PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday January 9, 2025
January 09, 2025
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Federal Agencies
Federal Reserve Board
Minutes of the Federal Open Market Committee, December 17-18, 2024
January 8, 2025
The Federal Reserve released the minutes of the Federal Open Market Committee meeting that was held on December 17–18, 2024.
Speech: Challenges Facing Central Bankers
January 8, 2025
Federal Reserve Board Governor Christopher J. Waller gave a speech entitled “Challenges Facing Central Bankers,” at Lectures of the Governor, Organization for Economic Cooperation and Development, Paris, France.
Federal Reserve Bank of New York
Blog: Do Payout Restrictions Reduce Bank Risk?
January 8, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “Do Payout Restrictions Reduce Bank Risk?”
Commodity Futures Trading Commission
Keynote Address of Chairman Rostin Behnam
January 8, 2025
Commodity Futures Trading Commission Chair Rostin Behnam gave his last official remarks as CFTC chair at a fireside chat at the Brookings Institute.
Consumer Financial Protection Bureau
Report: Social Security Offsets and Defaulted Student Loans
January 8, 2025
The Consumer Financial Protection Bureau published an issue spotlight report entitled “Social Security Offsets and Defaulted Student Loans.”
CFPB Approves Application from Financial Data Exchange to Issue Standards for Open Banking
January 8, 2025
The Consumer Financial Protection Bureau (CFPB) issued an order recognizing Financial Data Exchange, Inc. as a standard setting body under the CFPB’s Personal Financial Data Rights rule. The CFPB also issued updated procedures for companies seeking special regulatory treatment, such as through “no-action letters.”
Federal Housing Finance Agency
Blog: The COVID-19 Pandemic Migration and Enterprise Acquisitions of Manufactured Home Loans
January 8, 2025
The Federal Housing Finance Agency published a blog post entitled “The COVID-19 Pandemic Migration and Enterprise Acquisitions of Manufactured Home Loans.”
Freddie Mac
Freddie Mac Multifamily’s 2025 Outlook Forecasts Increased Originations, Modest Growth in Year Ahead
January 8, 2025
Freddie Mac’s newly released Outlook forecasts multifamily originations to rise in 2025, while predicting modest rent growth below the long-term average and a slight increase in vacancy rates, which will remain above the long-term average.
Bank Policy Institute
One-Pager: Stress Testing 101
January 8, 2025
The Bank Policy Institute published a one-pager post entitled “Stress Testing 101.”
International
European Banking Authority
The EBA consults on draft technical standards on the prudential treatment of crypto assets exposures under the Capital Requirements Regulation
January 8, 2025
The European Banking Authority published a Consultation Paper on its draft Regulatory Technical Standards (RTS) to specify the technical elements necessary for institutions to calculate and aggregate crypto-asset exposures in relation to the prudential treatment of such exposures.
Financial Conduct Authority
Consultation Paper: Advice Guidance Boundary Review – proposed targeted support reforms for pensions
January 8, 2025
The Financial Conduct Authority published a consultation paper entitled “Advice Guidance Boundary Review – proposed targeted support reforms for pensions.”
Cryptoasset AML / CTF regime: feedback on good and poor quality applications
January 8, 2025
The Financial Conduct Authority updated its guidance with feedback on good and poor quality applications made to it under money laundering regulations.
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