PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, April 25, 2025
April 25, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Federal Deposit Insurance Corporation
Federal Reserve Board
FDIC and Federal Reserve Withdraw Statements on Crypto-Assets
April 24, 2025
The Federal Deposit Insurance Corporation (FDIC) and Board of Governors of the Federal Reserve System (Federal Reserve Board) (collectively, the Agencies) have withdrawn two joint statements regarding banking organizations’ crypto-asset-related activities to provide clarity that banking organizations may engage in permissible crypto-asset activities and provide products and services to persons and firms engaged in crypto-asset-related activities, consistent with safety and soundness and applicable laws and regulations. The Federal Reserve Board also withdrew its separate guidance relating to state member bank crypto-asset and dollar token activities and related changes to its expectations for these activities.
Federal Agencies
Federal Reserve Bank of New York
Blog: Gauging the Strength of China’s Economy in Uncertain Times
April 24, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Gauging the Strength of China’s Economy in Uncertain Times.”
FINRA
New Rate for Fees Paid Under Section 31 of the Exchange Act
April 24, 2025
FINRA published an information notice on new rates for fees paid under Section 31 of the Exchange Act.
International
Bank of England
Resolution: External minimum requirements for own funds and eligible liabilities (MRELs) – 2025
April 24, 2025
The Bank of England published a resolution entitled, “External minimum requirements for own funds and eligible liabilities (MRELs) – 2025.”
Minutes of the Meeting of the Court of Directors held on February 12, 2025
April 24, 2025
The Bank of England released the minutes of the Court of Directors meeting held February 12, 2025.
Financial Conduct Authority
Seventy percent cut in capital rules red tape
April 24, 2025
The Financial Conduct Authority is proposing streamlining the rules on the types of funds investment firms must hold to absorb losses and maintain financial resilience during periods of stress.
FCA simplifies supervisory letters
April 24, 2025
The Financial Conduct Authority announced it will stop issuing and publishing portfolio letters and instead will publish a small number of market reports to make it easier to find up-to-date supervisory communications on its website.
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 (effective April 9, 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 theConsolidated 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
