PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday January 22, 2025
January 22, 2025
Subscribe to PH FedACTion: Financial Regulatory Updates
Subscribe to the new PHFintech: Crypto Policy Tracker
Major Developments
Federal Deposit Insurance Corporation
Statement from Acting Chairman Travis Hill
January 21, 2025
Federal Deposit Insurance Corporation Acting Chair Travis Hill issued a statement on the FDIC’s priorities in the coming weeks and months.
Federal Agencies
Federal Reserve Bank of New York
SCE Household Spending Survey – December 2024
January 21, 2025
The Federal Reserve Bank of New York released the results of the December 2024 SCE Household Spending Survey.
Federal Deposit Insurance Corporation
FDIC Withdraws from the Network of Central Banks and Supervisors for Greening the Financial System
January 21, 2025
The Federal Deposit Insurance Corporation has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System.
Securities and Exchange Commission
Mark T. Uyeda Named Acting Chairman of the SEC
January 21, 2025
The Securities and Exchange Commission announced that President Donald J. Trump has designated Mark T. Uyeda as Acting Chairman of the agency.
SEC Crypto 2.0: Acting Chairman Uyeda Announces Formation of New Crypto Task Force
January 21, 2025
Securities and Exchange Commission Acting Chairman Mark T. Uyeda launched a crypto task force dedicated to developing a comprehensive and clear regulatory framework for crypto assets.
Commodity Futures Trading Commission
CFTC Names Caroline D. Pham Acting Chairman
January 20, 2025
The Commodity Futures Trading Commission today announced the members of the Commission have unanimously elected Commissioner Caroline D. Pham as Acting Chairman, effective January 20, 2025.
Bank Policy Institute
BPI Statement on Trump Administration’s Freeze on Pending Rulemakings
January 21, 2025
Bank Policy Institute President and CEO Greg Baer issued a statement in response to President Donald J. Trump’s executive order to pause all pending regulations.
Conference of State Bank Supervisors
Blog: Why Are Community Bankers More Optimistic?
January 21, 2025
The Conference of State Bank Supervisors published a blog post entitled “Why Are Community Bankers More Optimistic?”
International
European Banking Authority
EBA publishes an Opinion on the interaction between the output floor and Pillar 2 requirements
January 21, 2025
The European Banking Authority published an Opinion on the interaction between the output floor and Pillar 2 Requirements (P2R) in the context of the mandate set forth in the Capital Requirements Directive.
The EBA launches its 2025 EU-wide stress test
January 20, 2025
The European Banking Authority launched its 2025 EU-wide stress test and released the macroeconomic scenarios.
Bank of England Prudential Regulation Authority
PRA letter to the Prime Minister
January 20, 2025
The Prudential Regulation Authority responded to the Prime Minister's letter concerning regulation and sustainable economic growth.
Administration Changes
Vacancies
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Scott Bessent (nominated November 2024)
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 Travis Hill (sworn in January 5, 2023)
- Director Jonathan McKernan (sworn in January 5, 2023)
- Director Michael Hsu (Acting Comptroller of the Currency)
- Director Rohit Chopra (Director of Consumer Financial Protection Bureau)
Office of the Comptroller of the Currency – Michael Hsu (acting Comptroller, effective May 10, 2021)
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 – Rohit Chopra (effective October 12, 2021)
National Credit Union Administration – Kyle Hauptman (Acting Chairman effective January 20, 2025)
Small Business Administration – Kelly Loeffler (nominated December 2024); Isabella Casillas Guzman (effective March 16, 2021)
U.S. Department of Housing and Urban Development – Scott Turner (nominated November 2024); Marcia Fudge (resigned March 11, 2024, effective March 22, 2024)
Federal Housing Finance Agency – Sandra L. Thompson (effective June 22, 2022)
U.S. Department of Education – Linda McMahon (nominated November 2024); Dr. Miguel Cardona (effective March 2, 2021)
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