PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday February 3, 2025
February 03, 2025
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Major Developments
Consumer Financial Protection Bureau
Secretary of the Treasury Appointed Acting Director
February 3, 2025
Scott Bessent, the Secretary of the Treasury, has been appointed the Acting Director of the Consumer Financial Protection Bureau.
Rohit Chopra concludes service as CFPB Director and member of the FDIC as of February 1, 2025.
Federal Agencies
Federal Deposit Insurance Corporation
Federal Reserve Board
Office of the Comptroller of the Currency
Agencies Announce Second Public Outreach Meeting as Part of Their Review of Regulations
January 31, 2025
The Federal Deposit Insurance Corporation, Federal Reserve Board and Office of the Comptroller of the Currency will hold a virtual public outreach meeting on March 6, 2025, as part of their review of regulations, as required by law.
Federal Reserve Board
Working Paper: A Stock Return Decomposition Using Observables
January 31, 2025
The Federal Reserve Board published a working paper entitled “A Stock Return Decomposition Using Observables.”
Working Paper: Beliefs, Aggregate Risk, and the U.S. Housing Boom
January 31, 2025
The Federal Reserve Board published a working paper entitled “Beliefs, Aggregate Risk, and the U.S. Housing Boom.”
Brief Remarks on the Economy, and Perspective on Mutual and Community Banks
January 31, 2025
Federal Reserve Board Governor Michelle W. Bowman gave brief remarks on the economy, mutual and community banks at the New England CEO Summit.
Conference of State Bank Supervisors
CSBS Files Third Amicus Brief in Support of State Consumer Protection Laws
January 31, 2025
The Conference of State Bank Supervisors filed an amicus brief in the 9th Circuit Court of Appeals to highlight the importance of upholding state consumer protection laws when erroneously challenged by national banks.
Commodity Futures Trading Commission
CFTC Staff Issues Supplemental Letter Regarding No-Action Position on Reporting, Recordkeeping Requirements
January 31, 2025
The Commodity Futures Trading Commission’s Division of Market Oversight and the Division of Clearing and Risk announced they have taken a no-action position regarding swap data reporting and recordkeeping regulations.
International
European Commission
Commission Extends Time-Limited Equivalence for UK Central Counterparties
January 31, 2025
The European Commission adopted a decision to extend the equivalence for UK central counterparties (CCPs) for a period of three years until 30 June 2028. This decision will ensure EU financial stability in the short‑term and provide clarity to EU financial market participants.
Financial Conduct Authority
FCA Sets Out Further Proposals to Support Growing Business and Investment Opportunities
January 31, 2025
The Financial Conduct Authority has set out proposals to make it easier for listed companies to issue corporate bonds that wealth managers and retail investors can buy.
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 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 – 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