PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, May 6, 2025
May 06, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Congress
U.S. House of Representatives
Committee on Financial Services
Digital Asset Market Structure Discussion Draft Released
May 5, 2025
House Committee on Financial Services leadership released a discussion draft of a bill to establish a regulatory framework for digital assets in the United States.
Federal Agencies
U.S. Department of the Treasury
Treasury Secretary Scott Bessent Remarks before the Milken Institute Global Conference
May 5, 2025
Secretary of the Treasury Scott Bessent gave remarks before the Milken Institute Global Conference.
Federal Reserve Board
Speech: Four Guides for the Journey Ahead
May 3, 2025
Federal Reserve Board Governor Lisa D. Cook gave a speech entitled, “Four Guides for the Journey Ahead,” at the James Madison College 2025 Spring Commencement, Michigan State University, East Lansing, Michigan.
OIG Report: Major Management Challenges for the Board and the CFPB
April 30, 2025
The Office of Inspector General of the Federal Reserve Board released a report entitled, “Major Management Challenges for the Board and the CFPB.”
Office of the Comptroller of the Currency
OCC Issues Request for Information on Community Bank Digitalization
May 5, 2025
The Office of the Comptroller of the Currency (OCC) issued a request for information (RFI) on the key challenges and barriers faced by community banks in the adoption and implementation of digital banking solutions.
Securities and Exchange Commission
SEC Announces Agenda, Panelists for Roundtable on Tokenization for its May 12th Roundtable on DeFi
May 5, 2025
The Crypto Task Force of the Securities and Exchange Commission (SEC) has announced the agenda and panelists for its May 12th roundtable, “Tokenization — Moving Assets Onchain: Where TradFi and DeFi Meet.”
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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