PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday March 7, 2025
March 07, 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
Congress
U.S. Senate
Committee on Banking, Housing and Urban Affairs
Senators Introduce Legislation Regarding Debanking
March 6, 2025
U.S. Committee on Banking, Housing and Urban Affairs Chair Tim Scott (R-S.C.) led legislation that would eliminate the ability for federal regulators to use reputational risk as a component of supervision.
Committee on Small Business and Entrepreneurship
Hearing: Golden Age of American Innovation: Reforming SBIR-STTR for the 21st Century
March 5, 2025
The U.S. Committee on Small Business and Entrepreneurship held a hearing entitled “Golden Age of American Innovation: Reforming SBIR-STTR for the 21st Century.”
Ernst Unveils INNOVATE Act to Usher in Golden Age of American Innovation
March 5, 2025
U.S. Committee on Small Business and Entrepreneurship Chair Joni Ernst (R-Iowa) unveiled her Investing in National Next-Generation Opportunities for Venture Acceleration and Technological Excellence (INNOVATE) Act to reauthorize and reform the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs that enable small businesses to bring innovation to the defense industrial base.
Federal Agencies
Federal Reserve Board
OIG Report: The Bank Exams Tailored to Risk Process Promotes Risk-Focused Supervision of Community Banking Organizations, but Training Can Be Enhanced
March 6, 2025
The Office of Inspector General of the Federal Reserve Board issued a report entitled “The Bank Exams Tailored to Risk Process Promotes Risk-Focused Supervision of Community Banking Organizations, but Training Can Be Enhanced.”
Federal Reserve Bank of New York
Report Finds That Access to Affordable Credit Increased Nationally from 2018 to 2023
March 6, 2025
The Federal Reserve Bank of New York released “Credit Insecurity in the United States, 2018–2023,” which introduces the Credit Insecurity Index, a geographic measure of credit access.
Highlights from Roberto Perli’s Speech on Monetary Policy Implementation
March 6, 2025
Roberto Perli, manager of the Federal Reserve’s System Open Market Account (SOMA), spoke before the Money Marketeers of New York University on March 5.
Blog: When the Household Pie Shrinks, Who Gets Their Slice?
March 6, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “When the Household Pie Shrinks, Who Gets Their Slice?”
Securities and Exchange Commission
Filer Transition to New and Improved EDGAR Begins March 24
March 6, 2025
The Securities and Exchange Commission is providing extensive guidance and resources to assist filers with upcoming access and account management enhancements to the security of the agency’s Electronic Data Gathering, Analysis and Retrieval (EDGAR) system.
Updated Investor Bulletin: Lost and Stolen Securities
March 6, 2025
The Securities and Exchange Commission’s Office of Investor Education and Advocacy updated an Investor Bulletin on lost and stolen securities.
Should We Pick Up the Slack?: Remarks Before the Investor Advisory Committee
March 6, 2025
Securities and Exchange Commission Commissioner Hester M. Peirce gave a speech entitled “Should We Pick Up the Slack” before the Investor Advisory Committee.
U.S. Small Business Administration
Administrator Loeffler Announces SBA Reforms
March 6, 2025
U.S. Small Business Administration Administrator Kelly Loeffler announced reforms to end possible taxpayer benefits for illegal aliens and to move SBA offices out of so-called sanctuary cities.
International
European Banking Authority
The EBA Consults on New Rules Related to the Anti- Money Laundering and Countering the Financing of Terrorism Package
March 6, 2025
The European Banking Authority (EBA) launched a public consultation on four draft Regulatory Technical Standards (RTS) that will be part of the EBA’s response to the European Commission’s Call for Advice.
Bank of England
Monthly Decision Maker Panel Data - February 2025
March 6, 2025
The Bank of England released the Decision Maker Panel data for February 2025.
Bank Overground: Monitoring Collateral Calls
March 6, 2025
The Bank of England published a Bank Overground article entitled “Monitoring collateral calls.”
Speech: Holding the Anchor in Turbulent Waters
March 6, 2025
Monetary Policy Committee Member Catherine L. Mann gave a speech entitled “Holding the anchor in turbulent waters,” at the conference on ‘35 years of flexible inflation targeting: Opportunities and challenges’ at the Reserve Bank of New Zealand.
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 Vacant
- 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 20, 2025)
U.S. Department of Housing and Urban Development – Scott Turner (effective February 5, 2025)
Federal Housing Finance Agency – William Pulte (nominated January 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
