PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday March 28, 2025
March 28, 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
Senate Passes Repeal of CFPB Overdraft Rule
March 27, 2025
The U.S. Senate passed a Congressional Review Act resolution to overturn the Consumer Financial Protection Bureau’s final rule imposing price controls on overdraft services offered by banks and credit unions.
Nomination Hearing
March 27, 2025
The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing on the nominations: Mr. Paul Atkins, to be a member, 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.
- Hearing
- Committee Chair Scott Statement
- SEC Designate Atkins Testimony
- Comptroller of the Currency Designate Gould Testimony
- Assistant Treasury Secretary Designate Pettit Testimony
- FTA Designate Molinaro Testimony
Federal Agencies
Federal Reserve Board
Senior Credit Officer Opinion Survey on Dealer Financing Terms – March 2025
March 27, 2025
The Federal Reserve Board released the March 2025 Senior Credit Officer Opinion Survey on Dealer Financing Terms.
Federal Reserve Bank of New York
Blog: Interoperability of Blockchain Systems and the Future of Payments
March 27, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “Interoperability of Blockchain Systems and the Future of Payments.”
Blog: An Interoperability Framework for Payment Systems
March 27, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “An Interoperability Framework for Payment Systems.”
Federal Reserve Bank of Boston
Paper: Parsing Out the Sources of Inflation
March 27, 2025
The Federal Reserve Bank of Boston published a Current Policy Perspectives paper entitled “Parsing Out the Sources of Inflation.”
Office of the Comptroller of the Currency
Acting Comptroller Encourages Innovation to Foster Financial Inclusion
March 27, 2025
Acting Comptroller of the Currency Rodney E. Hood discussed financial inclusion in remarks at the National Community Reinvestment Coalition’s Just Economy Conference 2025.
Securities and Exchange Commission
SEC Votes to End its Litigation Defense of Climate Disclosure Rules
March 27, 2025
The Securities and Exchange Commission today voted to end its litigation defense of the rules requiring disclosure of climate-related risks and greenhouse gas emissions.
SEC Hosts Roundtable on Artificial Intelligence in the Financial Industry
March 27, 2025
The Securities and Exchange Commission hosted a roundtable discussion on artificial intelligence in the financial industry.
Miles To Go: Remarks before The Digital Chamber's 8th Annual DC Blockchain Summit
March 26, 2025
Securities and Exchange Commission Commissioner Hester M. Peirce gave remarks before The Digital Chamber’s 8th Annual DC Blockchain Summit.
International
Bank of England
Capital Issuance - February 2025
March 27, 2025
The Bank of England released the capital issuance statistics for February 2025.
Bank of England Prudential Regulation Authority
Financial Conduct Authority
Consultation Paper: Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251
March 27, 2025
The Bank of England Prudential Regulation Authority and Financial Conduct Authority published a joint consultation paper entitled, “Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251.”
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
