Compliance Journal February 2025
New Adminstration For compliance officers and others who are responsible for mastering, planning, implementing, and training staff on regulations affecting both internal and external matters of a financial institution, the past several weeks have been very interesting times. Like a version of the playground game “Red Light Green Light,” we all are grappling with whether a recently published rule or guidance is effective (Green Light), or not (Red Light). Such matters are further complicated with ongoing lawsuits involving many rules and the status of several recently signed executive orders. Confused? Rest assured; you are not the only one. What we currently know for certain is that agency figureheads are in the midst of being appointed, or nominated and approved, as the process which places new persons in leadership positions of the federal agencies plays out. This includes the appointment of Travis Hill as Acting Chairperson of the Federal Deposit Insurance Corporation (FDIC), the nomination of Jonathan McKernan to serve as the next Director of the Bureau of Consumer Financial Protection (CFPB), and the nomination of Jonathan Gould to serve as the Comptroller of the Office of Comptroller of the Currency (OCC). Currently, Russell Vought, who has been confirmed as Director of the Office of Management and Budget (OMB), is the CFPB Acting Director.