Daily Financial Regulation Update -- Wednesday March 19, 2025

March 19, 2025

Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe

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Federal Agencies

Federal Reserve Bank of New York

Business Leaders Survey – February 2025

March 18, 2025

The Federal Reserve Bank of New York released the February 2025 Business Leaders Survey.

Federal Deposit Insurance Corporation

National Rates and Rate Caps – March 2025

March 18, 2025

The Federal Deposit Insurance Corporation released the national rates and rate caps as of March 17, 2025.

Rate Caps

National Credit Union Administration

NCUA Releases 2024 Annual Report

March 18, 2025

The National Credit Union Administration released its 2024 Annual Report, highlighting the agency’s activities and accomplishments for the past year.

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