PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, May 16, 2025
May 16, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
U.S. Department of the Treasury
Treasury Disrupts Financial Facilitation Network Supporting Hizballah Terrorists
May 15, 2025
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is targeting two senior Hizballah officials and two financial facilitators for their roles in coordinating financial transfers for Hizballah.
Federal Reserve Board
Speech: Opening Remarks at Small Business Credit Symposium
May 15, 2025
Governor Michael S. Barr gave the opening remarks at the 2025 Northeast/Mid-Atlantic Small Business Credit Symposium, Federal Reserve Bank of New York, on the importance of small businesses in the economy.
Speech: Opening Remarks on the Federal Reserve’s 2025 Policy Strategy
May 15, 2025
Chair Jerome H. Powell gave the opening remarks at the Second Thomas Laubach Research Conference, hosted by the Federal Reserve Board, Washington, D.C. on the Federal Reserve’s 2025 policy strategy.
Federal Reserve Bank of New York
The Federal Reserve and U.S. Treasury Did Not Intervene in FX Markets During the First Quarter
May 15, 2025
The Federal Reserve and U.S. Treasury confirmed that they did not intervene in foreign exchange markets during the January – March 2025 fiscal quarter, the Federal Reserve Bank of New York noted in its quarterly report to the U.S. Congress.
Securities and Exchange Commission
FINRA
Withdrawal of Joint Staff Statement on Broker-Dealer Custody of Digital Asset Securities
May 15, 2025
The staffs of the Division of Trading and Markets of the Securities and Exchange Commission and the Office of General Counsel of the Financial Industry Regulatory Authority withdrew their Joint Staff Statement regarding broker-dealer custody of digital asset securities.
Freddie Mac
Using Machine Learning, Freddie Mac Announces Automated Underwriting That Can Save Mortgage Originators Up To $1,500 Per Loan
May 15, 2025
Freddie Mac announced automations to its underwriting to further reduce costs, create greater efficiency and improve the origination process for both borrowers and lenders.
Ginnie Mae
Ginnie Mae Mortgage-Backed Securities Portfolio Reached $2.74 Trillion in April
May 15, 2025
Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.74 trillion as of April 2025. In addition, Ginnie Mae issued $42.2 billion in total MBS, resulting in a net portfolio growth of $10.6 billion. Ginnie Mae has facilitated the pooling and securitization of 205,000 loans for first-time homebuyers year to date.
International
European Banking Authority
The EBA updates list of other systemically important institutions
May 15, 2025
The European Banking Authority (EBA) updated its list of other systemically important institutions (O-SIIs) in the EU, which, together with global systemically important institutions (G-SIIs), identified as systemically important by the relevant authorities according to harmonized criteria laid down in the EBA Guidelines.
Speech: Beyond Basel III: Charting Europe's Path to Resilient Finance
May 15, 2025
Chairperson José Manuel Campa gave the keynote speech entitled Speech: Beyond Basel III: Charting Europe's Path to Resilient Finance at the 39th ISDA Annual General Meeting.
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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