PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday February 26, 2025
February 26, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Federal Deposit Insurance Corporation
FDIC-Insured Institutions Reported Return on Assets of 1.11 Percent and Net Income of $66.8 Billion in the Fourth Quarter
February 25, 2025
The Financial Deposit Insurance Corporation released the Quarterly Banking Profile for Q4 2024 with reports from 4,487 commercial banks and savings institutions insured by the FDIC which reported a return on assets (ROA) ratio of 1.11 percent and aggregate net income of $66.8 billion in fourth quarter 2024, an increase of $1.5 billion (2.3 percent) from the prior quarter.
Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: Examining Policies to Counter China
February 25, 2025
The U.S. House Committee on Financial Services held a hearing entitled, “Examining Policies to Counter China.”
Federal Agencies
Federal Reserve Board
Minutes of the Board's discount rate meetings on January 21 and 29, 2025
February 25, 2025
The Federal Reserve Board released the minutes from its recent meetings to review and determine the discount rates provided to depository institutions through the discount window. The minutes cover the Board meetings that occurred on January 21 and 29, 2025.
Speech: Managing Financial Crises
February 25, 2025
Federal Reserve Board Vice Chair for Supervision Michael S. Barr gave a speech entitled, “Managing Financial Crises.”
Working Paper: Portfolio Margining Using PCA Latent Factors
February 25, 2025
The Federal Reserve Board published a working paper entitled, “Portfolio Margining Using PCA Latent Factors.”
Securities and Exchange Commission
Remarks to the Small Business Capital Formation Advisory Committee
February 25, 2025
Securities and Exchange Commission Acting Chair Mark T. Uyeda and Commissioner Hester M. Peirce each gave remarks to the Small Business Capital Formation Advisory Committee.
Commodity Futures Trading Commission
CFTC Releases Enforcement Advisory on Self-Reporting, Cooperation, and Remediation
February 25, 2025
The Commodity Futures Trading Commission’s Division of Enforcement issued an advisory on how the Division will evaluate a company’s or individual’s self-reporting, cooperation, and remediation when recommending enforcement actions to the Commission and establishes the factors the Division will consider.
U.S. Small Business Administration
SBA Administrator Loeffler Issues Memo on Day One Priorities
February 24, 2025
U.S. Small Business Administrator Kelly Loeffler issued a Day One memo outlining her top priorities for the agency.
Federal Housing Finance Agency
U.S. House Prices Rise 4.5 Percent over the Prior Year; Up 1.4 Percent from the Third Quarter of 2024
February 25, 2025
U.S. house prices rose 4.5 percent between the fourth quarter of 2023 and the fourth quarter of 2024, according to the Federal Housing Finance Agency House Price Index.
Bank Policy Institute
Blog: Why Discard the Traditional Assessment Area Approach to CRA Regulation?
February 25, 2025
The Bank Policy Institute published a blog post entitled, “Why Discard the Traditional Assessment Area Approach to CRA Regulation?”
International
European Commission
Commission strengthens further the European Union's financial risk management framework
February 25, 2025
The European Commission decided to expand the role of the independent Chief Risk Officer, with an oversight over all of the Union's financial operations, including borrowing, debt and liquidity management, lending operations and budgetary guarantees, as well as assets under management. The position is held by Iliyana Tsanova since her appointment in 2021.
European Banking Authority
The EBA consults to amend data collection for the 2026 benchmarking exercise
February 25, 2025
The European Banking Authority launched a consultation to amend the Implementing Regulation on the benchmarking of credit risk, market risk and IFRS9 models for the 2026 exercise.
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 (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
