PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, June 10, 2025
June 10, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Major Developments
Office of the Comptroller of the Currency
Acting Comptroller of the Currency Releases Letter on Preemption
June 9, 2025
Acting Comptroller of the Currency Rodney E. Hood released a letter in response to correspondence from the Conference of State Bank Supervisors requesting the Office of the Comptroller of the Currency (OCC) to rescind its preemption regulations.
Congress
U.S. Senate
Committee on Banking, Housing and Urban Affairs
Banking Committee Releases Provisions for the One Big Beautiful Bill
June 6, 20205
U.S. Senate Committee on Banking, Housing and Urban Affairs released legislative text of the Senate Banking Committee’s provisions in Senate Republicans’ One Big Beautiful Bill.
Federal Agencies
Federal Reserve Bank of New York
Inflation Expectations Decline; Labor Market Expectations Improve
June 9, 2025
The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the May 2025 Survey of Consumer Expectations, which shows that households’ inflation expectations declined at the short-, medium-, and longer-term horizons.
Securities and Exchange Commission
Crypto Task Force Roundtable - DeFi and the American Spirit
June 9, 2025
The Securities and Exchange Commission’s Crypto Task Force held a roundtable entitled “DeFi and the American Spirit.”
- Roundtable
- Chair Atkins Remarks
- Commissioner Peirce Remarks
- Commissioner Crenshaw Remarks
- Commissioner Uyeda Remarks
Fannie Mae
Fannie Mae Publishes May 2025 National Housing Survey Results
June 9, 2025
Fannie Mae published the results of its May 2025 National Housing Survey® (NHS), which includes the Home Purchase Sentiment Index® (HPSI), a measure of consumer sentiment toward housing.
Bank Policy Institute
Financial Groups Urge Administration to Address Pattern of Data Security Lapses at Regulators
June 9, 2025
The Bank Policy Institute, American Bankers Association, MFA and SIFMA called for significant reforms to how federal financial regulators handle sensitive data following the latest in a series of data breaches that exposed over 148,000 private correspondences containing sensitive supervisory information about U.S. financial institutions.
International
Financial Conduct Authority
FCA Allows Firms to Experiment With AI Alongside NVIDIA
June 9, 2025
The Financial Conduct Authority will launch a Supercharged Sandbox to help firms experiment safely with AI to support innovation.
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 W. Bowman (confirmed June 4, 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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