Daily Financial Regulation Update -- Wednesday, June 4, 2025

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Major Developments

Office of the Comptroller of the Currency

Acting Comptroller of the Currency Discusses Regulatory Agenda

June 3, 2025

Acting Comptroller of the Currency Rodney E. Hood discussed his regulatory agenda in remarks at the U.S. Chamber of Commerce Capital Markets Summit.

• Remarks
• Press Release

 

Federal Agencies

U.S. Department of the Treasury

Secretary Scott Bessent's Remarks Before the American Swiss Foundation

June 3, 2025

U.S. Secretary of the Treasury Scott Bessent gave remarks before the American Swiss Foundation.

• Remarks

 

Federal Reserve Board

Minutes of the Board's Discount Rate Meetings on April 7, April 28 and May 7, 2025

June 3, 2025

The Federal Reserve Board released the minutes from its recent meetings on April 7, April 28 and May 7, 2025, to review and determine the discount rates provided to depository institutions through the discount window.

• Minutes
• Press Release

 

Speech: Economic Outlook

June 3, 2025

Federal Reserve Board Governor Lisa D. Cook gave a speech entitled, “Economic Outlook,” at the Council on Foreign Relations in New York, New York.

• Speech

 

International

Bank of England

Money and Credit - April 2025

June 2, 2025

The Bank of England released the April 2025 money and credit statistics and effective interest rates.

• Money and Credit
• Effective Interest Rates

 

Financial Conduct Authority

Updated Version of FCA Enforcement Guide Published

June 3, 2025

The Financial Conduct Authority published the final version of its streamlined and updated Enforcement Guide. 

• Enforcement Guide
• Press Release

 

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