PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday March 10, 2025
March 10, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Office of the Comptroller of the Currency
OCC Clarifies Bank Authority to Engage in Certain Cryptocurrency Activities
March 7, 2025
The Office of the Comptroller of the Currency published Interpretive Letter 1183 to confirm that supervisory nonobjection is no longer needed for crypto-asset custody, and that certain stablecoin activities and participation in independent node verification networks such as distributed ledger are permissible for national banks and federal savings associations, as the agency now has the supervisory experience required to understand the activities.
Executive Order of the President
Executive Order: Establishment of the Strategic Bitcoin Reserve and United States Digital Asset Stockpile
March 7, 2025
President Donald J. Trump signed an Executive Order establishing a Strategic Bitcoin Reserve and United States Digital Asset Stockpile.
Federal Agencies
U.S. Department of the Treasury
Treasury Secretary Scott Bessent Remarks at the Economic Club of New York
March 6, 2025
U.S. Secretary of the Treasury Scott Bessent gave remarks at the Economic Club of New York.
Federal Reserve Board
Speech: Economic Outlook
March 7, 2025
Federal Reserve Board Chair Jerome Powell gave remarks entitled “Economic Outlook,” at the University of Chicago Booth School of Business 2025 U.S. Monetary Policy Forum, New York, New York.
Speech: The Rebalancing of Labor Markets Across the World
March 7, 2025
Federal Reserve Board Governor Adriana D. Kugler gave a speech entitled “The Rebalancing of Labor Markets across the World,” at the Conference on Monetary Policy Transmission and the Labor Market, Banco de Portugal, Lisbon, Portugal.
Remarks on "Monetary Policy Transmission to Real Activity" and the Recent Experience
March 7, 2025
Federal Reserve Board Governor Michelle W. Bowman gave remarks on the paper “Monetary Policy Transmission to Real Activity” and the recent experience at the 2025 U.S. Monetary Policy Forum.
Paper: Challenging Demographic Representativeness at State Borders: Implications for Policy Research
March 7, 2025
The Federal Reserve Board published a working paper entitled “Challenging Demographic Representativeness at State Borders: Implications for Policy Research.”
Federal Reserve Bank of New York
Remarks: Discussion of "Monetary Policy Transmission to Real Activity"
March 7, 2025
Federal Reserve Bank of New York President and CEO John C. Williams gave remarks on the “Monetary Policy Transmission to Real Activity” paper at the 2025 US Monetary Policy Forum.
Staff Report: Credit Card Banking
March 7, 2025
The Federal Reserve Bank of New York published a staff report entitled “Credit Card Banking.”
Staff Report: Bank Economic Capital
March 7, 2025
The Federal Reserve Bank of New York published a staff report entitled “Bank Economic Capital.”
Fannie Mae
Consumer Housing Sentiment Down Year Over Year for First Time Since 2023
March 7, 2025
The Fannie Mae Home Purchase Sentiment Index® (HPSI) decreased 1.8 points in February to 71.6, driven largely by consumers’ increased pessimism that mortgage rates will go down in the next year.
U.S. Department of Labor
BLS Releases February 2025 Jobs Report
March 7, 2025
The U.S. Bureau of Labor Statistics released the Employment Situation report for February 2025.
International
European Banking Authority
The ESAs acknowledge the European Commission's amendments to the technical standard on subcontracting under the Digital Operational Resilience Act
March 7, 2025
The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) issued an Opinion on the European Commission’s (EC) rejection of the draft Regulatory Technical Standard (RTS) on subcontracting.
Bank of England
External business of Monetary Financial Institutions operating in the UK - 2024 Q4
March 7, 2025
The Bank of England released the external business of monetary financial institutions operating in the UK in Q4 2024.
Financial Conduct Authority
FCA sets out steps to support home ownership
March 7, 2025
The Financial Conduct Authority is reminding lenders of flexibility in its rules, which can help more people access a mortgage.
Vulnerable customers encouraged to open up to firms to get the right support
March 7, 2025
Just four in ten vulnerable customers say they have disclosed their needs to their financial services provider, new research commissioned by the Financial Conduct Authority shows.
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
