PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday February 12, 2025
February 12, 2025
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Congress
U.S. Senate
Committee on Banking, Housing and Urban Affairs
Hearing: The Semiannual Monetary Policy Report to the Congress
February 11, 2025
The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing entitled “The Semiannual Monetary Policy Report to the Congress.” The Committee heard testimony from the Honorable Jerome H. Powell, chair, Board of Governors of the Federal Reserve System.
Federal Agencies
U.S. Department of the Treasury
United States, Australia and the United Kingdom Jointly Sanction Key Infrastructure that Enables Ransomware Attacks
February 11, 2025
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), Australia’s Department of Foreign Affairs and Trade and the United Kingdom’s Foreign Commonwealth and Development Office are jointly designating Zservers, a Russia-based bulletproof hosting (BPH) services provider, for its role in supporting LockBit ransomware attacks.
Federal Reserve Bank of New York
Speech: From Where We Are Now
February 11, 2025
Federal Reserve Bank of New York President and CEO John C. Williams gave a speech entitled “From Where We Are Now.”
Office of the Comptroller of the Currency
Acting Comptroller Issues Statement on OCC’s Withdrawal from International Climate Organization
February 11, 2025
Acting Comptroller of the Currency Rodney E. Hood issued a statement today after the withdrawal of the Office of the Comptroller of the Currency (OCC) from the Network of Central Banks and Supervisors for Greening the Financial System.
Securities and Exchange Commission
Acting Chairman Statement on Climate-Related Disclosure Rules
February 11, 2025
Securities and Exchange Commission Acting Chairman Mark T. Uyeda issued a statement on the Enhancement and Standardization of Climate-Related Disclosures for Investors rule that was adopted by the Commission on March 6, 2024.
Statement on Pause in Litigation Concerning the Climate-Related Disclosure Rule
February 11, 2025
Securities and Exchange Commission Commissioner Caroline A. Crenshaw issued a statement on the pause in litigation concerning the climate-related disclosure rule.
Exemption from the Requirement to Report Certain Personally Identifiable Information to the Consolidated Audit Trail
February 10, 2025
The Securities and Exchange Commission provided an exemption from the requirement to report certain personally identifiable information (PII) – names, addresses, and years of birth – to the Consolidated Audit Trail (CAT) for natural persons.
International
European Banking Authority
The EBA Amends its Guidelines on ICT and Security Risk Management Measures in the Context of DORA Application
February 11, 2025
The European Banking Authority narrowed down the scope of its existing guidelines on ICT and security risk management measures, due to the application of harmonized ICT risk management requirements under the Digital Operational Resilience Act (DORA) from 17 January 2025.
Bank of England
Asset Purchase Facility Quarterly Report - 2024 Q4
February 11, 2025
The Bank of England published the Asset Purchase Facility Quarterly Report for Q4 2024.
Speech: Are We Underestimating Changes in Financial Markets?
February 11, 2025
Bank of England Governor Andrew Bailey gave a speech entitled “Are we underestimating changes in financial markets?” at the University of Chicago Booth School of Business in London.
Speech: The February 2025 Monetary Policy Report — and My Vote
February 11, 2025
Monetary Policy Committee Member Catherine L. Mann gave a speech entitled “The February 2025 Monetary Policy Report — and my vote.”
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 (Acting 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 – Mark T. Uyeda (Acting Chairman effective January 20, 2025); Paul Atkins (nominated December 2024)
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 (Acting Chairman effective January 20, 2025)
Small Business Administration – Kelly Loeffler (nominated December 2024)
U.S. Department of Housing and Urban Development – Scott Turner (nominated November 2024)
Federal Housing Finance Agency – Bill Pulte (nominated January 2025)
U.S. Department of Education – Linda McMahon (nominated November 2024)
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