Daily Financial Regulation Update -- Tuesday February 25, 2025

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Federal Agencies

Federal Reserve Board

Working Paper: Discount Window Borrowing and the Role of Reserves and Interest Rates

February 24, 2025

The Federal Reserve Board published a working paper entitled, “Discount window borrowing and the role of reserves and interest rates.”

• Paper

 

Securities and Exchange Commission

Remarks at the Florida Bar’s 41st Annual Federal Securities Institute and M&A Conference

February 24, 2025

Securities and Exchange Commission Acting Chair Mark T. Uyeda gave remarks at the Florida Bar’s 41^st Annual Federal Securities Institute and M&A Conference.

• Remarks

 

International

European Banking Authority

The EBA Finds Progress in Availability and Accessibility of Data Used to Identify and Qualify Environmental, Social and Governance Risks But Data Landscape Remains Incomplete

February 24, 2025

The European Banking Authority (EBA) published a Report assessing the availability and accessibility of data related to environmental, social and governance (ESG) risks as well as the feasibility of introducing a standardized methodology for identifying and qualifying credit exposures to such risks.

• Report
• Press Release

 

Financial Conduct Authority

FCA Finds Vast Majority of Ongoing Suitability Reviews Delivered

February 24, 2025

The Financial Conduct Authority has found that financial advisers are delivering suitability reviews in the vast majority of cases included in its review of ongoing advice. 

• Review
• Press Release

 

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 – 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 (nominated November 2024)

Federal Housing Finance Agency – William 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