PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday February 11, 2025
February 11, 2025
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Congress
U.S. Senate
Committee on Banking, Housing and Urban Affairs
Senators Send Letter to Treasury and IGs Regarding "DOGE" Access
February 10, 2025
U.S. Senator Elizabeth Warren (D-Mass.), ranking member of the Senate Banking, Housing and Urban Affairs Committee, Senator Ron Wyden (D-Ore.), ranking member of the Senate Committee on Finance, and other members of those committees wrote to Deputy Treasury Inspector General Loren Sciurba and Acting Treasury Inspector General for Tax Administration (TIGTA) Heather Hill calling for an independent investigation into reports that Secretary of the Treasury Scott Bessent granted Elon Musk and his surrogates access to the federal government’s payment systems.
U.S. House of Representatives
Committee on Financial Services
Bipartisan Stablecoins Legislation Unveiled
February 10, 2025
U.S. House Committee on Financial Services Ranking Member Maxine Waters (D-Calif.) unveiled proposed payment stablecoin legislation.
Reps Send Letter to CFPB Regarding Agency Shutdown
February 8, 2025
U.S. House Committee on Financial Services Ranking Member Maxine Waters (D-Calif.), along with several members of the House, sent a letter to Acting Consumer Financial Protection Bureau (CFPB) Director Scott Bessent, urging him to immediately reverse his decision to freeze many of the agency’s critical enforcement activities and delay key rules from taking effect.
Federal Agencies
Federal Reserve Board
OIG Report: The Board and the Reserve Banks Generally Met the Revised Timing Goals for Certain Fair Lending Matters
February 10, 2025
The Office of Inspector General of the Federal Reserve Board published a report entitled “The Board and the Reserve Banks Generally Met the Revised Timing Goals for Certain Fair Lending Matters.”
Federal Reserve Bank of New York
Inflation Expectations Stable; Household Spending Growth Expectations Decline
February 10, 2025
The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the January 2025 Survey of Consumer Expectations, which shows that inflation expectations were unchanged at the short- and medium-term horizons and increased at the longer-term horizon.
Securities and Exchange Commission
Exemption From Exchange Act Rule 13f-2 and Related Form SHO
February 7, 2025
The Securities and Exchange Commission today provided a temporary exemption from compliance with Rule 13f-2 under the Securities Exchange Act and from reporting on Form SHO.
Commodity Futures Trading Commission
"Dating or Defrauding?" a Joint Effort to Alert Online Daters, Social Media Users of Relationship Investment Scams
February 10, 2025
In coordination with multiple federal, state and nonprofit organizations, the Commodity Futures Trading Commission’s Office of Customer Education and Outreach has launched a national awareness effort to alert the public to relationship investment scams targeting Americans through wrong-numbered texts, dating apps and social media.
International
Bank of England
Speech: Financial Market Infrastructure (FMI) regulation in a changing world: our priorities for 2025
February 10, 2025
Bank of England Executive Director Sasha Mills gave a speech entitled “Financial Market Infrastructure (FMI) regulation in a changing world: our priorities for 2025.”
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 Vacant
- Director Rodney Hood (Acting Comptroller of the Currency)
- Director Russel Vought (Acting Director of Consumer Financial Protection Bureau)
Office of the Comptroller of the Currency – Rodney E. Hood (Acting Comptroller effective February 10, 2025)
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 – Russel Vought (Acting Director effective February 10, 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