US Reg Round Up: 12/03/2025

Federal Reserve

Agencies Issue 2024 Shared National Credit Program Report - 10 March 2025

Federal banking regulators—the Federal Deposit Insurance Corporation, the Federal Reserve Board, and the Office of the Comptroller of the Currency—released the 2024 Shared National Credit (SNC) report, highlighting that while credit risk in large, syndicated bank loans remains moderate, signs of weakened credit quality persist. The ongoing impact of higher interest rates on leveraged borrowers and shrinking operating margins in certain industries continue to drive this trend. Looking ahead, the agencies cautioned that risk levels in 2025 will depend on borrowers' ability to manage interest expenses, conditions in the real estate market, and broader macroeconomic factors.

Federal Reserve Board Begins 2025 Survey of Consumer Finances - 28 February 2025

The Federal Reserve Board will launch its 2025 Survey of Consumer Finances (SCF) in March, continuing its long-standing study of household finances that provides policymakers and the public with crucial insights into the economic well-being of American families. Conducted every three years since 1983, the SCF examines household assets, borrowing habits, banking practices, and overall economic sentiment. Federal Reserve Chair Jerome Powell emphasized the survey’s importance in understanding the financial landscape of American families, particularly considering past economic disruptions such as the COVID-19 pandemic. The data collected has historically informed discussions on key issues like homeownership as a component of wealth, household recovery from economic downturns, and shifts in consumer credit usage. The 2025 survey, conducted by NORC at the University of Chicago, will randomly select participants from 119 geographic areas across the United States, covering both metropolitan and rural regions. Participants will be contacted directly by NORC representatives for interviews, and all responses will remain strictly confidential. Identifying information, including names and addresses, will be destroyed upon survey completion. The Federal Reserve Board plans to publish summary results in late 2026, following a thorough analysis of the collected data. Chair Powell’s letter inviting participation will be mailed to approximately 13,000 households in mid-March.

Minutes of the Federal Reserve Board’s Discount Rate Meetings on January 21 and 29, 2025 is released - 25 February 2025

The Federal Reserve Board has released the minutes from its meetings on January 21 and 29, 2025, where members reviewed and determined the discount rates for depository institutions. During these discussions, Board members assessed economic and financial developments, the primary credit rate, and potential policy actions ahead of the upcoming joint meeting with the Federal Open Market Committee. On January 9, the directors of the Federal Reserve Bank of Richmond voted to maintain the primary credit rate at 4.5%.

Securities and Exchange Commission

Filer Transition to New and Improved EDGAR Begins March 24 - 06 March 2025

The Securities and Exchange Commission (SEC) is providing extensive guidance and resources to help filers transition to the upcoming access and security enhancements in the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. Beginning March 24, filers will be able to enroll in EDGAR Next through a new EDGAR Filer Management dashboard, where individuals and entities can also submit the Form ID access application.

The SEC adopted EDGAR Next rule and form amendments in September 2024 to enhance filers' ability to securely manage their EDGAR accounts while streamlining access procedures. While enrollment in EDGAR Next will remain open until December 19, 2025, filers are encouraged to enroll by September 12, 2025, to prevent disruptions in filing access.

SEC Extends Compliance Dates and Grants Temporary Exemption for U.S. Treasury Clearing Rule - 25 February 2025

The Securities and Exchange Commission (SEC) has extended the compliance dates for Rule 17ad-22(e)(18)(iv)(A) and (B) under the Securities Exchange Act, providing market participants additional time to meet clearing requirements for U.S. Treasury securities. The compliance deadlines are now Dec. 31, 2026, for eligible cash market transactions and June 30, 2027, for eligible repo market transactions. Under the rule, covered clearing agencies that provide central counterparty services for U.S. Treasury securities must establish policies requiring direct participants to submit all eligible secondary market transactions for clearance and settlement. These agencies must also monitor participants’ transaction submissions and address failures to comply. Additionally, the SEC has issued a temporary exemption for Exchange Act Rule 17ad-22(e)(6)(i), which mandates that covered clearing agencies separately calculate and collect margin for a direct participant’s proprietary U.S. Treasury securities positions versus those of indirect participants relying on the direct participant for clearing access. The original March 31, 2025, compliance date has been extended to Sept. 30, 2025.

SEC Launches Cyber and Emerging Technologies Unit to Protect Retail Investors- 20 February 2025

The Securities and Exchange Commission (SEC) has announced the formation of the Cyber and Emerging Technologies Unit (CETU), a specialized division aimed at addressing cyber-related misconduct and protecting retail investors in the evolving technology landscape. The CETU, which replaces the former Crypto Assets and Cyber Unit, will be led by Laura D’Allaird and will consist of approximately 30 fraud specialists and attorneys from various SEC offices. The CETU will focus on preventing and investigating misconduct in the following key areas: fraud using emerging technologies such as artificial intelligence and machine learning, use of social media, the dark web, or deceptive websites to perpetrate fraud, hacking schemes to obtain material non-public information, unauthorized takeovers of retail brokerage accounts, blockchain and cryptocurrency-related fraud, compliance of regulated entities with cybersecurity rules, and fraudulent cybersecurity disclosures by public issuers. With its dedicated focus, CETU will enhance the SEC’s ability to safeguard investors and ensure integrity in financial markets as technological innovations continue to evolve.