PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday February 20, 2025
February 20, 2025
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Major Developments
Financial Crimes Enforcement Network
FinCEN Extends Beneficial Ownership Information Reporting Deadline by 30 Days; Announces Intention to Revise Reporting Rule
February 19, 2025
The Financial Crimes Enforcement Network announced it is generally extending the deadline for beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act to 30 days from February 19, 2025, for most companies.
Federal Agencies
Federal Reserve Board
Minutes of the Federal Open Market Committee, January 28-29, 2025
February 19, 2025
The Federal Reserve released the minutes of the Federal Open Market Committee meeting that was held on January 28-29, 2025.
Federal Reserve Bank of New York
Business Leaders Survey – February 2025
February 19, 2025
The Federal Reserve Bank of New York published the results of the February 2025 Business Leaders Survey.
Article: Creating a More Robust Secondary Market for CDFI Loans: Insights from CDFI Loan Funds
February 19, 2025
The Federal Reserve Bank of New York published a The Teller Window article entitled “Creating a More Robust Secondary Market for CDFI Loans: Insights from CDFI Loan Funds.”
Speech: Economic Conditions in New York State
February 19, 2025
Federal Reserve Bank of New York Head of Microeconomics Jaison Abel gave a speech entitled “Economic Conditions in New York State,” at the 2025 Economic Forecast & Building BC Awards for the Greater Binghamton Chamber of Commerce.
Bank Policy Institute
Blog: Examining ‘Off-Label’ Uses for the Countercyclical Capital Buffer
February 19, 2025
The Bank Policy Institute published a blog post entitled “Examining ‘Off-Label’ Uses for the Countercyclical Capital Buffer.”
International
Bank of England
Policy Statement: The Bank of England’s Fees Regime for Financial Market Infrastructure Supervision 2024/25
February 19, 2025
The Bank of England published a policy statement entitled “The Bank of England’s fees regime for financial market infrastructure supervision 2024/25.”
Financial Conduct Authority
FCA and PSR Report on Digital Wallets
February 19, 2025
The Financial Conduct Authority (FCA) and Payment Systems Regulator (PSA) issued a joint feedback statement to assess the usage and impact of digital wallets.
FCA Welcomes the Final Report of the Accelerated Settlement Taskforce and Supports the UK Market’s Move to T+1 Settlement
February 19, 2025
The Financial Conduct Authority welcomes the Accelerated Settlement Taskforce report providing a set of recommendations for the UK to move a T+1 settlement cycle by October 11, 2027.
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 (Acting 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 (nominated December 2024)
U.S. Department of Housing and Urban Development – Scott Turner (nominated November 2024)
Federal Housing Finance Agency – Bill 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