PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, May 22, 2025
May 22, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
Subscribe to PH FedACTion: Financial Regulatory Updates
Subscribe to the new PHFintech: Crypto Policy Tracker
Congress
U.S. Senate
Committee on Small Business and Entrepreneurship
Hearing: Fueling America's Manufacturing Comeback
May 21, 2025
The U.S. Senate Committee on Small Business and Entrepreneurship held a hearing entitled, “Fueling America's Manufacturing Comeback.” The committee heard testimony from Small Business Administrator Kelly Loeffler.
Federal Agencies
Federal Reserve Bank of New York
Blog: Nonbanks and Banks: Alone or Together?
May 21, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Nonbanks and Banks: Alone or Together?”
Speech: Update on the Puerto Rico Economy
May 21, 2025
Federal Reserve Bank of New York Economic Policy Advisor Joelle Scally gave a presentation on the Puerto Rico economy to the Financial Oversight and Management Board for Puerto Rico’s Economic Forecast Symposium.
Federal Reserve Bank of Boston
Paper: Could the Growth of Private Credit Pose a Risk to Financial System Stability?
May 21, 2025
The Federal Reserve Bank of Boston published a Current Policy Perspectives paper entitled, “Could the Growth of Private Credit Pose a Risk to Financial System Stability?”
Federal Deposit Insurance Corporation
Statement of Policy on Bank Merger Transactions: Rescission and Reinstatement
May 20, 2025
The Federal Deposit Insurance Corporation Board of Directors approved the rescission of the agency’s 2024 Statement of Policy on Bank Merger Transactions and the reinstatement of the Statement of Policy on Bank Merger Transactions that was in effect prior to 2024.
Commodity Futures Trading Commission
CFTC Staff Issues Interpretation Regarding Certain Cross-Border Definitions
May 21, 2025
The Commodity Futures Trading Commission’s Market Participants Division and Division of Market Oversight issued an interpretative letter confirming the application of certain cross-border definitions to a proprietary trading firm organized in a foreign jurisdiction.
Statement of Commissioner Christy Goldsmith Romero: A Commissioner’s Evaluation of Cases & Cooperation Credit
May 21, 2025
Commodity Futures Trading Commission Commissioner Christy Goldsmith Romero issued a statement on the evaluation of cases and cooperation credit.
CFTC Releases Procedures on Registered Non-U.S. Swap Entities Using Substituted Compliance
May 21, 2025
The Commodity Futures Trading Commission’s Market Participants Division and Division of Enforcement today released procedures regarding CFTC-registered non-U.S. swap dealers or major swap participants relying on substituted compliance.
Fannie Mae
Home Sales Forecast Upgraded in May Outlook
May 21, 2025
Total single-family home sales are expected to close 2025 at 4.92 million units, with existing home sales accounting for 4.24 million of those units, according to the May 2025 Economic and Housing Outlook from the Fannie Mae Economic and Strategic Research Group.
International
European Commission
A simpler Single Market to Make Companies Choose Europe
May 21, 2025
The European Commission has presented a Single Market Strategy to create a more simple, seamless and strong European home market.
Commission Proposes Simplification Measures to Save EU Businesses a Further €400 Million Per Year
May 21, 2025
The European Commission proposes to cut €400 million in annual administrative cost for companies, adding to the €8 billion already targeted through earlier simplification efforts.
European Banking Authority
The EBA Observes That EU Deposit Guarantee Scheme Funds to Protect Depositors Against Bank Failures Have Reached €79bn
May 21, 2025
The European Banking Authority published end-2024 data related to two key concepts and indicators in the Deposit Guarantee Schemes Directive (DGSD), namely financial means available to, and covered deposits protected by, national deposit guarantee schemes.
Bank of England
Delays to Changes to Country Groupings for International Banking Statistics
May 21, 2025
The Bank of England published an article that provides an update regarding the timeline of implementing changes for country grouping conventions used in statistics covering the international business of monetary.
Bank of England Prudential Regulation Authority
Updates to the PRA’s Approach of Responsible Openness to International Banks
May 20, 2025
The Prudential Regulation Authority has clarified its expectations around business conducted within branches of international banks operating in the UK, as well as its booking model expectations and liquidity reporting for such branches.
Financial Conduct Authority
Paper: Liquidity in the UK Corporate Bond Market
May 21, 2025
The Financial Conduct Authority published a paper entitled, “Liquidity in the UK corporate bond market.”
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
Contributors
Practice Areas
For More Information