Daily Financial Regulation Update -- Thursday, May 15, 2025

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Federal Agencies

U.S. Department of the Treasury

Treasury Targets Iran’s Efforts to Domestically Manufacture Key Ballistic Missile Components

May 14, 2025

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated six individuals and 12 entities for their involvement in efforts to help the Iranian regime domestically source the manufacturing of critical materials needed for Tehran’s ballistic missile program.

• Press Release
• National Security Presidential Memorandum-2
• Non-Proliferation Designations; Iran-related Designations

 

Federal Reserve Board

Speech: The Role of Economic Research in Central Banking

May 14, 2025

Governor Christopher J. Waller gave the keynote address at the award ceremony for the winners of the Bank Al-Maghrib Prize for Economic and Financial Research, Bank of Al-Maghrib, Rabat, Morocco entitled “The Role of Economic Research in Central Banking.”

• Speech

 

Speech: Economic Outlook

May 14, 2025

Vice Chair Philip N. Jefferson gave the keynote address at the Annual Conference of Second District Directors and Advisors, Federal Reserve Bank of New York, on the economic outlook.

• Speech

 

Federal Reserve Bank of New York

Joint Study Explores Feasibility of Central Bank Operations Using Tokenization and Smart Contracts

May 14, 2025

The Federal Reserve Bank of New York and the Bank for International Settlements (BIS) today published a joint research study that explored if and how central banks could continue to implement monetary policy operations in hypothetical tokenized wholesale financial markets.

• Press Release
• Joint Study

 

International

European Banking Authority

The EBA updates report on the monitoring of the liquidity coverage ratio and net stable funding ratio in the EU

May 14, 2025

The European Banking Authority (EBA) published an updated report on the monitoring of the liquidity coverage ratio (LCR) and the net stable founding ration (NSFR) in the EU.

• Press Release

 

Bank of England Prudential Regulation Authority

Speech: A system-wide approach to system-wide resilience: CCPs and their users

May 14, 2025

Deputy Governor of Financial Stability Sarah Breeden gave a speech at the ISDA Annual General Meeting, Amsterdam, entitled “A system-wide approach to system-wide resilience: CCPs and their users”

• Speech

 

Financial Conduct Authority

FCA strips back insurance rulebook to remove outdated or duplicative requirements

May 14, 2025

The regulator plans to strip outdated or duplicative requirements from its insurance rulebook, having asked what improvements it could make.

• 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