PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday March 24, 2025
March 24, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
Subscribe to PH FedACTion: Financial Regulatory Updates
Subscribe to the new PHFintech: Crypto Policy Tracker
Major Developments
Financial Crimes Enforcement Network
FinCEN Removes Beneficial Reporting Requirements for US Companies and US Persons
March 21, 2025
The Financial Crimes Enforcement Network (FinCEN) issued an interim final rule striking the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act. The interim rule modifies the definition of “reporting company” to mean only those entities that are formed under the law of a foreign country and that have registered to do business in any U.S. state or tribal jurisdiction by the filing of a document with a secretary of state or similar office (formerly known as “foreign reporting companies”). FinCEN also exempted entities previously known as “domestic reporting companies” from BOI reporting requirements.
Federal Agencies
Federal Reserve Board
Federal Reserve Board Releases Annual Audited Financial Statements
March 21, 2025
The Federal Reserve Board released annual audited financial statements for the Federal Reserve System for 2024.
OIG Report: Federal Financial Institutions Examination Council Financial Statements as of and for the Years Ended December 31, 2024 and 2023, and Independent Auditors' Report
March 21, 2025
The Office of Inspector General of the Federal Reserve Board published a report entitled “Federal Financial Institutions Examination Council Financial Statements as of and for the Years Ended December 31, 2024 and 2023, and Independent Auditors' Report.”
Paper: Beyond the Streetlight: Economic Measurement in the Division of Research and Statistics at the Federal Reserve
March 21, 2025
The Federal Reserve Board published a working paper entitled “Beyond the Streetlight: Economic Measurement in the Division of Research and Statistics at the Federal Reserve.”
Statement on Dissenting Vote by Governor Christopher J. Waller
March 21, 2025
Federal Reserve Board Governor Christopher J. Waller issued a statement regarding his vote at the most recent Federal Open Market Committee meeting.
Federal Reserve Bank of New York
Blog: The New York Fed DSGE Model Forecast — March 2025
March 21, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “The New York Fed DSGE Model Forecast — March 2025.”
Speech: Certain Uncertainty
March 21, 2025
Federal Reserve Bank of New York President and CEO John C. Williams gave a speech entitled “Certain Uncertainty,” at the Macroeconometric Caribbean Conference, Nassau, Bahamas.
Office of the Comptroller of the Currency
OCC Reports Fourth Quarter 2024 Bank Trading Revenue
March 21, 2025
The Office of the Comptroller of the Currency (OCC) reported cumulative trading revenue of U.S. commercial banks and savings associations of $14.8 billion in the fourth quarter of 2024.
Securities and Exchange Commission
Speech: At the SEC: It Is Finally Spring
March 21, 2025
Securities and Exchange Commission Commissioner Hester M. Peirce gave a speech at the inaugural roundtable of the Spring Sprint Toward Crypto Clarity series.
Remarks to Crypto Task Force Roundtable 1 — “Defining Security Status”
March 21, 2025
Securities and Exchange Commission Commissioner Caroline A. Crenshaw gave remarks at the first Crypto Task Force roundtable.
Crypto Mining Statement: The Flame in Plato’s Cave
March 20, 2025
Securities and Exchange Commission Commissioner Caroline A. Crenshaw issued a statement regarding the Division of Corporation Finance’s recent statement on certain proof-of-work mining activities.
Commodity Futures Trading Commission
CFTC Staff Issues Interpretation Regarding Financial Reporting Requirements for Japanese Nonbank Swap Dealers
March 21, 2025
The Commodity Futures Trading Commission’s Market Participants Division issued interpretation concerning financial reporting obligations for nonbank swap dealers subject to regulation by the Financial Services Agency of Japan.
U.S. Small Business Administration
Small Business Administration Announces Agency-Wide Reorganization
March 21, 2025
The U.S. Small Business Administration announced its plans for an agency-wide reorganization.
Bank Policy Institute
America’s Critical Infrastructure Sectors Urge Congress to Reauthorize Cybersecurity Information-Sharing Law
March 21, 2025
Industry leaders from the financial services, energy and technology sectors sent a letter to Senate and House leadership urging Congress to take action to reauthorize the Cybersecurity Information Sharing Act (CISA 2015), before it expires on September 30, 2025.
International
Bank of England
Asset Purchase Facility: Gilt Sales
March 21, 2025
The Bank of England released a market notice setting out the schedule for sales in Q2 2025 of gilts held in the Asset Purchase Facility (APF) for monetary policy purposes.
Market Participants Survey Results – March 2025
March 21, 2025
The Bank of England released the March 2025 Market Participants Survey results.
Working Paper: Relationship Lending and Monetary Policy Pass-Through
March 21, 2025
The Bank of England published a staff working paper entitled “Relationship lending and monetary policy pass-through.”
Financial Conduct Authority
FCA to Scrutinize Whether Pure Protection Market Provides Fair Value to Consumers
March 21, 2025
The Financial Conduct Authority (FCA) has launched a market study into how well the distribution of pure protection insurance products – which support families with financial commitments if someone becomes critically ill or dies – is working for consumers.
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 Michelle Bowman (nominated March 17, 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 (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 19, 2025)
U.S. Department of Housing and Urban Development – Scott Turner (effective February 5, 2025)
Federal Housing Finance Agency – William Pulte (effective March 13, 2025)
U.S. Department of Education – Linda McMahon (effective March 3, 2025)
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
