PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, April 16, 2025
April 16, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
Federal Reserve Board
Federal Deposit Insurance Corporation
National Credit Union Administration
Office of the Comptroller of the Currency
Agencies Take Action on Appraisal Requirements in an Area Affected by California Wildfires and Straight-Line Winds
April 15, 2025
The Federal Reserve Board, Federal Deposit Insurance Corporation, National Credit Union Administration and Office of the Comptroller of the Currency temporarily paused certain appraisal requirements for real estate-related transactions in an area affected by California wildfires and straight-line winds.
Federal Reserve Board
Minutes of the Board's Discount Rate Meetings on February 18, March 10 and March 19, 2025
April 15, 2025
The Federal Reserve Board released the minutes of the discount meetings on February 18, March 10 and March 19, 2025.
Federal Reserve Bank of New York
Empire State Manufacturing Survey – April 2025
April 15, 2025
The Federal Reserve Bank of New York released the Empire State Manufacturing Survey results for April 2025.
Federal Deposit Insurance Corporation
Supervisory Correspondence: Electronic Communication Adopted as the Preferred Method
April 15, 2025
The Federal Deposit Insurance Corporation (FDIC) is making permanent the establishment of electronic communications as the preferred method for supervisory correspondence.
Office of the Comptroller of the Currency
OCC Releases Letter on Information Security Incident to Supervised Institutions
April 15, 2025
The Office of the Comptroller of the Currency (OCC) publicly released a letter sent to its supervised institutions regarding unauthorized access to OCC email systems.
Commodity Futures Trading Commission
CFTC Staff Issues No-Action Letter Regarding the Merger of UBS Group and Credit Suisse Group
April 15, 2025
The CFTC’s Market Participants Division and Division of Clearing and Risk issued a no-action letter regarding the CFTC’s swap clearing and uncleared swap margin requirements.
CFTC Staff Issues Interpretation Regarding U.S. Treasury Exchange-Traded Funds as Eligible Margin Collateral for Uncleared Swaps
April 14, 2025
The CFTC’s Market Participants Division issued an interpretation to clarify the types of assets that qualify as eligible margin collateral for certain uncleared swap transactions under CFTC regulations.
FINRA
FINRA Requests Comment on Modernizing FINRA Rules, Guidance and Processes for the Organization and Operation of Member Workplaces
April 14, 2025
FINRA is requesting comment on how FINRA can further evolve its rules, guidance and processes to reflect modern business practices and markets; support innovation and new technologies; promote efficiency; and eliminate unnecessary regulatory burdens — all in the interest of supporting vibrant capital markets in which everyone can participate with confidence.
Fannie Mae
Panel Expects Home Price Growth to Moderate
April 15, 2025
Following national home price growth of 5.8% in 2024, a panel of more than 100 housing experts forecasts home price growth to average 3.4% in 2025 and 3.3% in 2026, according to the Q1 2025 Fannie Mae Home Price Expectations Survey (HPES), produced in partnership with Pulsenomics, LLC.
Bank Policy Institute
Blog: The Most Damaging “Guidance” in Banking
April 15, 2025
The Bank Policy Institute published a blog post entitled, “The Most Damaging 'Guidance' in Banking.”
International
European Banking Authority
A material gender pay gap persists across EU banks and investment firms, the EBA observes in its Benchmarking Report
April 15, 2025
The European Banking Authority (EBA) published its Report on Remuneration and Gender Pay Gap Benchmarking for institutions and investment firms.
Financial Conduct Authority
FCA establishes presence in the United States and Asia-Pacific
April 15, 2025
Under its new strategy, the Financial Conduct Authority (FCA) is establishing a presence in the United States (US) and Asia-Pacific (APAC) for the first time.
Article: Operational resilience: beyond regulatory raincoats
April 15, 2025
The Financial Conduct Authority published an article entitled, “Operational resilience: beyond regulatory raincoats.”
Administration Changes
Vacancies
Appointments
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 Michael Barr (sworn in July 19, 2022)
- 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 (effective April 9, 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 5, 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 theConsolidated 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
