Major Developments
Federal Financial Institutions Examination Council
FinCEN Not Issuing Fines or Penalties in Connection With Beneficial Ownership Information Reporting Deadlines Under the Corporate Transparency Act
February 27, 2025
FinCEN announced that it will not issue fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines.
Congress
U.S. House of Representatives
Committee on Financial Services
Democratic Representatives File Amicus Brief to Block CFPB Shutdown
February 28, 2025
A group of 203 House Democrats filed an amicus brief defending the Consumer Financial Protection Bureau (CFPB) in the matter of National Treasury Employees Union (NTEU), et al. v. CFPB Acting Director Russell Vought, et al. before the U.S. District Court for the District of Columbia.
Federal Agencies
U.S. Department of the Treasury
Preliminary Report on Foreign Holdings of U.S. Securities at End – June 2024
February 28, 2025
The U.S. Department of the Treasury released preliminary data from the June 2024 benchmark survey of foreign portfolio holdings of U.S. securities.
Global Coalition to Defeat ISIS Convenes Twenty-First Finance Working Group Meeting
February 28, 2025
The United States, Italy and Saudi Arabia convened virtually the 21st meeting of the Counter ISIS Finance Group (CIFG), a working group of the Global Coalition to Defeat ISIS.
Federal Reserve Board
Paper: CardSim: A Bayesian Simulator for Payment Card Fraud Detection Research
February 28, 2025
The Federal Reserve Board published a working paper entitled “CardSim: A Bayesian Simulator for Payment Card Fraud Detection Research.”
Federal Reserve Bank of New York
Blog: Kartik Athreya on His First Year as Research Director of the New York Fed
February 28, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “Kartik Athreya on His First Year as Research Director of the New York Fed.”
Bank Policy Institute
Financial Trades Urge CISA to Rescind and Revise Overly Broad Cyber Reporting Rule
February 28, 2025
A coalition of financial trade associations sent a letter to the Cybersecurity and Infrastructure Security Agency to rescind and reissue its proposed cyber incident reporting rule to implement the Cyber Incident Reporting for Critical Infrastructure Act.
International
Bank of England
Speech: Surveys, forecasts and Scenarios: Setting UK Monetary Policy Under Uncertainty
February 28, 2025
Bank of England Deputy Governor Dave Ramsden gave a speech entitled, “Surveys, forecasts and scenarios: setting UK monetary policy under uncertainty,” at the Bureau for Economic Research.
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 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 (nominated December 2024); Mark T. Uyeda (Acting Chairman effective January 20, 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 20, 2025)
U.S. Department of Housing and Urban Development – Scott Turner (nominated November 2024)
Federal Housing Finance Agency – William 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
