PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday February 10, 2025
February 10, 2025
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Major Developments
Office of the Comptroller of the Currency
Rodney E. Hood Announced as Acting Comptroller of the Currency
February 7, 2025
The U.S. Department of the Treasury announced the appointment of Rodney E. Hood as acting comptroller of the currency, effective February 10, 2025. The acting comptroller also will be a director on the board of the Federal Deposit Insurance Corporation.
Federal Deposit Insurance Corporation
Acting Chairman Travis Hill Expresses Support for Enhancing Flexibility with Respect to Customer Identification Program Requirements by Allowing Use of Last Four Digits of Social Security Numbers
February 7, 2025
Acting Chairman Travis Hill sent a letter to the Financial Crimes Enforcement Network (FinCEN) expressing support for allowing more flexibility with respect to certain Customer Identification Program (CIP) requirements for bank-fintech partnerships.
Congress
U.S. House of Representatives
Committee on Financial Services
Reps Release Discussion Draft for Stablecoins
February 6, 2025
U.S. House Financial Services Committee Chairman French Hill (AR-02) and Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Chairman Bryan Steil (WI-01) released a discussion draft of a bill to establish a framework for the issuance and operation of dollar-denominated payment stablecoins in the United States.
Federal Agencies
Federal Reserve Board
Monetary Policy Report – February 2025
February 7, 2025
The Federal Reserve Board published the Monetary Policy Report for February 2025.
Working Paper: Shedding Light on Survey Accuracy—A Comparison between SHED and Census Bureau Survey Results
February 7, 2025
The Federal Reserve Board published a working paper entitled, “Shedding Light on Survey Accuracy—A Comparison between SHED and Census Bureau Survey Results.”
Speech: Entrepreneurship and Aggregate Productivity
February 7, 2025
Federal Reserve Board Governor Adriana D. Kugler gave a speech entitled, “Entrepreneurship and Aggregate Productivity,” at the 2025 Miami Economic Forum.
Fannie Mae
Overall Housing Sentiment Ticks Higher Despite Consumers’ Growing Affordability Concerns
February 7, 2025
The Fannie Mae Home Purchase Sentiment Index® (HPSI) increased 0.3 points in January to 73.4, bouncing back slightly after falling last month for the first time since July.
Bank Policy Institute
Blog: Deep Dive: DFAST 2025 Stress Test Scenarios
February 7, 2025
The Bank Policy Institute published a blog post entitled, “Deep Dive: DFAST 2025 Stress Test Scenarios.”
International
Bank of England
Market Participants Survey results - February 2025
February 7, 2025
The Bank of England released the results of the February 2025 Market Participant Survey.
Financial Conduct Authority
FCA steps up action against misleading financial adverts
February 7, 2025
The Financial Conduct Authority released the announced that nearly 20,000 financial promotions were withdrawn or amended in 2024.
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 Michael Barr (resignation as Vice Chair for Supervision, effective February 28, 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 Jonathan McKernan (resigned February 10, 2025)
- Director Rodney Hood (Acting Comptroller of the Currency)
- Director Russel Vought(Acting Director of Consumer Financial Protection Bureau)
Office of the Comptroller of the Currency – Rodney E. Hood (Acting Comptroller effective February 10, 2025)
Securities and Exchange Commission – Mark T. Uyeda (Acting Chairman effective January 20, 2025); Paul Atkins (nominated December 2024)
Commodity Futures Trading Commission – Caroline D. Pham (Acting Chairman effective January 20, 2025)
Consumer Financial Protection Bureau – Russel Vought (Acting Director effective February 10, 2025)
National Credit Union Administration – Kyle Hauptman (Acting Chairman effective January 20, 2025)
Small Business Administration – Kelly Loeffler (nominated December 2024)
U.S. Department of Housing and Urban Development – Scott Turner (nominated November 2024)
Federal Housing Finance Agency – Bill Pulte (nominated January 2025)
U.S. Department of Education – Linda McMahon (nominated November 2024)
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