PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, June 6, 2025
June 06, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Federal Reserve Board
Governor Bowman Confirmed as Vice Chair for Supervision
June 5, 2025
The U.S. Senate confirmed Federal Reserve Board Governor Michelle Bowman as vice chair for supervision.
Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: Framework for the Future: Reviewing Data Privacy in Today’s Financial System
June 5, 2025
The U.S. House Committee on Financial Services Subcommittee on Financial Institutions held a hearing entitled, “Framework for the Future: Reviewing Data Privacy in Today’s Financial System.”
- Hearing
- Committee Memorandum
- Press Release
- Subcommittee Chair Barr Statement
- Ranking Member Waters Statement
Committee on Small Business
Hearing: Budgeting for Growth: Testimony from SBA Administrator Kelly Loeffler
June 4, 2025
U.S. House Committee on Small Business held a hearing entitled, “Budgeting for Growth: Testimony from SBA Administrator Kelly Loeffler.”
Federal Agencies
U.S. Department of the Treasury
Treasury Releases Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States
June 5, 2025
The U.S. Department of the Treasury delivered its semiannual Report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States.
Speech: The Economic Outlook and Appropriate Monetary Policy
June 5, 2025
Federal Reserve Board Governor Adriana D. Kugler gave a speech entitled, “The Economic Outlook and Appropriate Monetary Policy,” at the Economic Club of New York.
Federal Reserve Bank of New York
Article: The Research Scouting Team: A Resource in Uncharted Territory
June 5, 2025
The Federal Reserve Bank of New York published a The Teller Window article entitled, “The Research Scouting Team: A Resource in Uncharted Territory.”
Securities and Exchange Commission
Investor Advisory Committee Holds Meeting
June 5, 2025
The Securities and Exchange Commission held a meeting of the Investor Advisory Committee. Chair Paul S. Atkins and Commissioner Hester M. Peirce gave remarks.
SEC Hosts Conference of Emerging Trends in Asset Management
June 5, 2025
The Securities and Exchange Commission’s Division of Investment Management hosted its Conference of Emerging Trends in Asset Management. Commissioner Hester M. Peirce and Director Natasha Vij Greiner gave remarks.
National Credit Union Administration
Credit Union Assets, Loans Outstanding and Net Income Increase
June 5, 2025
The National Credit Union Administration released the Quarterly Credit Union Data Summary Report showing that total assets in federally insured credit unions rose by $60 billion, or 2.6 percent, over the year ending in the first quarter of 2025, to $2.37 trillion.
U.S. Small Business Administration
OIG Report: Automated Controls Should Ensure Compliance with Criteria
June 5, 2025
The Office of the Inspector General of the Small Business Administration issued a report entitled, “Automated Controls Should Ensure Compliance with Criteria.”
International
Bank of England
Monthly Decision Maker Panel Data - May 2025
June 5, 2025
The Bank of England released the May 2025 Decisions Maker Panel data.
Financial Conduct Authority
Key Considerations in Implementing a Possible Motor Finance Consumer Redress Scheme
June 5, 2025
The Financial Conduct Authority set out considerations for introducing a redress scheme as part of its review into motor finance commission arrangements.
Speech: Funding our Future: Building Brilliant Companies on the UK’s Public Markets
June 5, 2025
Financial Conduct Authority Executive Director for Supervision Sarah Pritchard gave a speech entitled, “Funding our future: Building brilliant companies on the UK’s public markets,” at Quoted Companies Alliance Annual Conference, London.
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 (confirmed June 4, 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
Practice Areas
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