PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday January 30, 2025
January 30, 2025
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Major Developments
Federal Reserve Board
Federal Reserve Issues FOMC Statement
January 29, 2025
The Federal Open Market Committee decided to maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent.
Federal Agencies
U.S. Department of the Treasury
Scott Bessent Sworn in as 79th Secretary of the Department of Treasury
January 28, 2025
Scott Bessent was sworn in as the 79th Secretary of the Treasury by Supreme Court Justice Brett M. Kavanaugh on January 28, 2025.
Securities and Exchange Commission
Commodity Futures Trading Commission
CFTC, SEC Extend Form PF Amendments Compliance Date
January 29, 2025
The Securities and Exchange Commission, together with the Commodity Futures Trading Commission (CFTC), extended the compliance date for the amendments to Form PF that were adopted on Feb. 8, 2024.
Securities and Exchange Commission
SEC Publishes Annual Staff Report on Nationally Recognized Statistical Rating Organizations
January 29, 2025
The Securities and Exchange Commission’s Office of Credit Ratings published its annual staff report on Nationally Recognized Statistical Rating Organizations (NRSROs) summarizing the findings of the NRSRO examinations and discussing the state of competition, transparency and conflicts of interest among NRSROs.
Consumer Financial Protection Bureau
CFPB Finds Servicemembers Pay More in Auto Lending Market
January 29, 2025
The Consumer Financial Protection Bureau published a report showing that United States servicemembers pay higher costs and face greater financial risks than civilian borrowers when taking out credit to buy a car.
International
European Commission
An EU Compass to Regain Competitiveness and Secure Sustainable Prosperity
January 29, 2025
The European Commission presents the Competitiveness Compass, the first major initiative of this mandate providing a strategic and clear framework to steer the Commission's work.
Annual Single Market and Competitiveness Report Highlights Challenges and Opportunities to EU Competitiveness
January 29, 2025
The European Commission is publishing the 2025 Annual Single Market and Competitiveness Report analyzing the strengths and weaknesses of the EU economy.
Administration Changes
Vacancies
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Scott Bessent (effective January 28, 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 – 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