PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, April 24, 2025
April 24, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
U.S. Department of the Treasury
Remarks: Treasury Secretary Scott Bessent Delivered Remarks Before the Institute of International Finance
April 23, 2025
Secretary of the Treasury Scott Bessent gave remarks before the Institute of International Finance.
Secretary Bessent IMFC-DC Statement
April 23, 2025
Secretary of the Treasury Scott Bessent issued a statement on the International Monetary Fund (IMF) and World Bank Spring Meetings.
Federal Reserve Board
Beige Book – April 2025
April 23, 2025
The Federal Reserve Board released the Beige Book for April 2025.
Working Paper: No News is Bad News: Monitoring, Risk and Stale Financial Performance in Commercial Real Estate
April 23, 2025
The Federal Reserve Board published a working paper entitled, “No News is Bad News: Monitoring, Risk, and Stale Financial Performance in Commercial Real Estate.”
Working Paper: Agglomeration and Sorting in U.S. Manufacturing
April 23, 2025
The Federal Reserve Board published a working paper entitled, “Agglomeration and sorting in U.S. manufacturing.”
Speech: Transmission of Monetary Policy
April 23, 2025
Federal Reserve Board Governor Adriana D. Kugler gave a speech entitled, “Transmission of Monetary Policy,” at the Heller-Hurwicz Economics Institute, University of Minnesota, Minneapolis, Minnesota.
Fed Listens Welcoming Remarks
April 23, 2025
Federal Reserve Board Governor Christopher J. Waller gave welcoming remarks at a Fed Listens Event hosted by the Federal Reserve Bank of St. Louis, St. Louis, Missouri.
Federal Reserve Bank of New York
Blog: Stablecoins and Crypto Shocks: An Update
April 23, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Stablecoins and Crypto Shocks: An Update.”
Conference of State Bank Supervisors
Blog: NMLS User Experience Group Helps Set Direction for Upcoming NMLS Enhancements
April 23, 2025
The Conference of State Bank Supervisors published a blog post entitled, “NMLS User Experience Group Helps Set Direction for Upcoming NMLS Enhancements.”
U.S. Small Business Administration
OIG Report: SBA’s Actions to Address Forgiven PPP Loans Subsequently Flagged as Potentially Ineligible
April 23, 2025
The Office of the Inspector General of the U.S. Small Business Administration released a report entitled, “SBA’s Actions to Address Forgiven PPP Loans Subsequently Flagged as Potentially Ineligible.”
SBA Eliminates Underwriting Standards
April 23, 2025
The U.S. Small Business Administration announced it will eliminate a package of policies which reduced underwriting standards within the 7(a) loan program.
Federal Housing Finance Agency
Foreclosure Prevention, Refinance and Federal Property Manager's Report – January 2025
April 23, 2025
The Federal Housing Finance Agency published the Foreclosure Prevention, Refinance and Federal Property Manager's Report for January 2025.
International
Bank of England
Minutes of Money Market Committee Meeting – March 2025
April 23, 2025
The Bank of England released the minutes of the Money Market Committee meeting held March 11, 2025.
Minutes of the Standards Advisory Panel – March 2025
April 23, 2025
The Bank of England released the minutes of the Standards Advisory Panel meeting held March 19, 2025.
Minutes of the Standards Advisory Panel – December 2024
April 23, 2025
The Bank of England released the minutes of the Standards Advisory Panel meeting held December 11, 2024.
Bank of England Prudential Regulation Authority
Consultation Paper: Markets in Financial Instruments Directive Organizational Regulation
April 23, 2025
The Prudential Regulation Authority published a consultation paper entitled, “Markets in Financial Instruments Directive Organizational Regulation.”
Financial Conduct Authority
Blog: AI Through a Different Lens: What 115 Experts Taught Us About AI Innovation
April 23, 2025
The Financial Conduct Authority published a blog post entitled, “AI through a different lens: what 115 experts taught us about AI innovation.”
Administration Changes
Vacancies
Appointments
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 Michael Barr (sworn in July 19, 2022)
- 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 (effective April 9, 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 theConsolidated 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
Contributors
