PH FedACTion: Financial Regulatory Updates
Wednesday, May 8, 2024
Major Developments
Federal Deposit Insurance Corporation
FDIC Special Review Committee Releases Independent Report on Workplace Misconduct and Culture
May 7, 2024
The Federal Deposit Insurance Corporation (“FDIC”) released the report from am independent third-party review of allegations of sexual harassment and other interpersonal misconduct at the FDIC and management’s response to that harassment and misconduct, and the independent third-party assessment of the FDIC’s workplace culture.
Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: SEC Enforcement: Balancing Deterrence with Due Process
May 7, 2024
The U.S. House Committee on Financial Services Subcommittee on Capital Markets held a hearing entitled, “SEC Enforcement: Balancing Deterrence with Due Process.”
Federal Agencies
Federal Reserve Board
Data: G.19 Consumer Credit – March 2024
May 7, 2024
The Federal Reserve Board issued the G.19 consumer credit data for March 2024.
Federal Reserve Bank of New York
Blog: Many Places Still Have Not Recovered from the Pandemic Recession
May 7, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Many Places Still Have Not Recovered from the Pandemic Recession.”
Federal Reserve Bank of Boston
Working Paper: Relationship Lending: That Ship Has Not Sailed for Community Banks
May 7, 2024
The Federal Reserve Bank of Boston Research Department published a working paper entitled, “Relationship Lending: That Ship Has Not Sailed for Community Banks.”
Conference of State Bank Supervisors
Fannie Mae
Housing Sentiment Again Shows Signs of Plateauing
May 7, 2024
The Fannie Mae Home Purchase Sentiment Index® (HPSI) was unchanged in April at 71.9 and is showing signs of once again plateauing as consumers continue to adjust to the higher interest rate and home price environment.
International
European Banking Authority
The EBA publishes final draft technical standards under the Markets in Crypto-Assets Regulation
May 7, 2024
The European Banking Authority published three sets of final draft regulatory technical standards (RTS) and one set of final draft implementing technical standards (ITS) relating to the authorization as issuer of asset-referenced tokens.
Bank of England
Speech: Monsters in the deep?
May 7, 2024
Financial Policy Committee Member Jonathan Hall gave a speech entitled, “Monsters in the deep?” at the University of Exeter Business School.
Administration Changes
Vacancies
Office of the Comptroller of the Currency
- Comptroller – Vacant (Michael Hsu serves as Acting Comptroller)
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Janet Yellen (effective January 26, 2021)
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 (sworn in July 19, 2022)
- 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 – Martin Gruenberg (effective January 5, 2023)
- Vice Chairman Travis Hill (sworn in January 5, 2023)
- Director Jonathan McKernan (sworn in January 5, 2023)
- Director Michael Hsu (Acting Comptroller of the Currency)
- Director Rohit Chopra (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 – Gary Gensler (effective April 17, 2021)
Commodity Futures Trading Commission – Rostin Behnam (effective December 17, 2021)
Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)
National Credit Union Administration – Todd M. Harper (effective January 20, 2021)
Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)
U.S. Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021) (resigned March 11, 2024, effective March 22, 2024)
Federal Housing Finance Agency – Sandra L. Thompson (effective June 22, 2022)
U.S. Department of Education – Dr. Miguel Cardona (effective March 2, 2021)
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
