PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, May 23, 2025
May 23, 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
Hearing: Securing America: Key Authorities Under the Defense Production Act
May 22, 2025
The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing entitled, “Securing America: Key Authorities Under the Defense Production Act.”
Federal Agencies
Federal Reserve Bank of New York
Speech: On the Optimal Supply of Reserves
May 22, 2025
Federal Reserve Bank of New York President and CEO John C. Williams gave a speech entitled, “On the Optimal Supply of Reserves,” at the New York Fed – Columbia SIPA Monetary Policy Implementation Workshop, Federal Reserve Bank of New York in New York City.
Speech: The Evolution of the Federal Reserve’s Monetary Policy Implementation Framework
May 22, 2025
Federal Reserve Bank of New York Manager of the System Open Market Account Roberto Perli gave a speech entitled, “The Evolution of the Federal Reserve’s Monetary Policy Implementation Framework,” at the New York Fed – Columbia SIPA Monetary Policy Implementation Workshop, Federal Reserve Bank of New York in New York City.
Conference of State Bank Supervisors
Opening Remarks by CSBS Chair Tony Salazar at the State Federal Supervisory Forum
May 21, 2025
Conference of State Bank Supervisor Chair Tony Salazar gave remarks at the State Federal Supervisory Forum.
Commodity Futures Trading Commission
CFTC Staff Issues Advisory on Market Volatility Controls
May 22, 2025
The Commodity Futures Trading Commission’s Division of Clearing and Risk and Division of Market Oversight issued a staff advisory reminding designated contract markets (DCMs) and derivatives clearing organizations (DCOs) of certain core principle and regulatory obligations under the Commodity Exchange Act and CFTC regulations related to controls designed to address market volatility.
National Credit Union Administration
Board Briefed on NCUA’s Voluntary Separation Program, Share Insurance Fund Performance
May 22, 2025
The National Credit Union Administration Board held its third open meeting of 2025 and received a briefing on the agency’s Voluntary Separation Program (VSP) and the performance of the National Credit Union Share Insurance Fund in the first quarter of 2025.
NCUA Invites Stakeholder Feedback on Operations and Initiatives
May 22, 2025
National Credit Union Administration Chairman Kyle S. Hauptman invited stakeholders to provide suggestions and feedback on the agency’s operations and initiatives to aid in developing the NCUA’s 2026–2030 Strategic Plan, which guides the agency’s operational and budgetary priorities.
Bank Policy Institute
Joint Trades Urge Senate to Reject Poison Pill Amendment to Impose Government Price Controls on Credit Cards
May 21, 2025
Leading financial groups that represent banks and credit unions of all sizes sent a letter to Senate Majority Leader John Thune (R-S.D.), Senate Minority Leader Chuck Schumer (D-N.Y.), and all other senators urging them to reject a poison pill amendment to the GENIUS Act introduced by Senator Josh Hawley (R-Mo.) that would create a 10 percent annual percentage rate (APR) cap for credit cards.
International
European Banking Authority
EBA Launches Consultation on Amended Disclosure Requirements for ESG Risks, Equity Exposures and Aggregate Exposure to Shadow Banking Entities
May 22, 2025
The European Banking Authority (EBA) launched a public consultation on proposed amendments to the European Commission’s Implementing Regulation on Pillar 3 disclosures under the CRR3.
EBA Publishes Onboarding Plan to Implement the Pillar 3 Data Hub
May 22, 2025
The EBA published an onboarding plan for large and other institutions, setting out the steps required for accessing and submitting information to the new Pillar 3 Data Hub (P3DH) – the EBA’s centralised platform for public disclosures under the Capital Requirements Regulation (CRR3).
Bank of England Prudential Regulation Authority
Policy Statement: Update to PS9/24 on the SME and Infrastructure Lending Adjustments
May 22, 2025
The Prudential Regulation Authority published a policy statement entitled, “Update to PS9/24 on the SME and infrastructure lending adjustments.”
Consultation Paper: Pillar 2A Review – Phase 1
May 22, 2025
The Prudential Regulation Authority published a consultation paper entitled, “Pillar 2A review – Phase 1.”
Financial Conduct Authority
FCA Streamlines Complaints Data Reporting Requirements for Firms
May 22, 2025
The Financial Conduct Authority published a consultation paper to streamline complaints data 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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