Daily Financial Regulation Update -- Saturday May 11, 2024

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PH FedACTion: Financial Regulatory Updates

Saturday, May 11, 2024

Major Developments

U.S. Department of the Treasury

The Financial Stability Oversight Council Releases Report on Nonbank Mortgage Servicing

May 10, 2024

The Financial Stability Oversight Council released its Report on Nonbank Mortgage Servicing.

Congress

U.S. House of Representatives

Committee on Financial Services

House to Consider Financial Innovation and Technology for the 21st Century Act

May 10, 2024

The House Committee on Rules publicly noticed its intent to consider the Financial Innovation and Technology for the 21st Century (FIT21) Act, clearing a pathway for a floor vote later this month.

Federal Agencies

U.S. Department of the Treasury

Treasury Announces Plan to Sell Airline Warrants

May 10, 2024

The U.S. Department of the Treasury announced its intention to conduct a series of auctions to sell its warrants to purchase the common stock of certain publicly traded airlines to qualified institutional buyers, institutional accredited investors, or the issuing airlines.

Federal Reserve Board

Speech: Financial Stability Risks: Resiliency and the Role of Regulators

May 10, 2024

Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, “Financial Stability Risks: Resiliency and the Role of Regulators,” at the Texas Bankers Association 2024 Annual Meeting.

Supervision and Regulation Report – May 2024

May 10, 2024

The Federal Reserve Board released the Supervision and Regulation Report for May 2024.

Federal Reserve Bank of New York

 

Report: Information and Market Power in DeFi Intermediation

May 10, 2024

The Federal Reserve Bank of New York published a staff report entitled, “Information and Market Power in DeFi Intermediation.”

Commodity Futures Trading Commission

CFTC Issues Proposal on Event Contracts

May 10, 2024

The Commodity Futures Trading Commission issued a Notice of Proposed Rulemaking to further specify types of event contracts that fall within the scope of Commodity Exchange Act (CEA) section 5c(c)(5)(C) and are contrary to the public interest.

Bank Policy Institute

BPI and Joint Trades Comment on Federal Reserve’s Debit Card Proposal

May 10, 2024

The Clearing House Association L.L.C., the Bank Policy Institute, the American Bankers Association, the Independent Community Bankers of America, America’s Credit Unions, the Electronic Payments Coalition, the Mid-Size Bank Coalition of America, the National Bankers Association, and the Consumer Bankers Association submitted a comment letter to the Board of Governors of the Federal Reserve System in response to the notice of proposed rulemaking regarding modifications to Regulation II and the Official Board Commentary on Regulation II related to debit card interchange fees.

International

Bank of England

Market Participants Survey results – May 2024

May 10, 2024

The Bank of England issued the results of the Market Participants Survey for May 2024.

Financial Conduct Authority

Speech: Building our societies through lending and savings

May 10, 2024

Financial Conduct Authority Chief Operating Officer Emily Shepperd gave a speech entitled, “Building our societies through lending and savings,” at the Building Societies Annual Conference.

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

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Attorney Advertising.

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