Daily Financial Regulation Update -- Wednesday, May 14, 2025

Subscribe to PH FedACTion: Financial Regulatory Updates
Subscribe to the new PHFintech: Crypto Policy Tracker

 

Federal Agencies

Federal Reserve Bank of New York

Change in Household Debt Balances Mixed; Student Loan Delinquencies Rise Sharply

May 13, 2025

The Federal Reserve Bank of New York’s Center for Microeconomic Data issued its Quarterly Report on Household Debt and Credit. The report shows total household debt increased by $167 billion (0.9%) in Q1 2025 to $18.20 trillion.

• Report
• Press Release
• Blog

 

Highlights from Roberto Perli’s Speech on Treasury Market Conditions 

May 13, 2025

The Federal Reserve Bank of New York’s System Open Market Account Manager Roberto Perli spoke at the Eighth Short-Term Funding Markets Conference at the Federal Reserve Board in Washington, D.C. on May 9.

• Speech
• Highlights

 

Conference of State Bank Supervisors

Letter: Federal Agencies Should Address Regulatory Barriers

May 13, 2025

The Conference of State Bank Supervisors sent a letter to the Office of Management and Budget urging that federal financial regulatory agencies have a prime opportunity to address unnecessary, unlawful or unduly burdensome regulations.

• Letter
• Press Release

 

Federal Deposit Insurance Corporation

FDIC’s Office of the Ombudsman Publishes 2024 Annual Report of Activities

May 13, 2025

The Federal Deposit Insurance Corporation’s Office of the Ombudsman published a report highlighting its activities and the services provided to stakeholders during 2024.

• Report 
• Financial Institution Letter

 

International

European Commission

Remarks by Commissioner Dombrovskis at the ECOFIN press conference

May 12, 2025

Commissioner Valdis Dombrovskis gave remarks at the ECOFIN press conference.

• Remarks

 

Bank of England

Asset Purchase Facility Quarterly Report – 2025 Q1

May 13, 2025

The Bank of England released the Asset Purchase Facility Quarterly Report for 2025 Q1.

• Report
• Governor Letter
• Chancellor Letter

 

Speech: Data governance to set us free

May 13, 2025

Bank of England Executive Director James Benford gave a speech entitled, “Data governance to set us free,” at the Gartner Data & Analytics Summit.

• Speech

 

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