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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, June 3, 2025

June 03, 2025

Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe

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Federal Agencies

Federal Reserve Board

Working Paper: How Stable are Inflation Expectations in the Euro Area? Evidence from the Euro-Area Financial Markets

June 2, 2025

The Federal Reserve Board published a working paper entitled, “How Stable are Inflation Expectations in the Euro Area? Evidence from the Euro-Area Financial Markets.”

 

Working Paper: Place-Based Labor Market Inequality

June 2, 2025

The Federal Reserve Board published a working paper entitled, “Place-Based Labor Market Inequality.”

 

Working Paper: Suitability of a County-Level Income Definition for Analysis of Lower-Income Communities

June 2, 2025

The Federal Reserve Board published a working paper entitled, “Suitability of a County-Level Income Definition for Analysis of Lower-Income Communities.”

 

Speech: Opening Remarks at Division of International Finance 75th Anniversary Conference

June 2, 2025

Federal Reserve Board Chair Jerome H. Powell gave opening remarks at the Division of International Finance 75th Anniversary Conference, Federal Reserve Board in Washington, D.C.

 

Speech: The Effects of Tariffs on the Three I’s: Inflation, Inflation Persistence and Inflation Expectations

June 1, 2025

Federal Reserve Board Governor Christopher J. Waller gave a speech entitled, “The Effects of Tariffs on the Three I’s: Inflation, Inflation Persistence, and Inflation Expectations,” at “Structural Shifts and Monetary Policy,” 2025 Bank of Korea International Conference, Bank of Korea in Seoul, South Korea.

 

OIG Report: The Board Can Enhance Its Approach to the Cybersecurity Supervision of Community Banking Organizations

June 2, 2025

The Office of Inspector General of the Federal Reserve Board published a report entitled, “The Board Can Enhance Its Approach to the Cybersecurity Supervision of Community Banking Organizations.”

 

Federal Reserve Bank of New York

Report: Information Spillovers Within Couples: Evidence from a Sequential Survey of Spouses

June 2, 2025

The Federal Reserve Bank of New York published a staff report entitled, “Information Spillovers Within Couples: Evidence from a Sequential Survey of Spouses.”

 

Blog: How Much Does Immigration Data Explain the Employment‑Gap Puzzle?

June 2, 2025

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “How Much Does Immigration Data Explain the Employment‑Gap Puzzle?”

 

Securities and Exchange Commission

Statement: Muddying the Waters: More Confusion on Crypto Asset Security Status

May 31, 2025

Securities and Exchange Commission Commissioner Caroline A. Crenshaw released a statement regarding recent statements on crypto assets from the Crypto Task Force and Division of Corporation Finance.

 

Speech: Bridging the Gap: Remarks Before the Northwest Securities Institute

May 30, 2025

Securities and Exchange Commission Commissioner Hester M. Peirce gave a speech entitled, “Bridging the Gap,” before the Northwest Securities Institute.

 

Bank Policy Institute

Banks Urge Court to Vacate CFPB’s Section 1033 Rule

May 30, 2025

The Bank Policy Institute, Forcht Bank and the Kentucky Bankers Association filed a motion with the U.S. District Court for the Eastern District of Kentucky arguing that the CFPB’s Section 1033 rule is unlawful and should be vacated.

 

International

Bank of England

Speech: Quantitative Tightening and Monetary Policy Stance

June 2, 2025

Monetary Policy Committee Member Catherine L. Mann gave a speech entitled, “Quantitative tightening and monetary policy stance,” at the IF 75th anniversary conference in Washington, D.C.

 

Financial Conduct Authority

Research Note: Money talks: Lessons From 2 LLM Pilots on Consumer Guidance

June 2, 2025

The Financial Conduct Authority published a research note entitled, “Research Note: Money talks: Lessons from 2 LLM pilots on consumer guidance.”

 

Article: Tech, Trust and Teamwork: How the FCA and ICO Are Helping Innovation Take Off

June 2, 2025

Financial Conduct Authority CEO Nikhil Rathi and UK Information Commissioner John Edward published an article entitled, “Tech, trust and teamwork: how the FCA and ICO are helping innovation take off.”

 

Consultation Paper: Simplifying the Insurance Rules

June 2, 2025

The Financial Conduct Authority published a consultation paper entitled, “Simplifying the insurance rules.”

 

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

Image: Lawrence D. Kaplan
Lawrence D. Kaplan

Of Counsel, Corporate Department


Image: Jason Shafer
Jason Shafer

Of Counsel, Corporate Department


Image: Kris Knabe
Kris Knabe

Of Counsel, Litigation Department


Practice Areas

Bank Regulatory

Financial Services

Global Finance


For More Information

Image: Lawrence D. Kaplan
Lawrence D. Kaplan

Of Counsel, Corporate Department

Image: Jason Shafer
Jason Shafer

Of Counsel, Corporate Department

Image: Kris Knabe
Kris Knabe

Of Counsel, Litigation Department