PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday January 13, 2025
January 13, 2025
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Major Developments
Consumer Financial Protection Bureau
CFPB Seeks Input on Digital Payment Privacy and Consumer Protections
January 10, 2025
The Consumer Financial Protection Bureau announced that it is seeking public input on strengthening privacy protections and preventing harmful surveillance in digital payments, particularly those offered through large technology platforms.
Federal Deposit Insurance Corporation
Remarks: Charting a New Course: Preliminary Thoughts on FDIC Policy Issues
January 10, 2025
Federal Deposit Insurance Corporation Vice Chair Travis Hill gave remarks entitled “Charting a New Course: Preliminary Thoughts on FDIC Policy Issues,” at the American Bar Association.
Federal Agencies
U.S. Department of the Treasury
Treasury Intensifies Sanctions Against Russia by Targeting Russia’s Oil Production and Exports
January 10, 2025
The U.S. Department of the Treasury took sweeping action to fulfill the G7 commitment to reduce Russian revenues from energy, including blocking two major Russian oil producers.
Office of the Comptroller of the Currency
Civil Money Penalties: Notice Adjusting Maximum Civil Money Penalties for 2025
January 10, 2025
The Office of the Comptroller of the Currency published a notice to adjust the maximum amount of each civil money penalty (CMP) within its jurisdiction pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. The adjusted maximum penalties are effective as of January 10, 2025, for violations occurring on or after November 2, 2015.
Commodity Futures Trading Commission
CFTC Staff Issues Advisory Regarding the Compliance Date for Certain DCO Reporting Requirements
January 10, 2025
The Commodity Futures Trading Commission’s Division of Clearing and Risk issued a staff advisory regarding the compliance date for certain daily reporting requirements for registered derivatives clearing organizations. The compliance date for the amended requirements is February 10, 2025.
U.S. Small Business Administration
SBA Offers Financial Relief to Los Angeles County Businesses and Residents Impacted by Devastating Wildfires
January 10, 2025
The U.S. Small Business Administration announced that low-interest federal disaster loans are now available to Southern California businesses, homeowners, renters and private nonprofit (PNP) organizations.
U.S. Department of Labor
Jobs Report – December 2024
January 10, 2025
The Bureau of Labor Statistics released The Employment Situation Report for December 2024.
International
Bank of England
Cost Benefit Analysis Panel Annual Report 2024
January 10, 2025
The Bank of England and Prudential Regulation Authority released the Cost Benefit Analysis Panel Annual Report for 2024.
Working Paper: Do inflation expectations respond to monetary policy? An empirical analysis for the United Kingdom
January 10, 2025
The Bank of England published a staff working paper entitled “Do inflation expectations respond to monetary policy? An empirical analysis for the United Kingdom.”
Working Paper: QT versus QE: who is in when the central bank is out?
January 10, 2025
The Bank of England published a staff working paper entitled “QT versus QE: who is in when the central bank is out?”
Working Paper: How curvy is the Phillips curve?
January 10, 2025
The Bank of England published a staff working paper entitled “How curvy is the Phillips curve?”
Bank of England Prudential Regulation Authority
Financial Conduct Authority
Consultation Paper: Financial Services Compensation Scheme – Management Expenses Levy Limit 2025/26
January 10, 2025
The Prudential Regulation Authority and Financial Conduct authority published a consultation paper entitled “Financial Services Compensation Scheme – Management Expenses Levy Limit 2025/26.”
Administration Changes
Vacancies
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Scott Bessent (nominated November 2024); Janet Yellen (effective January 26, 2021)
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 – Martin Gruenberg (resigning effective January 19, 2025)
- Vice Chairman Travis Hill (sworn in January 5, 2023)
- Director Jonathan McKernan (sworn in January 5, 2023)
- Director Michael Hsu (Acting Comptroller of the Currency)
- Director Rohit Chopra (Director of Consumer Financial Protection Bureau)
Office of the Comptroller of the Currency – Michael Hsu (acting Comptroller, effective May 10, 2021)
Securities and Exchange Commission – Paul Atkins (nominated December 2024); Gary Gensler (resigning January 20, 2025)
Commodity Futures Trading Commission – Rostin Behnam (resigning effective January 20, 2025)
Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)
National Credit Union Administration – Todd M. Harper (effective January 20, 2021)
Small Business Administration – Kelly Loeffler (nominated December 2024); Isabella Casillas Guzman (effective March 16, 2021)
U.S. Department of Housing and Urban Development – Scott Turner (nominated November 2024); Marcia Fudge (resigned March 11, 2024, effective March 22, 2024)
Federal Housing Finance Agency – Sandra L. Thompson (effective June 22, 2022)
U.S. Department of Education – Linda McMahon (nominated November 2024); Dr. Miguel Cardona (effective March 2, 2021)
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