PH FedACTion: Financial Regulatory Updates
Saturday June 22, 2024
Major Developments
Federal Reserve Board
Federal Deposit Insurance Corporation
Agencies announce results of resolution plan review for largest and most complex banks
June 21, 2024
The Federal Deposit Insurance Corporation and Federal Reserve Board announced that following their joint review of the July 2023 resolution plan submissions of the eight largest and most complex banks, they identified a weakness in the plans from Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase.
Federal Agencies
U.S. Department of the Treasury
Treasury Issues Proposed Rule to Implement Executive Order Addressing U.S. Investments in Certain National Security Technologies and Products in Countries of Concern
June 21, 2024
The U.S. Department of the Treasury issued a Notice of Proposed Rulemaking (NPRM) to implement Executive Order 14105 of August 9, 2023, “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern.”
Federal Reserve Board
Federal Reserve Board announces it will the comment period on proposal to expand operating days of the Federal Reserve Banks’ Fedwire Funds Service and the National Settlement Service
June 21, 2024
The Federal Reserve Board announced that it will extend until September 6, 2024, the comment period on its proposal to expand the operating days of the Federal Reserve Banks' two large-value payments services, Fedwire® Funds Service and the National Settlement Service (NSS), to include weekends and holidays.
Working Paper: CRE Redevelopment Options and the Use of Mortgage Financing
June 21, 2024
The Federal Reserve Board published a working paper entitled, “CRE Redevelopment Options and the Use of Mortgage Financing.”
Federal Deposit Insurance Corporation
FDIC Approves the Deposit Insurance and Merger Applications for Thrivent Bank, Salt Lake City, Utah
June 21, 2024
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved a deposit insurance application submitted by Thrivent Financial for Lutherans (TFL) based in Minneapolis (through its wholly owned subsidiary Thrivent Financial Holdings), to create Thrivent Bank, a newly chartered industrial bank headquartered in Salt Lake City, Utah.
Securities and Exchange Commission
Announcement: Selective Disclosure of Information Regarding Cybersecurity Incidents
June 21, 2024
Securities and Exchange Commissioner Director Erik Gerding issued an announcement on selective disclosure of information regarding cybersecurity incidents.
Fannie Mae
Unaffordability Expected to Remain Primary Constraint on Home Sales
June 21, 2024
Affordability constraints continue to limit the number of buyers willing and able to make home purchases, even as listings of for-sale homes rise, according to the June 2024, commentary from the Fannie Mae Economic and Strategic Research Group.
International
European Banking Authority
The EBA updates the Pillar 3 disclosure framework finalizing the implementation of the Basel III Pillar 3 framework
June 21, 2024
The European Banking Authority published a final draft implementing technical standards (ITS) on public disclosures by institutions that implement the changes in the Pillar 3 disclosure framework introduced by the amending Regulation (EU) 2024/1623 (CRR 3).
Bank of England
Market Participants Survey results – June 2024
June 21, 2024
The Bank of England released the results of the Market Participants Survey for June 2024.
Market Notice: Asset Purchase Facility: Gilt Sales – Q3 2024
June 21, 2024
The Bank of England issued a Market Notice setting out the schedule for sales in Q3 2024 of gilts held in the Asset Purchase Facility (APF) for monetary policy purposes.
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)
- Chair-Designate Christy Goldsmith Romero
- 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.
