PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday April 2, 2025
April 02, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
Subscribe to PH FedACTion: Financial Regulatory Updates
Subscribe to the new PHFintech: Crypto Policy Tracker
Major Developments
Conference of State Bank Supervisors
CSBS Expresses Concerns With Stablecoin Bills
April 1, 2025
The Conference of State Bank Supervisors sent a letter to House Financial Services Committee leadership that raised concerns about stablecoin legislation.
Congress
U.S. House of Representatives
Committee on Financial Services
Financial Services Outlines Actions to be Rescinded, Modified or Reproposed
April 1, 2025
Chairman French Hill (AR-02) and members of the House Committee on Financial Services members sent letters to the Consumer Financial Protection Bureau, Federal Reserve Board, Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation requesting the rescission, modification or re-proposal of specific actions adopted during the Biden Administration.
Hearing: Following the Money: Tools and Techniques to Combat Fraud
April 1, 2025
The U.S. House Committee on Financial Services Subcommittee on National Security, Illicit Finance and International Financial Institutions held a hearing entitled “Following the Money: Tools and Techniques to Combat Fraud.”
- Hearing
- Committee Memorandum
- Subcommittee Chair Davidson Statement
- Committee Ranking Member Waters Statement
Committee on Small Business
Hearing: The Golden Age: Unleashing Main Street Through Deregulation
April 1, 2025
The U.S. House Committee on Small Business held a hearing entitled “The Golden Age: Unleashing Main Street Through Deregulation.”
Federal Agencies
Federal Reserve Bank of New York
Report: Subjective Uncertainty and the Marginal Propensity to Consume
April 1, 2025
The Federal Reserve Bank of New York published a staff report entitled “Subjective Uncertainty and the Marginal Propensity to Consume.”
Report: Tradeoffs for the Poor, Divine Coincidence for the Rich
April 1, 2025
The Federal Reserve Bank of New York published a staff report entitled “Tradeoffs for the Poor, Divine Coincidence for the Rich.”
Report: U.S. Treasury Market Functioning from the GFC to the Pandemic
April 1, 2025
The Federal Reserve Bank of New York published a staff report entitled “U.S. Treasury Market Functioning from the GFC to the Pandemic.”
Office of the Comptroller of the Currency
OCC Releases CRA Performance Evaluations for 18 National Banks and Federal Savings Associations
April 1, 2025
The Office of the Comptroller of the Currency released a list of Community Reinvestment Act performance evaluations that became public during the period of March 1, 2025 through March 31, 2025.
OCC Promotes National Financial Literacy Month
April 1, 2025
The Office of the Comptroller of the Currency recognizes April as National Financial Literacy Month and encourages national banks and federal savings associations (collectively, banks) to support efforts to improve the financial literacy and financial health of their customers.
U.S. Department of Labor
Department of Labor Begins Clawing Back Billions in Unspent COVID Funds
March 31, 2025
The U.S. Department of Labor announced $1.4 billion in unused COVID-era funding has been returned to taxpayers through the U.S. Department of Treasury’s General Fund, with action being taken to recover the remaining $2.9 billion.
International
European Banking Authority
EBA's platform contributes to successful execution of the NBSG crisis simulation exercise
April 1, 2025
The European Banking Authority contributed to the successful execution of the Nordic-Baltic Stability Group's (NBSG) crisis simulation exercise.
François-Louis Michaud’s term as EBA Executive Director renewed by the Board of Supervisors
April 1, 2025
On March 25, 2025, the Board of Supervisors of the European Banking Authority renewed the mandate of François-Louis Michaud as EBA’s Executive Director for a second five-year term, until end-August 2030.
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 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 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
