PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, May 20, 2025
May 20, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
Federal Reserve Board
Speech: Liquidity Facilities: Purposes and Functions
May 19, 2025
Federal Reserve Board Vice Chair Philip N. Jefferson gave a speech entitled, “Liquidity Facilities: Purposes and Functions,” at the 2025 Financial Markets Conference: Financial Intermediation in Transition: How Will Policy Adapt?, sponsored by the Federal Reserve Bank of Atlanta, in Fernandina Beach, Florida.
Federal Reserve Bank of New York
April SCE Household Spending Survey: Household Spending Growth Ticks Down, With Large Purchases Declining
May 19, 2025
The Federal Reserve Bank of New York released the April 2025 SCE Household Spending Survey data.
Speech: Banks and the Rise of Nonbanks in Credit Markets
May 19, 2025
Federal Reserve Bank of New York Head of Financial Intermediation Nicola Cetorelli gave a speech entitled, “Banks and the Rise of Nonbanks in Credit Markets,” at the Federal Reserve Bank of Atlanta's 29th Annual Financial Markets Conference 2025: Financial Intermediation in Transition.
Speech: Why Are You (Y* R* U*)
May 18, 2025
Federal Reserve Bank of New York President and CEO John C. Williams gave a speech entitled, “Why Are You (Y* R* U*),” at Hofstra University's Graduate Commencement, Hofstra University, Hempstead, New York.
Federal Reserve Bank of Boston
Article: What Could the Rise of Stablecoins, Tokenization Mean for the Broader Financial System?
May 19, 2025
The Federal Reserve Bank of Boston published an article entitled, “What could the rise of stablecoins, tokenization mean for the broader financial system?” summarizing the Conference on Stablecoins and Tokenization hosted by the Federal Reserve Banks of Boston and New York.
U.S. Small Business Administration
SBA Overhauls Lending Program
May 19, 2025
The U.S. Small Business Administration (SBA) announced an overhaul of the Community Advantage Small Business Lending Company (SBLC) program.
Bank Policy Institute
Blog: The Potential Adverse Consequences of a Credit Card Interest Rate Cap
May 19, 2025
The Bank Policy Institute published a blog post entitled, “The Potential Adverse Consequences of a Credit Card Interest Rate Cap.”
International
European Commission
Spring 2025 Economic Forecast: Moderate Growth Amid Global Economic Uncertainty
May 18, 2025
The European Commission released the Spring 2025 Economic Forecast, which projects real GDP to grow by 1.1% in 2025 in the EU and 0.9% in the euro area, broadly the same pace as recorded in 2024.
Bank of England
Speech: Central Bank Communications and Uncertainty
May 19, 2025
Bank of England Deputy Governor for Monetary Policy Clare Lombardelli gave a speech entitled, “Central bank communications and uncertainty,” at the Second Thomas Laubach Research Conference, Federal Reserve Board, Washington DC.
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
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