PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday February 24, 2025
February 24, 2025
By Lawrence D. Kaplan,Jason Shafer,& Kris Knabe
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Congress
U.S. Senate
Committee on Banking, Housing and Urban Affairs
Senator Warren Statement on Watchdog Probe into Impacts of FDIC’s Rescinding of More than 200 Bank Examiner Job Offers
February 21, 2025
United States Senator Elizabeth Warren (D-Mass.), ranking member of the Senate Banking, Housing and Urban Affairs Committee, released a statement on the FDIC inspector general’s response to her questions on reports that Acting Chairman Travis Hill is rescinding more than 200 job offers to bank examiners.
U.S. House of Representatives
Committee on Financial Services
Representatives Provide FDIC With Recommendations to Help Clarify Digital Asset Regulations, Prevent Debanking
February 20, 2025
Chairman of the House Financial Services Committee French Hill (AR-02), Chairman of the Subcommittee on Oversight and Investigations Dan Meuser (PA-09), Chairman of the Subcommittee on Financial Institutions Andy Barr (KY-06) and Chairman of the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Bryan Steil (WI-01), sent a letter to Federal Deposit Insurance Corporation (FDIC) Acting Chairman Travis Hill to better understand the plan for FDIC’s regulatory and supervisory work related to the digital asset activities of regulated financial institutions.
Federal Agencies
Federal Reserve Board
Speech: Reading between the Lines? Textual Analysis of Central Bank Communications
February 21, 2025
Federal Reserve Board Vice Chair Philip N. Jefferson gave a speech entitled, “Reading between the Lines? Textual Analysis of Central Bank Communications,” at the Macroeconomics and Monetary Policy Conference.
Working Paper: The Relationship between Market Depth and Liquidity Fragility in the Treasury Market
February 21, 2025
The Federal Reserve Board published a working paper entitled, “The Relationship between Market Depth and Liquidity Fragility in the Treasury Market.”
Securities and Exchange Commission
Statement: There Must Be Some Way Out of Here
February 21, 2025
Securities and Exchange Commission Commissioner Hester M. Peirce issued a statement entitled, “There Must Be Some Way Out of Here.”
International
Bank of England
Working Paper: Insurers monitor shocks to collateral: micro evidence from mortgage-backed securities
February 21, 2025
The Bank of England published a staff working paper entitled, “Insurers monitor shocks to collateral: micro evidence from mortgage-backed securities.”
Working Paper: Geopolitical risk shocks: when size matters
February 21, 2025
The Bank of England published a staff working paper entitled, “Geopolitical risk shocks: when size matters.”
Working Paper: Monetary policy along the yield curve: why can central banks affect long-term real rates?
February 21, 2025
The Bank of England published a staff working paper entitled, “Monetary policy along the yield curve: why can central banks affect long-term real rates?”
Financial Conduct Authority
Speech: Our T+1 journey starts now
February 21, 2025
Financial Conduct Authority Interim Director Mark Francis gave a speech entitled, “Our T+1 journey starts now,” at UK Accelerated Settlement Taskforce industry event.
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 (Chairman 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