PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday March 18, 2025
March 18, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Development
Federal Reseve Board
Bowman Nominated as Vice Chair for Supervision
March 17, 2025
Michelle W. Bowman, currently a governor on the Board of Governors of the Federal Reserve System, was nominated to serve as the vice chair of supervision.
Federal Agencies
Federal Reserve Bank of New York
February 2025 SCE Credit Access Survey: Consumers Expect More Difficulties, Rejections in Obtaining Credit
March 17, 2025
The Federal Reserve Bank of New York released the results of the SCE Credit Access Survey for February 2025.
Empire State Manufacturing Survey – February 2025
March 17, 2025
The Federal Reserve Bank of New York released the February 2025 Empire State Manufacturing Survey.
Securities and Exchange Commission
Remarks to the Investment Company Institute’s 2025 Investment Management Conference
March 17, 2025
Securities and Exchange Commission Acting Chair Mark T. Uyeda gave remarks to the Investment Company Institute’s 2025 Investment Management Conference.
SEC Extends Compliance Dates for Amendments to Investment Company Names Rule
March 14, 2025
The Securities and Exchange Commission announced a six-month extension of the compliance dates for amendments adopted in September 2023 to the Investment Company Act “Names Rule,” which addresses fund names likely to mislead investors about a fund’s investments and risks.
FINRA
FINRA Requests Comment on a Proposal to Reduce Unnecessary Burdens and Simplify Requirements Regarding Associated Persons’ Outside Activities
March 14, 2025
FINRA seeks comment on a proposed new rule to streamline and reduce unnecessary burdens regarding existing requirements addressing the outside activities of member firms’ associated persons, including registered persons.
State Agencies
New York State Department of Financial Services
DFS Launches DFS Connect
March 17, 2025
The New York State Department of Financial Services (DFS) launched the DFS Connect platform, marking a significant milestone in the Department’s ongoing operations and technology transformation.
International
European Banking Authority
The EBA Updates Technical Standards on the Joint Decision Process for Internal Model Authorization
March 17, 2025
The European Banking Authority published its final draft Implementing Technical Standards amending the existing Implementing Regulation on the joint decision process for internal model authorization under the Capital Requirements Regulation.
Bank of England
Bank of England Statement on the European Securities and Markets Authority’s Decision Regarding EU Recognition of UK Central Counterparties
March 17, 2025
The Bank of England welcomes the decision of the European Securities and Markets Authority to extend the existing EU recognition of UK central counterparties.
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 Michelle Bowman (nominated March 17, 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 (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 19, 2025)
U.S. Department of Housing and Urban Development – Scott Turner (effective February 3, 2025)
Federal Housing Finance Agency – William Pulte (effective March 13, 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
