PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, May 13, 2025
May 13, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Congress
U.S. Senate
Committee on Banking, Housing and Urban Affairs
President Trump Signs Senate Banking Committee Resolution Overturning CFPB’s Overdraft Rule and Larger Participant Rule Regarding Digital Payments
May 9, 2025
President Trump signed the Senate banking committee's Congressional Review Act resolution to overturn the final rule adopted by the Consumer Financial Protection Bureau (CFPB) imposing price controls on overdraft fees, as well as the CFPB’s larger participant rule regarding nonbank digital payment providers.
Federal Agencies
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Agencies issue host state loan-to-deposit ratios
May 12, 2025
The Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency jointly issued updated host state loan-to-deposit ratios, as required by law.
Federal Reserve Board
Senior Loan Officer Opinion Survey on Bank Lending Practices – April 2025
May 12, 2025
The Federal Reserve Board released the Senior Loan Officer Opinion Survey on Bank Lending Practices for April 2025.
Working Paper: Related Exposures to Distressed Borrowers and Bank Lending
May 12, 2025
The Federal Reserve Board published a working paper entitled, “Related Exposures to Distressed Borrowers and Bank Lending.”
Speech: Economic Outlook
May 12, 2025
Federal Reserve Board Governor Adriana D. Kugler gave a speech on the economic outlook at the International Economic Symposium, cohosted by the National Association for Business Economics and the Central Bank of Ireland, Dublin, Ireland.
Federal Reserve Bank of New York
Blog: Who Finances Real Sector Lenders?
May 12, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Who Finances Real Sector Lenders?”
Securities and Exchange Commission
Crypto Task Force Roundtable - Tokenization: Moving Assets Onchain: Where TradFi and DeFi Meet
May 12, 2025
The Securities and Exchange Commission’s Crypto Task Force held a roundtable entitled, “Tokenization: Moving Assets Onchain: Where TradFi and DeFi Meet.” SEC Chair Paul S. Atkins and Commissioners Caroline A. Crenshaw, Mark T. Uyeda, and Hester M. Peirce gave opening remarks.
International
Bank of England
Presentation: Monetary policy outlook
May 12, 2025
Bank of England Monetary Policy Committee Member Megan Greene gave a presentation entitled, “Monetary policy outlook,” at the Bank of England Bank Watcher’s Conference 2025 at King’s Business School.
Speech: What if things are different?
May 12, 2025
Bank of England Deputy Governor for Monetary Policy Clare Lombardelli gave a speech entitled, “What if things are different?” at the Bank of England Watcher’s Conference.
Speech: The heat is on: why monetary policy makers are increasingly focusing on the impact of climate risks
May 9, 2025
Bank of England Executive Director James Talbot gave a speech entitled, “The heat is on: why monetary policy makers are increasingly focusing on the impact of climate risks,” at Oxford University.
Financial Conduct Authority
Speech: Strengthening the UK-China financial partnership
May 12, 2025
Financial Conduct Authority Chair Ashley Alder gave a speech entitled, “Strengthening the UK-China financial partnership.”
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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