PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, April 4, 2025
April 04, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Congress
U.S. Senate
Committee on Banking, Housing and Urban Affairs
Executive Session
April 3, 2025
The U.S. Senate Committee on Banking, Housing and Urban Affairs met in executive session to vote on the following nominations:
- The Honorable Paul Atkins, to be chairman of the Securities and Exchange Commission;
- Mr. Jonathan Gould, to be comptroller of the Currency, Department of the Treasury;
- Mr. Luke Pettit, to be an assistant secretary of the Treasury, Department of the Treasury; and
- The Honorable Marcus Molinaro, to be federal transit administrator, Department of Transportation.
Federal Agencies
Federal Reserve Board
Speech: The Economic Outlook and Path of Policy
April 3, 2025
Federal Reserve Board Governor Lisa D. Cook gave a speech entitled, “The Economic Outlook and Path of Policy,” at the 2025 McKay Lecture, University of Pittsburgh, Pittsburgh, Pennsylvania.
Speech: U.S. Economic Outlook and Central Bank Communications
April 3, 2025
Federal Reserve Board Vice Chair Philip N. Jefferson gave a speech entitled, “U.S. Economic Outlook and Central Bank Communications,” at “Financial Intermediaries, Markets, and Monetary Policy,” a conference sponsored by the Federal Reserve Bank of Atlanta and the University of Virginia Darden School of Business, Atlanta, Georgia.
Federal Reserve Bank of New York
Speech: The Bank-NBFI Nexus
April 3, 2025
Federal Reserve Bank of New York Head of Financial Intermediation Nicola Cetorelli gave a speech entitled, “The Bank-NBFI Nexus,” for the Hoover Institution “Banks and Beyond” conference.
International
European Banking Authority
The EU subsidiaries of third country players account for 10% of total EU assets. Their presence is more significant in the derivatives market, the EBA Report finds
April 3, 2025
The European Banking Authority published two Reports on the market share of subsidiaries of non-EU banks in the EU, as well as on EU banks’ assets and liabilities in foreign currencies.
Bank of England
Monthly Decision Maker Panel data - March 2025
April 3, 2025
The Bank of England released the Decision Maker Panel survey data for March 2025.
Bank of England Prudential Regulation Authority
Letter: Prudential Regulation Authority’s (PRA) approach to Credit Union Service Organizations (CUSOs) and intention to consult on rule changes
April 3, 2025
Prudential Regulation Authority Director Laura Walli sent a letter to clarify the current regulatory position with respect to credit unions that hold an investment in, or are users of, CUSOs.
Bank of England Prudential Regulation Authority
Financial Conduct Authority
Consultation Paper: Proposed amendments to PRA Rulebook and FCA Guidance on the de minimis threshold for the Loan to Income flow limit in mortgage lending
April 3, 2025
The Prudential Regulation Authority and Financial Conduct Authority published a joint consultation paper entitled, “Proposed amendments to PRA Rulebook and FCA Guidance on the de minimis threshold for the Loan to Income flow limit in mortgage lending.”
Financial Conduct Authority
Policy Statement on the derivatives trading obligation and post-trade risk reduction services
April 3, 2025
The Financial Conduct Authority published a policy statement on the derivatives trading obligation and post-trade risk reduction services.
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
