PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday January 27, 2025
January 27, 2025
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Federal Agencies
Securities and Exchange Commission
SEC Rescinds Guidance Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform
January 23, 2025
The Securities and Exchange Commission has rescinded the interpretive guidance included in Section FF of Topic 5 in the Staff Accounting Bulletin Series entitled "Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users."
Consumer Financial Protection Bureau
CFPB Report Finds Cash-Out Mortgage Refinance Borrowers Improve Credit Scores
January 24, 2025
The Consumer Financial Protection Bureau published a report about financial outcomes for cash-out refinance mortgage borrowers.
Freddie Mac
Economic, Housing and Mortgage Market Outlook – January 2025
January 24, 2025
Freddie Mac released the Economic, Housing and Mortgage Market Outlook for January 2025.
Bank Policy Institute
BPI Statement on President Trump’s Remarks on ‘Debanking’
January 24, 2025
Bank Policy Institute President and CEO Greg Baer issued a statement in response to remarks by President Trump on debanking.
International
Bank of England
Working Paper: Bouncing back: how mothballing curbs prices
January 24, 2025
The Bank of England published a staff working paper entitled “Bouncing back: how mothballing curbs prices.”
Working Paper: Dealers, information and liquidity provision in safe assets
January 24, 2025
The Bank of England published a staff working paper entitled “Dealers, information and liquidity provision in safe assets.”
Working Paper: Liquidity, monetary policy and the commodity futures market
January 24, 2025
The Bank of England published a staff working paper entitled “Liquidity, monetary policy and the commodity futures market.”
Administration Changes
Vacancies
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Scott Bessent (nominated November 2024)
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 – Rohit Chopra (effective October 12, 2021)
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); 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