Major Developments
U.S. Senate
Committee on Banking, Housing and Urban Affairs
Stablecoin Regulatory Framework Proposed
The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act legislation was proposed to establish a clear regulatory framework for payment stablecoins.
Securities and Exchange Commission
Statement: The Journey Begins
February 4, 2025
Securities and Exchange Commissioner Hester M. Peirce issued a statement entitled “The Journey Begins,” on the path forward for the Crypto Task Force.
Federal Agencies
Federal Reserve Board
Working Paper: Regulating Bank Portfolio Choice Under Asymmetric Information
February 4, 2025
The Federal Reserve Board published a working paper entitled “Regulating Bank Portfolio Choice Under Asymmetric Information.”
Commodity Futures Trading Commission
CFTC Division of Enforcement to Refocus on Fraud and Helping Victims, Stop Regulation by Enforcement
February 4, 2025
Commodity Futures Trading Commission Acting Chairman Caroline D. Pham announced a reorganization of the Division of Enforcement’s task forces to combat fraud and help victims while ending the practice of regulation by enforcement.
Bank Policy Institute
Blog: Bank Examiners Should Not Be Telling Central Banks How to Lend
February 4, 2025
The Bank Policy Institute published a blog post entitled “Bank Examiners Should Not Be Telling Central Banks How to Lend.”
International
European Banking Authority
The EBA Publishes its Draft Final Technical Standards on Reporting of Data on Charges for Credit Transfers and Payments Accounts, and Shares of Rejected Transactions
February 4, 2025
The European Banking Authority published its final draft Implementing Technical Standards (ITS) on reporting of data on charges for credit transfers and payments accounts, and shares of rejected transactions.
José Manuel Campa Keynote Speech at the 9th Annual AFORE Consulting FinTech Conference
February 4, 2025
European Banking Authority Chairperson Jose Manuel Campa gave a keynote speech at the 9th annual AFORE Consulting FinTech conference.
Financial Conduct Authority
Speech: Culture is Contagious
February 4, 2025
Financial Conduct Authority Chief Operating Officer Emily Shepperd gave a speech entitled “Culture is contagious,” at the 10th Annual Culture and Conduct in Financial Services Summit.
Administration Changes
Vacancies
Appointments/Confirmation Hearings
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 Michael Barr (resignation as Vice Chair for Supervision, effective February 28, 2025)
- 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 Jonathan McKernan (sworn in January 5, 2023)
- Director Michael Hsu (Acting Comptroller of the Currency)
- Scott Bessent (Acting Director of Consumer Financial Protection Bureau)
Office of the Comptroller of the Currency – Michael Hsu (acting Comptroller, effective May 10, 2021)
Securities and Exchange Commission – Mark T. Uyeda (Acting Chairman effective January 20, 2025); Paul Atkins (nominated December 2024)
Commodity Futures Trading Commission Caroline D. Pham (Acting Chairman effective January 20, 2025)
Consumer Financial Protection Bureau – Scott Bessent (Acting Director effective February 3, 2025)
National Credit Union Administration – Kyle Hauptman (Acting Chairman effective January 20, 2025)
Small Business Administration – Kelly Loeffler (nominated December 2024)
U.S. Department of Housing and Urban Development – Scott Turner (nominated November 2024)
Federal Housing Finance Agency – Bill Pulte (nominated January 2025)
U.S. Department of Education – Linda McMahon (nominated November 2024)
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 the Consolidated 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
