PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday February 28, 2025
February 28, 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
Major Developments
Securities and Exchange Commission
Staff Statement on Meme Coins
February 27, 2025
The Division of Corporation Finance is providing its views on “meme coins” to provide greater clarity on the application of the federal securities laws to crypto assets.
Congress
U.S. Senate
Committee on Banking, Housing and Urban Affairs
Nomination Hearing
February 27, 2025
The U.S. Senate Banking, Housing and Urban Affairs held a hearing on the following nominations: Dr. Stephen Miran, to be Chairman of the Council of Economic Advisors, Executive Office of the President; the Honorable Jeffrey Kessler, to be Under Secretary of Commerce for Industry and Security, Department of Commerce; Mr. William Pulte, to be Director, Federal Housing Finance Agency; and the Honorable Jonathan McKernan, to be Director, Bureau of Consumer Financial Protection. Additional witnesses may be added at a later date.
- Hearing
- Executive Office of the President Designate Miran Testimony
- Commerce Designate Kessler Testimony
- FHFA Designate Pulte Testimony
- CFPB Designate McKernan Testimony
Federal Agencies
Federal Reserve Board
Discussion Paper: How do Firms in Different Sectors Organize Their Supply Chains? Evidence from Transaction-Level Import Data
February 27, 2025
The Federal Reserve Board published an International Finance Discussion Paper entitled “How do Firms in Different Sectors Organize their Supply Chains? Evidence from Transaction-Level Import Data.”
Speech: Promoting Responsible Innovation Through the Novel Activities Program
February 27, 2025
Federal Reserve Board Vice Chair for Supervision Michael S. Barr gave a speech entitled “Promoting Responsible Innovation through the Novel Activities Program,” at Alliance For Innovative Regulation.
Speech: Community Banking
February 27, 2025
Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled “Community Banking.”
Federal Reserve Bank of New York
Blog: Supply and Demand Drivers of Global Inflation Trends
February 27, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “Supply and Demand Drivers of Global Inflation Trends.”
Blog: Global Trends in U.S. Inflation Dynamics
February 27, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “Global Trends in U.S. Inflation Dynamics.”
Conference of State Bank Supervisors
CSBS President and CEO Brandon Milhorn Gives Keynote Address at Atlanta Fed
February 27, 2025
CSBS President and CEO Brandon Milhorn remarked on the benefits of the dual banking system today in a keynote address at the Federal Reserve Bank of Atlanta’s annual banking outlook conference.
National Credit Union Administration
Share Insurance Fund Report Highlights Asset, Income Growth in Q4 2024
February 27, 2025
The National Credit Union Administration Board held its second open meeting of 2025 and received a briefing by the Chief Financial Officer on the performance of the National Credit Union Share Insurance Fund for the quarter ending on December 31, 2024.
U.S. Department of Housing and Urban Development/Federal Housing Administration
HUD Terminates Affirmatively Furthering Fair Housing Rule
February 27, 2025
The U.S. Department of Housing and Urban Development (HUD) has terminated the 2021 Affirmatively Furthering Fair Housing rule.
International
European Banking Authority
The EBA Responds to the European Commission’s Partial Rejection of its Technical Standards on Authorization for Issuers of Asset-Referenced Tokens
February 27, 2025
The European Banking Authority issued an Opinion in response to the European Commission’s proposed changes to its draft Regulatory Technical Standards on the information to be provided to competent authorities when authorizing the offer to the public of asset-referenced tokens or the admission to trade them under the Markets in Crypto-Assets Regulation.
Financial Conduct Authority
Speech: The Gordian Knot of Growth
February 27, 2025
Financial Conduct Authority Chief Executive Nikhil Rathi gave a speech entitled “The Gordian knot of growth.”
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 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 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 (nominated November 2024)
Federal Housing Finance Agency – William Pulte (nominated January 2025)
U.S. Department of Education – Linda McMahon (nominated November 2024)
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
