PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday February 27, 2025
February 27, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: The Future of American Capital: Strengthening Public and Private Markets by Increasing Investor Access and Facilitating Capital Formation
February 26, 2025
The U.S. House Committee on Financial Services Subcommittee on Capital Markets held a hearing entitled “The Future of American Capital: Strengthening Public and Private Markets by Increasing Investor Access and Facilitating Capital Formation.”
Financial Services Committee Requests Feedback on Legislative Proposals to Increase Investor Access and Facilitate Capital Formation
February 26, 2025
The U.S. House Financial Services Committee is requesting feedback from the public on capital formation and the slate of bills the Committee considered during the hearing.
Committee on Small Business
Hearing: Fostering American Innovation: Insights into SBIR and STTR Programs
February 26, 2025
The U.S. House Committee on Small Business held a hearing entitled “Fostering American Innovation: Insights into SBIR and STTR Programs.”
Federal Agencies
Federal Reserve Bank of New York
Article: All-to-All Trading in the U.S. Treasury Market
February 26, 2025
The Federal Reserve Bank of New York published an Economic Policy Review article entitled “All-to-All Trading in the U.S. Treasury Market.”
Blog: U.S. Imports from China Have Fallen by Less Than U.S. Data Indicate
February 26, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “U.S. Imports from China Have Fallen by Less Than U.S. Data Indicate.”
Securities and Exchange Commission
SEC Extends Compliance Dates and Provides Temporary Exemption for Rule Related to Clearing of U.S. Treasury Securities
February 25, 2025
The Securities and Exchange Commission extended the compliance dates for Rule 17ad-22(e)(18)(iv)(A) and (B) under the Securities Exchange Act by one year to Dec. 31, 2026, for eligible cash market transactions, and June 30, 2027, for eligible repo market transactions.
Financial Crimes Enforcement Network
FinCEN Reminds Financial Institutions to Remain Vigilant Regarding Potential Relationship Investment Scams
February 26, 2025
In support of the multiagency #DatingOrDefrauding Campaign, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is reminding financial institutions to remain vigilant regarding suspicious activity that may be indicative of relationship investment scams.
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering, Combating the Financing of Terrorism and Counter-Proliferation Finance Deficiencies
February 26, 2025
The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), updated its lists of jurisdictions with strategic AML/CFT/CPF deficiencies at the conclusion of its plenary meeting this month.
Ginnie Mae
Global Markets Analysis Report – January 2025
February 26, 2025
Ginnie Mae published Global Markets Analysis Report for January 2025.
International
European Commission
Commission Simplifies Rules on Sustainability and EU Investments, Delivering Over €6 Billion in Administrative Relief
February 26, 2025
The European Commission has adopted a new package of proposals to simplify EU rules, boost competitiveness and unlock additional investment capacity.
Commission Brings Relief to European Consumers and Businesses with Action Plan to Save €260 Billion Annually by 2040
February 26, 2025
The Commission is putting forward an Action Plan with short-term measures to lower energy costs, complete the Energy Union, attract investments and be better prepared for potential energy crises.
Bank of England
Speech: Between a Shock and a Hard Place: Trade Fragmentation and Monetary Policy
February 26, 2025
Monetary Policy Committee Member Swati Dhingra gave a speech entitled “Between a shock and a hard place: Trade fragmentation and Monetary Policy.”
Financial Conduct Authority
Speech: Helping Markets Thrive and Managing Systemic Risk: the FCA’s Approach to Non-Bank Leverage
February 26, 2025
Financial Conduct Authority Executive Director Sarah Pritchard gave a speech entitled “Helping markets thrive and managing systemic risk: the FCA’s approach to non-bank leverage.”
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
