PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, May 12, 2025
May 12, 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
Congressional Leaders File Amicus Brief in Defense of Consumer Financial Protection Bureau
May 9, 2025
U.S. Senate Banking, Housing and Urban Affairs Committee Ranking Member Elizabeth Warren (D-MA), House Financial Services Committee Ranking Member Maxine Waters (D-CA), House Democratic Leader Hakeem Jeffries (D-NY) and Senate Democratic Leader Chuck Schumer (D-NY) led 233 current and former members of Congress in filing an amicus brief in defense of the Consumer Financial Protection Bureau. This group includes former Congressman Barney Frank (D-NJ) and former Senator Chris Dodd (D-CT), architects of the Dodd-Frank Act.
Federal Agencies
Federal Reserve Board
Working Paper: Refining the Definition of the Unbanked
May 9, 2025
The Federal Reserve Board published a working paper entitled, “Refining the Definition of the Unbanked.”
Working Paper: Measuring Shortages Since 1900
May 9, 2025
The Federal Reserve Board published a working paper entitled, “Measuring Shortages since 1900.”
Working Paper: Optimal Credit Market Policy
May 9, 2025
The Federal Reserve Board published a working paper entitled, “Optimal Credit Market Policy.”
Speech: Thank You, John
May 9, 2025
Federal Reserve Board Governor Christopher J. Waller gave a speech entitled, “Thank You, John,” at the "John Taylor and Taylor Rules in Policy" Hoover Monetary Policy Conference: Finishing the Job and New Challenges, The Hoover Institution, Stanford, California
Speech: Assessing Maximum Employment
May 9, 2025
Federal Reserve Board Governor Adriana D. Kugler gave a speech entitled, “Assessing Maximum Employment,” at the Reykjavík Economic Conference 2025, Central Bank of Iceland, Reykjavík, Iceland.
Speech: Artificial Intelligence and the Labor Market: A Scenario-Based Approach
May 9, 2025
Federal Reserve Board Governor Michael S. Barr gave a speech entitled, “Artificial Intelligence and the Labor Market: A Scenario-Based Approach,” at the Reykjavík Economic Conference 2025, Central Bank of Iceland, Reykjavík, Iceland.
Federal Reserve Bank of New York
Speech: Uncertainty and Robust Monetary Policy
May 9, 2025
Federal Reserve Bank of New York President and CEO John C. Williams gave a speech entitled, “Uncertainty and Robust Monetary Policy,” at the Reykjavík Economic Conference 2025, Central Bank of Iceland, Reykjavík, Iceland.
Speech: National Economic Outlook
May 9, 2025
Federal Reserve Bank of New York Director of Research Kartik Athreya gave a presentation entitled “National Economic Outlook,” for the New York Large Credit Unions CEO Roundtable.
Speech: Recent Developments in Treasury Market Liquidity and Funding Conditions
May 9, 2025
Federal Reserve Bank of New York System Open Market Account Manager Roberto Perli gave a speech entitled, “Recent Developments in Treasury Market Liquidity and Funding Conditions,” at the 8th Short-Term Funding Markets Conference, Federal Reserve Board, Washington, DC.
Bank Policy Institute
BAFA Statement on US-UK Trade Agreement
May 9, 2025
The British American Finance Alliance released a statement regarding the Trump Administration’s announcement of a trade agreement with the UK.
State Agencies
New York State Department of Financial Services
Governor Hochul Signs New Consumer Protection Legislation as Part of the FY 2026 Budget
May 9, 2025
Governor Kathy Hochul signed new legislation as part of the FY26 Enacted Budget that will protect consumers across New York against potential scams or exploitative practices.
International
Bank of England
Market Participants Survey results – May 2025
May 9, 2025
The Bank of England released the Market Participants Survey results for May 2025.
Article: How should we think about the UK’s current account deficit from a financial stability perspective?
May 9, 2025
The Bank of England published a Bank Overground article entitled, “How should we think about the UK’s current account deficit from a financial stability perspective?”
Speech: Monetary policy in uncertain times
May 9, 2025
Bank of England Governor Andrew Bailey gave a speech entitled, “Monetary policy in uncertain times,” at the Reykjavík Economic Conference, Iceland.
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
FCA enhances access to investment research
May 9, 2025
The Financial Conduct Authority issued rules allowing pooled investment funds greater freedom in paying for investment research.
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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