Daily Financial Regulation Update -- Tuesday, April 29, 2025

April 29, 2025

Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe

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Federal Agencies

U.S. Department of the Treasury

Economy Statement for the Treasury Borrowing Advisory Committee

April 28, 2025

The Treasury Borrowing Advisory Committee released a statement on the U.S. economy.

Statement

Treasury Announces Marketable Borrowing Estimates

April 28, 2025

The U.S. Department of the Treasury announced its current estimates of privately-held net marketable borrowing for the April-June 2025 and July-September 2025 quarters.

Press Release

Federal Reserve Board

OIG Report: Open Recommendations Made to the Board and to the CFPB

April 28, 2025

The Office of Inspector General of the Federal Reserve Board and Consumer Financial Protection Bureau released a report entitled, “Open Recommendations Made to the Board and to the CFPB” addressing unsatisfied recommendations.

Securities and Exchange Commission

SEC Publishes New Market Data, Analysis and Visualizations

April 28, 2025

The Securities and Exchange Commission’s Division of Economic and Risk Analysis (DERA) has published new data and analysis on the key market areas of public issuers, exempt offerings, Commercial Mortgage-Backed Securities (CMBS), Asset-Backed Securities (ABS), money market funds and security-based swap dealers (SBSD) in an effort to increase transparency and understanding of our capital markets amongst the public.

Press Release

International

Financial Conduct Authority

Guidance for insolvency practitioners on how to approach regulated firms

April 28, 2025

The Financial Conduct Authority released finalized guidance for insolvency practitioners on how to approach the failure of regulated firms.

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