PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday March 27, 2025
March 27, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: A New Era for the CFPB: Balancing Power and Reprioritizing Consumer Protections
March 26, 2025
The U.S. House Committee on Financial Services Subcommittee on Financial Institutions held a hearing entitled “A New Era for the CFPB: Balancing Power and Reprioritizing Consumer Protections.”
Federal Agencies
U.S. Department of the Treasury
U.S. Department of the Treasury Announces Publication of Interim Final Rule Removing Reporting Requirements for U.S. Companies and U.S. Persons
March 26, 2025
The Treasury Department announces today the formal publication of the Financial Crimes Enforcement Network (FinCEN) interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act and narrows the scope of the rule to foreign reporting companies.
Federal Reserve Board
Working Paper: How Markets Process Macro News: The Importance of Investor Attention
March 26, 2025
The Federal Reserve Board published a working paper entitled “How Markets Process Macro News: The Importance of Investor Attention.”
Federal Reserve Bank of New York
Blog: Student Loan Balance and Repayment Trends Since the Pandemic Disruption
March 26, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “Student Loan Balance and Repayment Trends Since the Pandemic Disruption.”
Blog: Credit Score Impacts from Past Due Student Loan Payments
March 26, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “Credit Score Impacts from Past Due Student Loan Payments.”
Federal Deposit Insurance Corporation
FDIC State Profiles – Q4 2024
March 26, 2025
The Federal Deposit Insurance Corporation published the Q4 2024 FDIC State Profiles.
Securities and Exchange Commission
SEC Crypto Task Force to Host Four More Roundtables
March 25, 2025
The Securities and Exchange Commission’s Crypto Task Force announced it will hold four more roundtables in its ongoing series discussing crypto asset regulation.
- Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading
- Know Your Custodian: Key Considerations for Crypto Custody
- Tokenization - Moving Assets Onchain: Where TradFi and DeFi Meet
- DeFi and the American Spirit
- Press Release
International
European Banking Authority
EBA identifies payment fraud, indebtedness and unwarranted de-risking as key issues affecting consumers in the EU
March 26, 2025
The European Banking Authority published the 9th edition of its biennial Consumer Trends Report for 2024/25.
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
Contributors
