Daily Financial Regulation Update -- Thursday, May 8, 2025

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Major Developments

Office of the Comptroller of the Currency

OCC Clarifies Bank Authority to Engage in Crypto-Asset Custody and Execution Services

May 7, 2025

The Office of the Comptroller of the Currency (OCC) clarified permissible bank activities related to crypto-asset custody and execution services, permitting OCC-regulated entities to buy and sell crypto assets pursuant to customer directions.

• Interpretive Letter
• Press Release

 

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Executive Session – Nominations

May 6, 2025

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held an executive session to vote on the following nominations:

1. Mr. Andrew Hughes, to be Deputy Secretary, Department of Housing and Urban Development;
2. Mr. David Woll, to be General Counsel, Department of Housing and Urban Development;
3. The Honorable Michelle Bowman to be Vice Chairman for Supervision, Board of Governors of the Federal Reserve System;
4. Mr. John Hurley, to be Under Secretary for Terrorism and Financial Crimes, Department of the Treasury;
5. Mr. David Fogel, to be Assistant Secretary of Commerce and Director General of the United States and Foreign Commercial Service, Department of Commerce; and
6. Mr. Landon Heid, to be an Assistant Secretary of Commerce, Department of Commerce.

• Executive Session
• Press Release
• Chair Scott Statement

 

U.S. House of Representatives

Committee on Financial Services

Hearing: The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System

May 7, 2025

The U.S. House Committee on Financial Services held a hearing entitled, “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System.”

• Hearing
• Committee Memorandum
• Secretary Bessent Testimony
• Chair Hill Statement
• Ranking Member Waters Statement

 

Federal Agencies

Federal Reserve Board

Federal Reserve Issues FOMC Statement

May 7, 2025

The Federal Open Markets Committee has decided to maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent. 

• Statement
• Implementation Note

 

Federal Reserve Bank of Boston

Research Note: Bank Lending to Private Equity and Private Credit Funds: Insights from Regulatory Data

May 7, 2025

The Federal Reserve Bank of Boston published a research note entitled, “Bank Lending to Private Equity and Private Credit Funds: Insights from Regulatory Data.”

• Research Note
• Press Release

 

Consumer Financial Protection Bureau

CFPB Announcement Regarding Enforcement Actions Related to Buy Now, Pay Later Loans

May 6, 2025

The Consumer Financial Protection Bureau announced that it will not prioritize enforcement actions taken on the basis of the Truth in Lending (Regulation Z); Use of Digital User Accounts to Access Buy Now, Pay Later Loans, 89 Fed. Reg. 47,068 (May 31, 2024) (“Buy Now, Pay Later”). 

• Press Release

 

Fannie Mae

Fannie Mae Publishes April 2025 National Housing Survey Results

May 7, 2025

Fannie Mae published the results of its April 2025 National Housing Survey® (NHS), which includes the Home Purchase Sentiment Index® (HPSI), a measure of consumer sentiment toward housing.

• Survey
• Press Release

 

International

Financial Conduct Authority

FCA to replace consumer credit data reports

May 7, 2025

The Financial Conduct Authority (FCA) has confirmed new regulatory return for consumer credit activities.

• Policy Statement
• Press Release

 

FCA consults on steps to simplify mortgage rules

May 7, 2025

The FCA released a consultation paper on steps to simplify mortgage rules.

• Consultation Paper
• Press Release

 

Mortgage reform: supporting home ownership in the UK

May 7, 2025

FCA Director of Retail Banking Emad Aladhal gave a speech entitled, “Mortgage reform: supporting home ownership in the UK,” at the Building Societies Association Annual Conference. 

• Speech

 

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 Bowman (nominated March 17, 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