PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday January 7, 2025
January 07, 2025
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Major Developments
Federal Reserve Board
Michael S. Barr Is Stepping Down From His Position as Federal Reserve Board Vice Chair for Supervision, Effective February 28, 2025, but Will Continue to Serve as Governor
January 6, 2025
The Federal Reserve Board announced that Michael S. Barr will step down from his position as Federal Reserve Board Vice Chair for Supervision, effective February 28, 2025, or such earlier time as a successor is confirmed. Barr will continue to serve as a member of the Federal Reserve Board of Governors.
Federal Agencies
Federal Reserve Board
Speech: An Assessment of the Economy and Financial Stability
January 6, 2025
Federal Reserve Board Governor Lisa D. Cook gave a speech entitled “An Assessment of the Economy and Financial Stability,” at the Seventh Conference on Law and Macroeconomics, University of Michigan Law School, Ann Arbor, Michigan.
Working Paper: Missing Data Substitution for Enhanced Robust Filtering and Forecasting in Linear State-Space Models
January 6, 2025
The Federal Reserve Board published a working paper entitled “Missing Data Substitution for Enhanced Robust Filtering and Forecasting in Linear State-Space Models.”
Working Paper: "Good" Inflation, "Bad" Inflation: Implications for Risky Asset Prices
January 6, 2025
The Federal Reserve Board published a working paper entitled “‘Good’ Inflation, ‘Bad’ Inflation: Implications for Risky Asset Prices.”
Working Paper: Nonparametric Time Varying IV-SVARs: Estimation and Inference
January 6, 2025
The Federal Reserve Board published a working paper entitled “Nonparametric Time Varying IV-SVARs: Estimation and Inference.”
Working Paper: Predicting College Closures and Financial Distress
January 6, 2025
The Federal Reserve Board published a working paper entitled “Predicting College Closures and Financial Distress.”
Federal Reserve Bank of New York
Blog: The R&D Puzzle in U.S. Manufacturing Productivity Growth
January 6, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “The R&D Puzzle in U.S. Manufacturing Productivity Growth.”
FINRA
Changes to Contrary Exercise Advice Cut-Off Time for National Day of Mourning
January 3, 2025
FINRA issued an information notice regarding changes to Contrary Exercise Advice cut-off time for National Day of Mourning on January 9, 2025.
Ginnie Mae
Global Markets Analysis Report – December 2024
January 6, 2025
Ginnie Mae published the Global Markets Analysis Report for December 2024.
International
Bank of England
U.K. International Reserves – December 2024
January 6, 2025
The Bank of England released the U.K. international reserves for December 2024.
Administration Changes
Vacancies
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Scott Bessent (nominated November 2024); Janet Yellen (effective January 26, 2021)
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 – Martin Gruenberg (resigning effective January 19, 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 – Paul Atkins (nominated December 2024); Gary Gensler (resigning January 20, 2025)
Commodity Futures Trading Commission – Rostin Behnam (effective December 17, 2021)
Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)
National Credit Union Administration – Todd M. Harper (effective January 20, 2021)
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