PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday March 13, 2025
March 13, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Congress
U.S. Senate
Committee on Banking, Housing and Urban Affairs
Hearing: Housing Roadblocks: Paving a New Way to Address Affordability
March 12, 2025
The U.S. Committee on Banking, Housing and Urban Affairs held a hearing entitled “Housing Roadblocks: Paving a New Way to Address Affordability.”
Federal Agencies
FINRA
FINRA Launches Broad Review to Modernize Rules Regarding Member Firms and Associated Persons
March 12, 2025
FINRA announced it is launching a broad review of its regulatory requirements applicable to member firms and associated persons.
National Credit Union Administration
NCUA Board Member Todd M. Harper Statement on the Decision to Curtail the Collection of Overdraft and Non-Sufficient Fund Fees
March 12, 2025
National Credit Union Administration Board Member Todd M. Harper issued a statement about the agency’s decision to curtail the collection of total overdraft and non-sufficient fund (NSF) fees for federally insured credit unions with more than $1 billion in assets beginning with Call Reports for the first quarter of 2025.
NCUA Board Member Tanya F. Otsuka Statement on the Decision to Remove Total Overdraft and Non-Sufficient Fund Fee Data
March 12, 2025
National Credit Union Board Member Tanya F. Otsuka issued a statement about the agency’s decision to remove total overdraft and non-sufficient fund (NSF) fee data for federally insured credit unions with more than $1 billion in assets from Call Reports beginning with the first quarter of 2025.
International
Financial Conduct Authority
Update on the FCA’s Enforcement Transparency Proposals
March 12, 2025
The Financial Conduct Authority has published a letter to the Treasury Select Committee, setting out significant improvement in the pace of its investigations as well as next steps on its approach to transparency of enforcement investigations.
Statement From Nikhil Rathi, Chief Executive of the FCA, in Response to the Government’s Announcement on the Future of the Payment Systems Regulator (PSR)
March 12, 2025
Financial Conduct Authority CEO Nikhil Rathi issued a statement in response to the Government’s announcement on the future of the Payment Systems Regulator.
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 Vacant
- 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 Vacant
- Director Rodney Hood (Acting Comptroller of the Currency)
- Director Russel Vought (Director of Consumer Financial Protection Bureau)
Office of the Comptroller of the Currency – Jonathan Gould (nominated February 11, 2025); Rodney E. Hood (Acting Comptroller effective February 10, 2025)
Securities and Exchange Commission – Paul Atkins (nominated December 2024); Mark T. Uyeda (Acting Chairman effective January 20, 2025)
Commodity Futures Trading Commission – Brian Quintenz (nominated February 11, 2025); Caroline D. Pham (Acting Chairman effective January 20, 2025)
Consumer Financial Protection Bureau – Jonathan McKernan (nominated February 11, 2025); Russel Vought (Acting Director effective February 10, 2025)
National Credit Union Administration – Kyle Hauptman (Chairman effective January 20, 2025)
Small Business Administration – Kelly Loeffler (effective February 20, 2025)
U.S. Department of Housing and Urban Development – Scott Turner (effective February 5, 2025)
Federal Housing Finance Agency – William Pulte (nominated January 2025)
U.S. Department of Education – Linda McMahon (effective March 3, 2025)
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
Contributors
