PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday January 16, 2025
January 16, 2025
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Congress
U.S. Senate
Committee on Banking, Housing and Urban Affairs
Scott Announces Banking Committee Priorities for the 119th Congress
January 15, 2025
Chairman Tim Scott (R-S.C.) released the U.S. Senate Committee on Banking, Housing, and Urban Affairs legislative and oversight priorities for the 119th Congress.
U.S. House of Representatives
Committee on Financial Services
Chairman Hill Announces Monetary Policy, Treasury Market Resilience and Economic Prosperity Task Force of the House Financial Services Committee
January 14, 2025
House Financial Services Committee Chairman French Hill (AR-02) announced the House Financial Services Committee will be creating the new Monetary Policy, Treasury Market Resilience, and Economic Prosperity Task Force for the 119th Congress. The new Task Force will be led by Rep. Frank Lucas (OK-03).
Chairman Hill Announces Subcommittee Vice Chairs and Member Assignments of the House Financial Services Committee
January 14, 2025
House Financial Services Committee Chairman French Hill (AR-02) announced the House Financial Services Committee’s Subcommittee Vice Chairs and Subcommittee assignments for the 119th Congress.
Committee on Small Business
Chairman Williams Announces Small Business Subcommittee Members and Chairs
January 15, 2025
Congressman Roger Williams (TX-25), Chairman of the House Committee on Small Business, issued the following statement on Small Business Subcommittee Members and Chairs to serve in the 119th Congress.
Ranking Member Velázquez Announces Committee Members for 119th Congress
January 14, 2025
House Small Business Committee Ranking Member Nydia M. Velázquez (D-NY) announced committee members for the 119th Congress following their unanimous approval by the House Democratic Caucus.
Federal Agencies
U.S. Department of the Treasury
Treasury Disrupts Russia’s Sanctions Evasion Schemes
January 15, 2025
The U.S. Department of the Treasury is moving against Russian efforts to evade U.S. sanctions. This action targets a sanctions evasion scheme established between actors in Russia and the People’s Republic of China (PRC) to facilitate cross-border payments for sensitive goods. In addition, Treasury is designating a Kyrgyz Republic-based financial institution that coordinated with Russian officials and a U.S.-designated bank to implement a sanctions evasion scheme.
U.S. Department of the Treasury Releases List of Qualifying Technologies for Clean Electricity Credits
January 15, 2025
The U.S. Department of the Treasury released the first Annual Table that provides greenhouse gas emissions rates for certain types or categories of facilities that are eligible for the Clean Electricity Production and Investment Tax Credits – also known as the technology-neutral credits – in tax code sections 45Y and 48E.
Federal Reserve Board
Beige Book – January 2025
January 15, 2025
The Federal Reserve Board released the Beige Book for January 2025.
Federal Reserve Bank of New York
Empire State Manufacturing Survey – January 2025
January 15, 2025
The Federal Reserve Bank of New York released the Empire State Manufacturing Survey for January 2025.
Speech: Mentions of Inventions
January 15, 2025
Federal Reserve Bank of New York President and CEO John C. Williams gave a speech entitled, “Mentions of Inventions,” at the CBIA Economic Summit and Outlook 2025, in Hartford, Connecticut.
Commodity Futures Trading Commission Bank of England
CFTC and the Bank of England Comment on Report on Initial Margin Transparency and Responsiveness in Centrally Cleared Markets
January 15, 2025
The Basel Committee on Banking Supervision, the Bank for International Settlements’ Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions today published the final report “Transparency and responsiveness of initial margin in centrally cleared markets – review and policy proposals,” and the accompanying cover note “Consultation feedback and updated proposals.”
Consumer Financial Protection Bureau
Blog: What We’re Watching: Language Access in Consumer Finance
January 15, 2025
The Consumer Financial Protection Bureau published a blog post entitled, “What We’re Watching: Language Access in Consumer Finance.”
Blog: Mortgage Lenders Must Comply with the Law, Not Invent Loopholes
January 15, 2025
The Consumer Financial Protection Bureau published a blog post entitled, “Mortgage Lenders Must Comply with the Law, Not Invent Loopholes.”
Issue Spotlight: Home Equity Contracts: Market Overview
January 15, 2025
The Consumer Financial Protection Bureau published a report entitled, “Issue Spotlight: Home Equity Contracts: Market Overview.”
Consumer Aadvisory: Beware of costly, risky, and complex home equity “investment” contracts
January 15, 2025
The Consumer Financial Protection Bureau issued a consumer advisory warning about home equity investment contracts.
Freddie Mac
Freddie Mac and ICE Collaboration Offers Lenders Greater Efficiencies When Originating Loans
January 15, 2025
Freddie Mac and Intercontinental Exchange, Inc., a leading global provider of technology and data, announced enhancements that leverage both companies’ automation technologies to enable lenders to more quickly and efficiently underwrite mortgage loans starting at the point of sale.
Bank Policy Institute
California Privacy Proposal Overreaches, Undermines Federal Framework
January 15, 2025
The Bank Policy Institute submitted a comment letter to the California Privacy Protection Agency stating that a proposed rulemaking by the agency imposing requirements on banks’ cybersecurity programs, automated decision-making tools, and risk management is an overreaching state law that undercuts longstanding federal rules.
International
Bank of England
Speech: Joining the dots
January 15, 2025
Bank of England Executive Director Nathanael Benjamin gave a speech entitled, “Joining the dots,” at The City UK.
Speech: The last half mile
January 15, 2025
Monetary Policy Committee Member Alan Taylor gave a speech entitled, “The last half mile,” at Leeds University Business School.
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