PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday March 21, 2025
March 21, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Office of the Comptroller of the Currency
OCC Ceases Examinations for “Reputation Risk”
March 20, 2025
The Office of the Comptroller of the Currency announced that it will no longer examine national banks and federal savings associations for “reputation risk” and is purging references to “reputation risk” from all Comptroller’s Handbook booklets and guidance issuances.
Federal Agencies
Federal Deposit Insurance Corporation
OIG Report: Top Management and Performance Challenges Facing the Federal Deposit Insurance Corporation
March 20, 2025
The Office of Inspector General of the Federal Deposit Insurance Corporation published a report entitled, “Top Management and Performance Challenges Facing the Federal Deposit Insurance Corporation.”
Securities and Exchange Commission
Statement on Certain Proof-of-Work Mining Activities
March 20, 2025
The Securities and Exchange Commission’s Division of Corporation Finance issued a statement providing its views on certain activities on proof-of-work networks known as “mining” as part of an effort to provide greater clarity on the application of federal securities laws to crypto assets.
SEC Announces Agenda, Panelists for Roundtable on Artificial Intelligence
March 20, 2025
The Securities and Exchange Commission announced the agenda and panelists for its March 27 roundtable on artificial intelligence in the financial industry.
Commodity Futures Trading Commission
Opening Remarks of CFTC Leadership Speaker Series
March 20, 2025
Commodity Futures Trading Commission Acting Chair Caroline D. Pham gave opening remarks at the CFTC Leadership Speaker Series featuring Wharton Cypher Accelerator CEO Sarah Hammer.
Financial Stability Oversight Council
Financial Stability Oversight Council Meeting on March 20, 2025
March 20, 2025
The Financial Stability Oversight Council convened on March 20, 2025.
FINRA
FINRA Requests Comment on Modernizing FINRA Rules, Guidance and Processes to Facilitate Capital Formation
March 20, 2025
FINRA issued a regulatory notice requesting comment on whether additional changes to FINRA rules, guidance, operations or administrative processes would further facilitate capital formation and reduce unnecessary regulatory costs and burdens impacting the capital-raising process.
International
European Banking Authority
EU/EEA banking sector remains stable amidst evolving geopolitical challenges
March 20, 2025
The European Banking Authority published its Q4 2024 Risk Dashboard (RDB), which discloses aggregated statistical information for the largest EU/EEA institutions.
Bank of England
Bank Rate maintained at 4.5% - March 2025
March 20, 2025
The Monetary Policy Committee voted by a majority of 8–1 to maintain Bank Rate at 4.5%. One member preferred to reduce Bank Rate by 0.25 percentage points, to 4.25%.
Latest results from the Decision Maker Panel survey - 2025 Q1
March 20, 2025
The Bank of England released the latest results from the Q1 2025 Decision Maker Panel survey.
Agents' summary of business conditions - 2025 Q1
March 20, 2025
The Bank of England released the Agent’s summary of business conditions for Q1 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 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
Contributors
