PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, May 8, 2025
May 08, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Office of the Comptroller of the Currency
OCC Clarifies Bank Authority to Engage in Crypto-Asset Custody and Execution Services
May 7, 2025
The Office of the Comptroller of the Currency (OCC) clarified permissible bank activities related to crypto-asset custody and execution services, permitting OCC-regulated entities to buy and sell crypto assets pursuant to customer directions.
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Executive Session – Nominations
May 6, 2025
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held an executive session to vote on the following nominations:
- Mr. Andrew Hughes, to be Deputy Secretary, Department of Housing and Urban Development;
- Mr. David Woll, to be General Counsel, Department of Housing and Urban Development;
- The Honorable Michelle Bowman to be Vice Chairman for Supervision, Board of Governors of the Federal Reserve System;
- Mr. John Hurley, to be Under Secretary for Terrorism and Financial Crimes, Department of the Treasury;
- Mr. David Fogel, to be Assistant Secretary of Commerce and Director General of the United States and Foreign Commercial Service, Department of Commerce; and
- Mr. Landon Heid, to be an Assistant Secretary of Commerce, Department of Commerce.
U.S. House of Representatives
Committee on Financial Services
Hearing: The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System
May 7, 2025
The U.S. House Committee on Financial Services held a hearing entitled, “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System.”
- Hearing
- Committee Memorandum
- Secretary Bessent Testimony
- Chair Hill Statement
- Ranking Member Waters Statement
Federal Agencies
Federal Reserve Board
Federal Reserve Issues FOMC Statement
May 7, 2025
The Federal Open Markets Committee has decided to maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent.
Federal Reserve Bank of Boston
Research Note: Bank Lending to Private Equity and Private Credit Funds: Insights from Regulatory Data
May 7, 2025
The Federal Reserve Bank of Boston published a research note entitled, “Bank Lending to Private Equity and Private Credit Funds: Insights from Regulatory Data.”
Consumer Financial Protection Bureau
CFPB Announcement Regarding Enforcement Actions Related to Buy Now, Pay Later Loans
May 6, 2025
The Consumer Financial Protection Bureau announced that it will not prioritize enforcement actions taken on the basis of the Truth in Lending (Regulation Z); Use of Digital User Accounts to Access Buy Now, Pay Later Loans, 89 Fed. Reg. 47,068 (May 31, 2024) (“Buy Now, Pay Later”).
Fannie Mae
Fannie Mae Publishes April 2025 National Housing Survey Results
May 7, 2025
Fannie Mae published the results of its April 2025 National Housing Survey® (NHS), which includes the Home Purchase Sentiment Index® (HPSI), a measure of consumer sentiment toward housing.
International
Financial Conduct Authority
FCA to replace consumer credit data reports
May 7, 2025
The Financial Conduct Authority (FCA) has confirmed new regulatory return for consumer credit activities.
FCA consults on steps to simplify mortgage rules
May 7, 2025
The FCA released a consultation paper on steps to simplify mortgage rules.
Mortgage reform: supporting home ownership in the UK
May 7, 2025
FCA Director of Retail Banking Emad Aladhal gave a speech entitled, “Mortgage reform: supporting home ownership in the UK,” at the Building Societies Association Annual Conference.
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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