Insights

PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, June 13, 2025

June 13, 2025

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

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Congress

U.S. Senate

Committee on Banking, Housing and Urban Affairs

Nomination Hearing

June 12, 2025

The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing on the following nominations:

i) Mr. Ben DeMarzo, to be Assistant Secretary, Department of Housing and Urban Development;

ii) Mr. Craig Trainor, to be Assistant Secretary, Department of Housing and Urban Development;

iii) Mr. Jovan Jovanovic, to be Chairman, Export-Import Bank;

iv) Mr. Francis Brooke, to be Assistant Secretary, Department of the Treasury; and

v) Mr. David Peters, to be Assistant Secretary, Department of Commerce.

U.S. House of Representatives

Committee on Financial Services

Hearing: Evaluating the Defense Production Act

June 12, 2025

The U.S. House Committee on Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions held a hearing entitled, “Evaluating the Defense Production Act.” The committee heard testimony from: Mr. William Russell, Director, Contracting and National Security Acquisitions, Government Accountability Office; and Mr. Adam G. Levin, Analyst in Economic Development Policy, Congressional Research Service (CRS).

Federal Agencies

U.S. Department of the Treasury

Secretary Scott Bessent's Statement Before the Senate Finance Committee

June 12, 2025

Secretary of the Treasury Scott Bessent testified before the Senate Finance Committee.

Testimony

Federal Deposit Insurance Corporation

FDIC Releases Q1 2025 State Profiles

June 12, 2025

The Federal Deposit Insurance Corporation has released the FDIC State Profiles for Q1 2025.

State Profiles

Securities and Exchange Commission
Commodity Futures Trading Commission

Further Extension of Form PF Amendments Compliance Date

June 11, 2025

The Securities and Exchange Commission, together with the Commodity Futures Trading Commission, voted to extend the compliance date until Oct. 1, 2025, for the amendments to Form PF that were adopted on Feb. 8, 2024.

International

European Commission

Commission Proposes to Postpone by One Additional Year the Market Risk Prudential Requirements Under Basel III

June 11, 2025

The European Commission has adopted a delegated act that postpones by one additional year — until 1 January 2027 — the date of application of the one remaining part of the Basel III international standards in the EU — the Fundamental Review of the Trading Book.

Administration Changes

Vacancies

Appointments

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 W. Bowman (sworn in June 9, 2025)
Governor Michael Barr (sworn in July 19, 2022)
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 (effective April 9, 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 theConsolidated 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