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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, May 30, 2025

May 30, 2025

Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe

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Federal Agencies

Federal Reserve Board

Statement on Chair Powell's Meeting With the President

May 29, 2025

The Federal Reserve Board released a statement following Chair Jerome Powell’s meeting with President Trump.

 

Opening Remarks at the 2025 Federal Reserve Board Macro-Finance Workshop

May 29, 2025

Federal Reserve Board Governor Adriana D. Kugler gave opening remarks at the 2025 Federal Reserve Board Macro-Finance Workshop in Washington, D.C.

 

Working Paper: A Look Back at "Look Through"

May 29, 2025

The Federal Reserve Board published a working paper entitled, “A Look Back at ‘Look Through’.”

 

Federal Reserve Bank of New York

New York Fed to Update Publication Timing for Multivariate Core Trend Inflation

May 29, 2025

Starting on Monday, June 2, the Federal Reserve Bank of New York will begin publishing the Multivariate Core Trend (MCT) model at or shortly after 10:00 AM ET on the first business day of the month following the release of personal consumption expenditures (PCE) price index data from the Bureau of Economic Analysis.

 

Blog: How Uncertain Is the Estimated Probability of a Future Recession? 

May 29, 2025

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “How Uncertain Is the Estimated Probability of a Future Recession?”

 

Conference of State Bank Supervisors

Acting Comptroller of the Currency Discusses Financial Literacy Education

May 29, 2025

Acting Comptroller of the Currency Rodney E. Hood discussed the importance of financial literacy education in remarks at the Financial Literacy and Education Commission.

 

Commodity Futures Trading Commission

Keynote Remarks: Exploring AI Risks and Opportunities Across the Digital and Cyber Landscape

May 29, 2025

Commodity Futures Trading Commission Commissioner Kristin Johnson gave keynote remarks entitled, “Exploring AI Risks and Opportunities Across the Digital and Cyber Landscape,” at the Federal Reserve Bank of Dallas.

 

U.S. Small Business Administration

OIG Report: COVID-19 Economic Injury Disaster Loan Servicing Capability

May 29, 2025

The Office of Inspector General of the U.S. Small Business Administration published a report entitled, “COVID-19 Economic Injury Disaster Loan Servicing Capability.”

 

Bank Policy Institute

Blog: Redundant, Costly and Inaccurate: The U.S. Bank Liquidity Regime Needs a Rethink

May 29, 2025

The Bank Policy Institute published a blog post entitled, “Redundant, Costly and Inaccurate: The U.S. Bank Liquidity Regime Needs a Rethink.”

 

International

Bank of England

Speech: State of Trade

May 29, 2025

Bank of England Governor Andrew Bailey gave a speech entitled, “State of trade,” at the Irish Association of Investment Managers Annual Dinner 2025, Dublin.

 

Financial Conduct Authority

FCA Updates to Requirements, Limitations and Directions

May 29, 2025

The Financial Conduct Authority (FCA) announced it is reviewing and updating around 11,000 requirements, directions or limitations applied to over 9,000 firms.

 

FCA Responds to the Government's Pension Investment Review

May 29, 2025

The FCA has responded to the announcement of a survey on asset allocation as part of the Treasury’s Pension Investment Review.

 

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

Contributors

Image: Lawrence D. Kaplan
Lawrence D. Kaplan

Of Counsel, Corporate Department


Image: Jason Shafer
Jason Shafer

Of Counsel, Corporate Department


Image: Kris Knabe
Kris Knabe

Of Counsel, Litigation Department


Practice Areas

Bank Regulatory

Financial Services


For More Information

Image: Lawrence D. Kaplan
Lawrence D. Kaplan

Of Counsel, Corporate Department

Image: Jason Shafer
Jason Shafer

Of Counsel, Corporate Department

Image: Kris Knabe
Kris Knabe

Of Counsel, Litigation Department