PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday March 4, 2025
March 04, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
U.S. Department of the Treasury
Treasury Department Suspends Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies
March 3, 2025
The Treasury Department will not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, and will not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either.
Federal Deposit Insurance Corporation
FDIC Board of Directors Approves Proposal to Rescind 2024 Bank Merger Policy Statement
March 3, 2025
The Federal Deposit Insurance Corporation (FDIC) Board of Directors approved a proposal to rescind the agency’s 2024 Statement of Policy on Bank Merger Transactions. The FDIC’s proposal, if adopted, will reinstate, on an interim basis, the Merger Policy Statement that was in effect prior to 2024 as the agency conducts a broader reevaluation of its bank merger review process.
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Letter: Republican Members of Senate and House Request that Federal Reserve Vice Chairman of Supervision Vacancy be Filled Promptly
March 3, 2025
Members of the Senate Banking Committee Chairman and the House Financial Services Committee sent a letter to Treasury Secretary Scott Bessent highlighting the need to quickly fill the role of Vice Chair for Supervision of the Board of Governors of the Federal Reserve System.
Federal Agencies
Federal Reserve Bank of New York
Blog: Comparing Apples to Apples: “Synthetic Real‑Time” Estimates of R‑Star
March 3, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Comparing Apples to Apples: ‘Synthetic Real‑Time’ Estimates of R‑Star.”
Federal Deposit Insurance Corporation
FDIC Board of Directors Approves Delay of Compliance Date For Certain Provisions in Sign and Advertising Rule
March 3, 2025
The Federal Deposit Insurance Corporation Board of Directors delayed the compliance date of certain provisions under the FDIC’s Sign and Advertising Rule. Specifically, the delay applies to requirements related to the display of the FDIC’s official sign on insured depository institutions’ (IDIs) digital channels, as well as to provisions related to IDIs’ automated teller machines (ATMs) and like devices.
Securities and Exchange Commission
Commissioner Hester Peirce Announces Crypto Task Force Staff
March 3, 2025
The Securities and Exchange Commission today announced the members of the Crypto Task Force staff, which is advising the Commission on matters related to crypto.
National Credit Union Administration
Chairman Hauptman Announces Changes to NCUA’s Overdraft/NSF Fee Collection
March 3, 2025
To help ensure credit unions can continue to support the needs of Americans struggling with inflation, the National Credit Union Administration will no longer publish overdraft and non-sufficient fund fee income for individual credit unions, Chairman Kyle S. Hauptman announced. The NCUA will collect the data during supervisory examinations.
International
Bank of England
Speech: Accountants can influence growth, competitiveness and innovation in the UK to boost the economy
March 3, 2025
Bank of England Executive Director Afua Kyei gave a speech entitled, “Accountants can influence growth, competitiveness and innovation in the UK to boost the economy.”
Money and Credit - January 2025
March 3, 2025
The Bank of England released the Money and Credit statistics and effective interest rates for January 2025.
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 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 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 20, 2025)
U.S. Department of Housing and Urban Development – Scott Turner (effective February 5, 2025)
Federal Housing Finance Agency – William Pulte (nominated January 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
