January 16, 2025
The Consumer Financial Protection Bureau released the 2024 CFPB Annual Employee Survey Results.
National Credit Union Administration
Board Approves Annual Performance Plan
January 16, 2025
The National Credit Union Administration Board held its first open meeting of 2025 and unanimously approved the agency’s 2025 Annual Performance Plan.
NCUA Releases Research Note on Overdraft, NSF Fees at Credit Unions
January 16, 2025
The National Credit Union Administration released a Research Note that provides an analysis of statistics for overdraft and non-sufficient funds fees, and observations on the relationship between overdraft and non-sufficient funds fees and other revenues.
U.S. Small Business Administration
New Report Shows Consequential Impacts of SBA Pandemic Relief
January 16, 2025
The U.S. Small Business Administration issued a statement following a new Census report highlighting the positive impact of SBA pandemic relief programs – including the Paycheck Protection Program (PPP) and COVID Economic Injury Disaster Loans (EIDL), as well as the American Rescue Plan’s Restaurant Revitalization Fund (RRF) and Shuttered Venue Operators Grant (SVOG).
Bank Policy Institute
Blog: Cybersecurity Needs a DOGE of Common Sense
January 16, 2025
The Bank Policy Institute published a blog post entitled, “Cybersecurity Needs a DOGE of Common Sense.”
State Agencies
New York State Department of Financial Services
Notice Regarding Rapidly Proliferating, Sentiment-Based Virtual Currencies
January 16, 2025
The New York State Department of Financial Services sent a notice to all virtual currency businesses indicating it is closely monitoring the rapid proliferation of sentiment-based virtual currencies.
International
European Banking Authority
The EBA and ESMA analyze recent developments in crypto-assets
January 16, 2025
The European Banking Authority and the European Securities and Markets Authority published a Joint Report on recent developments in crypto-assets, analyzing decentralised finance (DeFi) and crypto lending, borrowing and staking.
The EBA consults on Guidelines on ESG scenario analysis
January 16, 2025
The European Banking Authority launched a public consultation on its draft Guidelines on Environmental, Social and Governance (ESG) scenario analysis.
EBA publishes its Peer Review on the application of proportionality under the Supervisory Review and Evaluation Process
January 16, 2025
The European Banking Authority published its Peer Review on the application of proportionality under the Supervisory Review and Evaluation Process.
Bank of England
Bank Liabilities Survey - 2024 Q4
January 16, 2025
The Bank of England released the Q4 20204 Bank Liabilities Survey.
Credit Conditions Survey - 2024 Q4
January 16, 2025
The Bank of England released the Q4 2024 Credit Conditions Survey.
Administration Changes
Vacancies
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Scott Bessent (nominated November 2024); Janet Yellen (effective January 26, 2021)
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 – Martin Gruenberg (resigning effective January 19, 2025)
- Vice Chairman Travis Hill (sworn in January 5, 2023)
- 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 – Paul Atkins (nominated December 2024); Gary Gensler (resigning January 20, 2025)
Commodity Futures Trading Commission – Rostin Behnam (effective December 17, 2021)
Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)
National Credit Union Administration – Todd M. Harper (effective January 20, 2021)
Small Business Administration – Kelly Loeffler (nominated December 2024); Isabella Casillas Guzman (effective March 16, 2021)
U.S. Department of Housing and Urban Development – Scott Turner (nominated November 2024); Marcia Fudge (resigned March 11, 2024, effective March 22, 2024)
Federal Housing Finance Agency – Sandra L. Thompson (effective June 22, 2022)
U.S. Department of Education – Linda McMahon (nominated November 2024); Dr. Miguel Cardona (effective March 2, 2021)
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