PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, May 21, 2025
May 21, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
U.S. Senate
Committee on Banking, Housing and Urban Affairs
Senate Advances GENIUS Act
May 19, 2025
The U.S. Senate voted to advance the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a bill to establish the first-ever regulatory framework for payment stablecoins.
Congress
U.S. House of Representatives
Committee on Financial Services
Markup of Various Measures
May 20, 2025
The U.S. House Committee on Financial Services held a committee markup on various measures.
Federal Agencies
Federal Reserve Board
Working Paper: Collateral Reuse and Financial Stability
May 20, 2025
The Federal Reserve Board published a working paper entitled, “Collateral Reuse and Financial Stability.”
Federal Reserve Bank of New York
Blog: Why Does the U.S. Always Run a Trade Deficit?
May 20, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Why Does the U.S. Always Run a Trade Deficit?”
Conference of State Bank Supervisors
CSBS Catalyst Initiative Aims to Develop New Technologies for Supervisory Challenges
May 20, 2025
The Conference of State Bank Supervisors announced its new Catalyst Initiative, which seeks to address state financial regulatory agencies' key supervisory challenges and reduce regulatory burden.
Speech: Coordinated Policy: A Foundation for Mortgage Market Stability
May 20, 2025
Conference of State Bank Supervisors Board Chair Charlie Clark gave a speech entitled, “Coordinated Policy: A Foundation for Mortgage Market Stability,” at the CSBS/AARMR 2025 Mortgage Policy Summit.
Federal Deposit Insurance Corporation
FDIC Board of Directors Releases Semiannual Update on Deposit Insurance Fund Restoration Plan
May 20, 2025
The Federal Deposit Insurance Corporation Board of Directors released the latest semiannual update on the Restoration Plan for the agency’s Deposit Insurance Fund.
Securities and Exchange Commission
Testimony Before the United States House Appropriations Subcommittee on Financial Services and General Government
May 20, 2025
Securities and Exchange Commission Chair Paul S. Atkins testified before the U.S. House Appropriations Subcommittee on Financial Services and General Government.
Speech: I’ll Take “Advocating for Small Businesses and their Investors” for $800, Please!
May 20, 2025
Securities and Exchange Commission Director Stacey Bowers gave a speech entitled, “I’ll Take “Advocating for Small Businesses and their Investors” for $800, Please!” at SEC Speaks.
International
European Banking Authority
The EBA publishes 2024 Report of its key achievements and activities
May 20, 2025
The European Banking Authority (EBA) published the first part of its 2024 Annual Report presenting the main achievements and activities of the organization in fulfilling its mandates under its Work Program over the past year.
Bank of England
Remarks: The courage not to act
May 20, 2025
Bank of England Chief Economist Huw Pill gave a speech entitled, “The courage not to act.”
Bank of England Prudential Regulation Authority
Policy Statement: International firms: Updates to SS5/21 and branch reporting
May 20, 2025
The Prudential Regulation Authority released a policy statement entitled, “International firms: Updates to SS5/21 and branch reporting.”
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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