PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, April 8, 2025
April 08, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
California Department of Financial Protection and Innovation
DFPI Proposes Amendments to Money Transmission Act/Digital Financial Assets Law
April 4, 2025
The commissioner of the Department of Financial Protection and Innovation (DFPI) has proposed regulations to implement provisions of the Digital Financial Assets Law and amend the Money Transmission Act.
Federal Agencies
Federal Reserve Board
Speech: Inflation Dynamics and the Phillips Curve
April 7, 2025
Federal Reserve Board Governor Adriana D. Kugler gave a speech entitled “Inflation Dynamics and the Phillips Curve,” at Ec10b Principles of Economics Lecture, Department of Economics, Faculty of Arts and Sciences, Harvard University, Cambridge, Massachusetts.
Federal Reserve Bank of New York
Blog: Monetary Policy Spillovers and the Role of the Dollar
April 7, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “Monetary Policy Spillovers and the Role of the Dollar.”
Blog: How Household Saving Affects Monetary Policy Spillovers
April 7, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “How Household Saving Affects Monetary Policy Spillovers.”
Blog: Monetary Policy Spillovers in the Global Economy
April 7, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “Monetary Policy Spillovers in the Global Economy.”
Office of the Comptroller of the Currency
Bulletin: Community Reinvestment Act: Rescinding the 2023 CRA Final Rule
April 7, 2025
The Office of the Comptroller of the Currency released a bulletin entitled “Community Reinvestment Act: Rescinding the 2023 CRA Final Rule.”
Securities and Exchange Commission
Statement: 'Stable' Coins or Risky Business?
April 4, 2025
Securities and Exchange Commission Commissioner Carline A. Crenshaw issued a statement following the Division of Corporation Finance’s statement on stablecoins.
Commodity Futures Trading Commission
Opening Remarks of Commissioner Kristin N. Johnson at GAIM Ops AI Summit: Using AI to Combat Cybersecurity and Fraud Risks
April 7, 2025
Commodity Futures Trading Commission Commissioner Kristin N. Johnson gave opening remarks at the GAIM Ops AI Summit: Using AI to Combat Cybersecurity and Fraud Risks.
CFTC Staff Issues No-Action Letter Regarding Pre-Trade Mid-Market Mark
April 4, 2025
The Commodity Futures Trading Commission’s Market Participants Division issued a no-action letter in relation to the Pre-Trade Mid-Market Mark (PTMMM) requirement in Regulation 23.431 for swap dealers and major swap participants.
International
European Banking Authority
EBA Publishes its Peer Review on the Performance of Stress Tests by Deposit Guarantee Schemes
April 7, 2025
The European Banking Authority released the findings of its latest Peer Review on the performance of stress tests by deposit guarantee schemes (DGSs) across the European Union.
Financial Conduct Authority
Rules for Investment Managers to be Reformed to Support Growth
April 7, 2025
The Financial Conduct Authority is proposing reforms to its regime for alternative asset managers, to make it easier for firms to enter the market, grow, compete and innovate.
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
