PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday February 6, 2025
February 06, 2025
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Major Developments
Federal Reserve Board
Federal Reserve Board Releases the Hypothetical Scenarios for Its Annual Stress Test
February 5, 2025
The Federal Reserve Board released the hypothetical scenarios for its annual stress test, which helps ensure that large banks can lend to households and businesses even in a severe recession.
Federal Deposit Insurance Corporation
FDIC Releases Documents Related to Supervision of Crypto-Related Activities
February 5, 2025
The Federal Deposit Insurance Corporation (FDIC) released 175 documents related to its supervision of banks that engaged in, or sought to engage in, crypto-related activities.
Congress
U.S. Senate
Committee on Banking, Housing and Urban Affairs
Hearing: Investigating the Real Impacts of Debanking in America
February 5, 2025
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled “Investigating the Real Impacts of Debanking in America.”
Warren Calls on President Trump to Prevent Debanking of Americans
February 5, 2025
Ahead of the U.S. Senate Banking, Housing, and Urban Affairs Committee hearing on debanking, Ranking Member Elizabeth Warren (D-Mass.) released a letter calling on President Donald Trump to prevent the debanking of Americans across the country.
U.S. House of Representatives
Committee on Financial Services
Hearing: Make Community Banking Great Again
February 5, 2025
The U.S. House Committee on Financial Services held a hearing entitled “Make Community Banking Great Again.”
- Hearing
- Committee Memorandum
- Chair Hill Statement
- Ranking Member Waters Statement
- Arkansas State Bank Department Commissioner Rainey Testimony
- Press Release
Federal Agencies
U.S. Department of the Treasury
Quarterly Refunding Statement of Acting Assistant Secretary for Financial Markets Brian Smith
February 5, 2025
The U.S. Department of the Treasury is offering $125 billion of Treasury securities to refund approximately $106.2 billion of privately-held Treasury notes and bonds maturing on February 15, 2025.
United States Department of the Treasury Announces New Appointments
February 5, 2025
Secretary of the Treasury Scott Bessent announced President Trump’s intent to nominate Luke Pettit and Jason De Sena Trennert for positions at the United States Department of the Treasury.
Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee
February 4, 2025
The Treasury Borrowing Advisory Committee sent its quarterly report to Secretary of the Treasury Scott Bessent following its meeting held February 4, 2025.
Treasury Department Letter to Members of Congress Regarding Access to U.S. Payment Systems
February 4, 2025
Secretary of the Treasury Scott Bessent sent a letter to members of Congress regarding access to payment systems.
Federal Reserve Board
Speech: Bank Regulation in 2025 and Beyond
February 5, 2025
Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled “Bank Regulation in 2025 and Beyond,” at the Kansas Bankers Association Government Relations Conference.
OIG: Semiannual Report to Congress
February 5, 2025
The Office of Inspector General of the Federal Reserve Board issued its semiannual report to Congress for the period of April 1, 2024 – September 30, 2024.
Speech: U.S. Economic Outlook and Monetary Policy
February 5, 2025
Federal Reserve Board Vice Chair Philip N. Jefferson gave a speech entitled "U.S. Economic Outlook and Monetary Policy,” at the Economics Department Special Lecture, Lafayette College, Easton, PA.
Securities and Exchange Commission
Remarks: Doing Research with an Impact
February 5, 2025
Securities and Exchange Commission Chief Economist Jessica Wachter gave a speech entitled “Doing Research with an Impact,” at the 2025 American Finance Association panel.
International
European Banking Authority
The EBA Issues an Opinion in Response to the European Commission’s Proposed Amendments to the EBA Draft Technical Standards on Conflicts of Interests for Issuers of Asset-Referenced Tokens
February 5, 2025
The European Banking Authority published an Opinion on the amendments proposed by the European Commission (EC) to the EBA draft Regulatory Technical Standards (RTS) on conflicts of interests for issuers of asset-referenced tokens.
Bank of England
Results of the Semi-Annual FX Turnover Surveys in October 2024
February 5, 2025
The Bank of England released the results of the semi-annual turnover survey for the Foreign Exchange Joint Standing Committee.
Financial Conduct Authority
Policy Statement: Reforming the Commodity Derivatives Regulatory Framework
February 5, 2025
The Financial Conduct Authority published a policy statement entitled “Reforming the commodity derivatives regulatory framework.”
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 (sworn in January 5, 2023)
- Director Michael Hsu (Acting Comptroller of the Currency)
- Scott Bessent (Acting 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 – 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 – Scott Bessent (Acting Director effective February 3, 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