PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday January 23, 2025
January 23, 2025
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Congress
U.S. House of Representatives
Committee on Financial Services
119th Congress Organizational Meeting
January 22, 2025
The U.S. House Committee on Financial Services held the 119th Congress Organizational Meeting.
Committee on Small Business
119th Congress Organizational Meeting
The U.S. House Committee on Small Business held its 119th Congress Organizational Meeting.
Federal Agencies
Commodity Futures Trading Commission
Acting Chairman Pham: Time For CFTC to Get Back to Basics
January 21, 2025
Commodity Futures Trading Commission Acting Chairman Caroline D. Pham made a statement on the CFTC’s priorities.
Remarks of Commissioner Kristin Johnson at the Global Blockchain Business Council’s 8th Annual Blockchain Central Davos: Collaboration for the Intelligent Age
January 20, 2025
Commodity Futures Trading Commission Commissioner Kristin Johnson gave remarks at the Global Blockchain Business Council’s 8th Annual Blockchain Central Davos.
National Credit Union Administration
Kyle S. Hauptman Designated as NCUA Board Chairman
January 22, 2025
President Donald J. Trump has designated National Credit Union Administration Vice Chairman Kyle S. Hauptman as the thirteenth Chairman of the NCUA Board.
Fannie Mae
Higher Mortgage Rates Likely to Keep Existing Home Sales Near Multi-Decade Lows
January 22, 2025
The recent jump in the 10-year Treasury yield and the resulting rise in mortgage rates are expected to continue to weigh on existing home sales in the near future, likely keeping them at or near their lowest level since 1995, according to the January 2025 commentary from the Fannie Mae Economic and Strategic Research Group.
State Agencies
New York State Department of Financial Services
Department of Financial Services Proposed New Regulations to Target Exploitative Fee Practices While Preserving Access to Overdraft Services
January 22, 2025
The New York State Department of Financial Services has posted proposed regulations to enhance consumer protections against unfair overdraft fees.
International
Bank of England Prudential Regulation Authority
Letter: UK Deposit Takers Supervision: 2025 priorities
January 22, 2025
The Prudential Regulation Authority sent a letter to Chief Executive Officers of PRA regulated UK deposit takers on the PRA’s 2025 supervision priorities.
Letter: International banks Supervision: 2025 priorities
January 22, 2025
The Prudential Regulation Authority sent a letter to Chief Executive Officers of PRA regulated international banks active in the UK on the PRA’s 2025 supervision priorities.
Administration Changes
Vacancies
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Scott Bessent (nominated November 2024)
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 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 – 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 – Rohit Chopra (effective October 12, 2021)
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); 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