PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, May 9, 2025
May 09, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
U.S. Department of the Treasury
U.S. Department of the Treasury Announces Intent to Launch Fast Track Pilot Program for Foreign Investors
May 8, 2025
The U.S. Department of the Treasury announced that it will establish a fast track process to facilitate greater investment in U.S. businesses from ally and partner sources.
Federal Reserve Bank of New York
Inflation Expectations Mixed; Financial Outlook for Households Deteriorates
May 8, 2025
The Federal Reserve Bank of New York’s Center for Microeconomic Data released the April 2025 Survey of Consumer Expectations, which shows that inflation expectations were unchanged over the short term, increased over the medium term and decreased over the longer term.
Conference of State Bank Supervisors
CSBS Urges OCC to Rescind Unlawful Preemption Rules
May 8, 2025
The Conference of State Bank Supervisors sent a letter to Acting Comptroller Rodney Hood urging the Office of the Comptroller of the Currency to rescind the OCC’s preemption regulations.
Office of the Comptroller of the Currency
OCC Issues Interim Final Rule on Bank Mergers
May 8, 2025
The Office of the Comptroller of the Currency (OCC) adopted an interim final rule amending its 2024 final rule related to its regulations for business combinations involving national banks and federal savings associations.
Acting Comptroller of the Currency Discusses Agency Priorities
May 8, 2025
Acting Comptroller of the Currency Rodney E. Hood discussed agency priorities at the Building Societies Annual Conference in Birmingham, England.
Securities and Exchange Commission
Speech: A Creative and Cooperative Balancing Act
May 8, 2025
Securities and Exchange Commission Commissioner Hester M. Peirce gave a speech entitled, “A Creative and Cooperative Balancing Act,” at the SEC 31st International Institute for Securities Market Growth and Development.
Consumer Financial Protection Bureau
OIG Report: The CFPB Can Improve Its Safeguards for Protecting Confidential Supervisory Information
May 8, 2025
The Office of Inspector General for the Consumer Financial Protection Bureau (CFPB) released a report entitled, “The CFPB Can Improve Its Safeguards for Protecting Confidential Supervisory Information.”
Ginnie Mae
Global Markets Analysis Report – April 2025
May 8, 2025
Ginnia Mae released its Global Markets Analysis Report for April 2025.
Bank Policy Institute
Blog: Fintechs Want to Protect Data-Sharing Privileges, Just Not for Consumers
May 8, 2025
The Bank Policy Institute published a blog post entitled, “Fintechs Want to Protect Data-Sharing Privileges, Just Not for Consumers.”
International
European Commission
Commission consults on possible countermeasures and readies WTO litigation in response to US tariffs
May 8, 2025
The European Commission has launched a public consultation on a list of U.S. imports which could become subject to EU countermeasures, if ongoing EU-U.S. negotiations do not result in a mutually beneficial outcome and the removal of the U.S. tariffs.
Commission seeks feedback on the review of EU merger guidelines
May 8, 2025
The European Commission has launched a public consultation to seek feedback on its ongoing review of the EU merger guidelines.
Bank of England
Bank Rate reduced to 4.25% – May 2025
May 8, 2025
The Bank of England’s Monetary Policy Committee voted by a majority of 5-4 to reduce Bank Rate by 0.25 percentage points, to 4.25% at its meeting ending May 7, 2025.
Monthly Decision Maker Panel data – April 2025
May 8, 2025
The Bank of England released the results of the Decision Maker Panel survey for April 2025.
Speech: Mutual Momentum: Advances in Building Society Regulation
May 8, 2025
Bank of England Executive Director for Insurance Supervision Charlotte Gerken gave a speech entitled, “Mutual Momentum: Advances in Building Society Regulation,” at the Building Societies Association.
Bank of England Prudential Regulation Authority
Consultation Paper: Discontinuing SS20/15: Supervising building societies’ treasury and lending activities
May 8, 2025
The Prudential Regulation Authority released a consultation paper entitled, “Discontinuing SS20/15: Supervising building societies’ treasury and lending activities.”
Financial Conduct Authority
Review into smaller asset management firms finds most are meeting expectations
May 8, 2025
The Financial Conduct Authority (FCA) released the results of a review of smaller asset managers and alternative business models which found that most firms are meeting regulatory expectations.
David Geale appointed executive director for payments and digital finance
May 8, 2025
The FCA has appointed David Geale as permanent executive director for payments and digital finance and managing director of the Payment Systems Regulator (PSR).
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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