Daily Financial Regulation Update -- Friday, April 11, 2025

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Congress

U.S. Senate

Committee on Banking, Housing and Urban Affairs

Nomination Hearing

April 10, 2025

The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing on the following nominations:

1. Mr. Andrew Hughes, to be deputy secretary, Department of Housing and Urban Development;
2. Mr. David Woll, to be general counsel, Department of Housing and Urban Development;
3. The Honorable Michelle Bowman to be vice chairman for supervision, Board of Governors of the Federal Reserve System;
4. Mr. John Hurley, to be undersecretary for terrorism and financial crimes, Department of the Treasury;
5. Mr. David Fogel, to be assistant secretary of commerce and director general of the United States and Foreign Commercial Service, Department of Commerce; and
6. Mr. Landon Heid, to be an assistant secretary of commerce, Department of Commerce.

• Hearing
• HUD Designate Hughes Testimony
• HUD Designate Woll Testimony
• Federal Reserve Designate Bowman Testimony
• Treasury Designate Hurly Testimony
• Commerce Designate Fogel Testimony
• Commerce Designate Heid Testimony
• Committee Chair Scott Statement
• Committee Ranking Member Warren Statement

 

Overdraft CRA Passes House, Heads to the President

April 9, 2025

The U.S. Senate Committee on Banking, Housing and Urban Affairs passed a Congressional Review Act resolution to overturn the Consumer Financial Protection Bureau’s final rule on overdraft fees based upon the version previously adopted by the U.S. House of Representatives.

• Resolution
• Press Release

 

Federal Agencies

Federal Reserve Bank of Boston

Paper: Small and Medium-sized Businesses’ Expectations Concerning Tariffs, Costs and Prices

April 10, 2025

The Federal Reserve Bank of Boston published a Current Policy Perspectives paper entitled, “Small and Medium-sized Businesses’ Expectations Concerning Tariffs, Costs, and Prices.”

• Paper
• Appendix
• Summary

 

Securities and Exchange Commission

Offerings and Registrations of Securities in the Crypto Asset Markets

April 10, 2025

The Securities and Exchange Commission’s Division of Corporation Finance issued a statement on offerings and registrations of securities in the crypto asset markets.

• SEC Commissioners Statement
• FINRA Statement

 

Remarks at the 44th Annual SEC Small Business Forum

April 10, 2025

Securities and Exchange Commission Commissioners Mark T. Uyeda, Hester M. Peirce and Caroline A. Crenshaw and Office of the Advocate for Small Business Capital Formation Director Stacey Bowers gave remarks at the 44th Annual SEC Small Business Forum.

• Director Bowers Remarks
• Commissioner Uyeda Statement
• Commissioner Peirce Statement
• Commissioner Crenshaw Statement

 

Commisioners’ Statement on the Senate Confirmation of Paul Atkins as SEC Chair

April 9, 2025

The U.S. Senate has confirmed Paul Atkins as the next chair of the Securities and Exchange Commission.

• Statement
• CFTC Acting Chair Pham Statement

 

Commodity Futures Trading Commission

CFTC Releases Staff Letter Relating to Certain Foreign Exchange Transactions

April 10, 2025

The Commodity Futures Trading Commission’s Market Participants Division and Division of Market Oversight issued an interpretative letter providing the divisions’ views on the characterization of certain foreign exchange (FX) transactions as being swaps, foreign exchange forwards or foreign exchange swaps, in each case, as defined in the Commodity Exchange Act.

• Staff Letter
• Press Release

 

U.S. Small Business Administration

SBA Highlights New Fraud Measures

April 10, 2025

The U.S. Small Business Administration (SBA) highlighted several new verification measures within its loan application process to strengthen protections against fraud and ensure its programs only benefit eligible American small business owners.

• Press Release

 

International

Bank of England

Digital pound experiment report: Offline payments

April 10, 2025

The Bank of England published a report entitled, “Digital pound experiment report: Offline payments.”

• Report

 

Report: Design note — Intermediary roles and scheme rulebook

April 10, 2025

The Bank of England published a report entitled, “Design note — Intermediary roles and scheme rulebook.”

• Report

 

Minutes of the CBDC Engagement Forum — November 2024

April 10, 2025

The Bank of England released the minutes of the CBDC Engagement Forum held November 28, 2024.

• Minutes

 

Bank of England Prudential Regulation Authority

Prudential Regulation Authority Business Plan 2025/26

April 10, 2025

The Prudential Regulation Authority released the 2025/26 Business Plan.

• Business Plan

 

Consultation Paper: Regulated fees and levies: Rates proposals for 2025/26

April 10, 2025

The Prudential Regulation Authority published a consultation paper entitled, “Regulated fees and levies: Rates proposals for 2025/26.”

• Consultation Paper

 

Financial Conduct Authority

Update on PISCES and pre-application support

April 10, 2025

The Financial Conduct Authority (FCA) issued an update following the closure of the consultation on the potential impact of the feedback on final rules to support firms who intend to operate a Private Intermittent Securities and Capital Exchange System.

• Statement

 

FCA concludes consumer investment policy sprint

April 10, 2025

The FCA has concluded its six-week policy sprint, supporting new ways to help consumers make important investment decisions.

• Press Release

 

Sustainable Finance Advisory Committee member refresh

April 10, 2025

The FCA is refreshing the membership of our Sustainable Finance Advisory Committee and seeking expressions of interest to join.

• Press Release

 

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 (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