PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday March 25, 2025
March 25, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
Federal Reserve Board
Speech: Helping Small Businesses Reach Their Potential
March 24, 2025
Federal Reserve Board Governor Michael S. Barr gave a speech entitled, “Helping Small Businesses Reach Their Potential,” at the Aspen Institute.
Federal Reserve Bank of New York
Staff Report: Coexistence of Banks and Non-Banks: Intermediation Functions and Strategies
March 24, 2025
The Federal Reserve Bank of New York published a staff report entitled, “Coexistence of Banks and Non-Banks: Intermediation Functions and Strategies.”
SCE Housing Survey – February 2025
March 24, 2025
The Federal Reserve Bank of New York released the SCE Housing Survey for February 2025.
Federal Reserve Bank of Boston
Working Paper: Household Beliefs about Fiscal Dominance
March 24, 2025
The Federal Reserve Bank of Boston’s Research Department published a working paper entitled, “Household Beliefs about Fiscal Dominance.”
Office of the Comptroller of the Currency
OCC Reports Mortgage Performance for Fourth Quarter of 2024
March 24, 2025
The Office of the Comptroller of the Currency reported on the performance of first-lien mortgages in the federal banking system during the fourth quarter of 2024.
Bank Policy Institute
Banks and Business Groups Press for Transparency in Flawed Stress Testing Framework
March 21, 2025
The Bank Policy Institute, alongside the American Bankers Association, the U.S. Chamber of Commerce, the Ohio Bankers League and the Ohio Chamber of Commerce filed an opening brief challenging opaque aspects of the Federal Reserve’s stress testing framework for bank capital.
International
European Commission
Keynote speech by Commissioner Albuquerque at the conference “Shaping the Future of European Finance”
March 24, 2025
European Commission Commissioner Maria Luis Albuquerque gave a keynote speech at the conference “Shaping the Future of European Finance” organized by the Danske Bank, Finance Denmark, and Think Tank Europe
European Banking Authority
The EBA updates methodology on the regulatory and supervisory equivalence of non-EU countries
March 24, 2025
The European Banking Authority (EBA) published its updated methodology for the assessment of regulatory and supervisory frameworks of non-EU countries.
Bank of England
Bank of England launches the 2025 Bank Capital Stress Test
March 24, 2025
The Bank of England has launched the 2025 Bank Capital Stress Test for the seven largest and most systemic UK banks and building societies.
Speech: Growth: What does it take in today’s world?
March 24, 2025
Bank of England Governor Andrew Bailey gave a speech entitled, “Growth: What does it take in today’s world?” at the Chancellor’s Distinguished Lecture Series, The University of Leicester.
Financial Conduct Authority
FCA invites ESG ratings providers to complete a voluntary survey
March 24, 2025
The Financial Conduct Authority (FCA) invites environmental, social and governance (ESG) ratings providers to complete a voluntary survey to help inform the future regulation of ESG ratings and broader sustainability disclosures.
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
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Presidential Actions Hub
March 21, 2025
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