Print ArticleMay 2025
DC Updates
DC Updates highlights recent press releases on actions of the Federal Reserve Board as well as speeches and congressional testimonies of Board members that may be of interest to community bankers. All the Federal Reserve Board’s rulemakings, press releases, testimonies, speeches, and policy statements can be found on the Board's website. The updates listed below reflect actions, speeches, and testimonies from January 28, 2025, to April 17, 2025.
Public Releases
Matters Related to Safety and Soundness Supervision and Consumer Affairs
Agencies Take Action on Appraisal Requirements in an Area Affected by California Wildfires and Straight-Line Winds (April 15, 2025)
To help facilitate recovery efforts in the areas affected by the 2025 California wildfires and straight-line winds, the Federal Reserve Board, in conjunction with the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency, temporarily paused certain appraisal requirements for real estate–related transactions under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA). This action is expected to allow banks and credit unions to work with families and businesses without obtaining an appraisal, with the intent of reducing loan processing times and helping to facilitate recovery from the disaster. Banks and credit unions will still be required to determine that the value of the real estate supports the institution's decision to enter into the transaction. This action will expire on January 8, 2028.
Agencies Announce Intent to Rescind 2023 Community Reinvestment Act Final Rule (March 28, 2025)
In light of pending litigation, the federal bank regulatory agencies announced their intent to issue a proposal to both rescind the October 2023 Community Reinvestment Act (CRA) final rule and reinstate the CRA framework that existed prior to the October 2023 rule.
Agencies Announce Second Public Outreach Meeting as Part of Their Review of Regulations (January 31, 2025)
The Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Federal Financial Institutions Examination Council and the federal banking agencies, with input from the public, to review their regulations at least once every 10 years to identify outdated or otherwise unnecessary regulatory requirements for their supervised institutions. The March 6, 2025, virtual outreach meeting provided an opportunity for stakeholders to present their views on (1) applications and reporting; (2) powers and activities; (3) international operations; (4) consumer protection; (5) directors, officers, and employees; and (6) money laundering.
Other Federal Reserve Board Announcements
Statement by Governor Bowman (March 17, 2025)
In response to being nominated for the role of Vice Chair for Supervision for the Board of Governors of the Federal Reserve System, Governor Michelle W. Bowman issued a statement thanking the President and reaffirming her commitment to a transparent and tailored regulatory framework that encourages innovation.
Federal Reserve Board Begins 2025 Survey of Consumer Finances (February 28, 2025)
In March 2025, the Federal Reserve Board commenced its annual study of household finances, the Survey of Consumer Finances, which provides the public and policymakers with detailed and important insights into the economic condition of American families.
Testimonies
Nomination Hearing, testimony of Governor Michelle W. Bowman before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Washington, DC, on April 10, 2025.
Semiannual Monetary Policy Report to the Congress, testimony of Chair Jerome H. Powell before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Washington, DC, on February 11, 2025.
Chair Powell submitted identical remarks to the U.S. House of Representatives Committee on Financial Services, on February 12, 2025.
Speeches
Speeches Related to Supervision and Regulation
Deepfakes and the AI Arms Race in Bank Cybersecurity, speech given by Governor Michael S. Barr at the Federal Reserve Bank of New York, New York, on April 17, 2025.
AI, Fintechs, and Banks, speech given by Governor Michael S. Barr at the Federal Reserve Bank of San Francisco, San Francisco, on April 4, 2025.
Community Banking, speech given by Governor Michelle W. Bowman at the Robbins Banking Institute Lecture Series, Hays, KS, on February 27, 2025.
Managing Financial Crises, speech given by Governor Michael S. Barr at the Yale School of Management, Program on Financial Stability, New Haven, CT, on February 25, 2025.
Risks and Challenges for Bank Regulation and Supervision, speech given by Governor Michael S. Barr at the Georgetown University Law Center, Washington, DC, on February 20, 2025.
Artificial Intelligence: Hypothetical Scenarios for the Future, speech given by Governor Michael S. Barr at the Council on Foreign Relations, New York, on February 18, 2025.
Brief Remarks on the Economy and Accountability in Supervision, Applications, and Regulation, speech given by Governor Michelle W. Bowman at the American Bankers Association 2025 Conference for Community Bankers, Phoenix, on February 17, 2025.
Bank Regulation in 2025 and Beyond, speech given by Governor Michelle W. Bowman at the Kansas Bankers Association Government Relations Conference, Topeka, KS, on February 5, 2025.
Governor Bowman presented identical remarks at the 2025 Wisconsin Bankers Association Bank Executives Conference, Milwaukee, on February 7, 2025, and at the 2025 Iowa Bankers Association Bank Management and Policy Conference, Des Moines, IA (virtual), on February 11, 2025.
Brief Remarks on the Economy, and Perspective on Mutual and Community Banks, speech given by Governor Michelle W. Bowman at the Northern New England CEO Summit, hosted by the Maine, New Hampshire, and Vermont Bankers Associations, Portsmouth, NH, on January 31, 2025.
Speeches Related to the U.S. Economy and Monetary Policy
Economic Outlook, speech given by Chair Jerome H. Powell at the Economic Club of Chicago, Chicago, on April 16, 2025.
Chair Powell presented similar remarks at the Society for Advancing Business Editing and Writing Annual Conference, Arlington, VA, on April 4, 2025.
A Tale of Two Outlooks, speech given by Governor Christopher J. Waller at the Certified Financial Analysts Society of St. Louis, St. Louis, on April 14, 2025.
The Economic Outlook and Path of Policy, speech given by Governor Lisa D. Cook at the 2025 McKay Lecture, University of Pittsburgh, Pittsburgh, on April 3, 2025.
U.S. Economic Outlook and Central Bank Communications, speech given by Vice Chair Philip N. Jefferson at the Financial Intermediaries, Markets, and Monetary Policy conference, sponsored by the Federal Reserve Bank of Atlanta and the University of Virginia Darden School of Business, Atlanta, on April 3, 2025.
Inflation Expectations and Monetary Policymaking, speech given by Governor Adriana D. Kugler at the Public Talk: Reflections on Recent Economic Developments event, cosponsored by Princeton University’s Griswold Center for Economic Policy Studies and Julis-Rabinowitz Center for Public Policy and Finance, Princeton, NJ, on April 2, 2025.
Latinos, Entrepreneurs, and the U.S. Economy, speech given by Governor Adriana D. Kugler at the 2025 U.S. Hispanic Chamber of Commerce Legislative Summit, Washington, DC, on March 25, 2025.
Helping Small Businesses Reach Their Potential, speech given by Governor Michael S. Barr at the Aspen Institute, Washington, DC, on March 24, 2025.
Remarks on "Monetary Policy Transmission to Real Activity" and the Recent Experience, speech given by Governor Michelle W. Bowman at the University of Chicago Booth School of Business 2025 U.S. Monetary Policy Forum, New York, on March 7, 2025.
Economic Outlook, speech given by Chair Jerome H. Powell at the University of Chicago Booth School of Business 2025 U.S. Monetary Policy Forum, New York, on March 7, 2025.
Disinflation Progress Uneven but Still on Track, Rates Cuts on Track as Well, speech given by Governor Christopher J. Waller at the University of New South Wales Macroeconomic Workshop, Sydney, NSW, Australia, on February 17, 2025.
U.S. Economic Outlook and Monetary Policy, speech by Vice Chair Philip N. Jefferson at the Economics Department Special Lecture, Lafayette College, Easton, PA, on February 4, 2025.