PH FedACTion: Financial Regulatory Updates
Wednesday July 3, 2024
Federal Agencies
U.S. Department of the Treasury
Joint Statement on the EU-U.S. Financial Regulatory Forum
July 2, 2024
The EU–U.S. Joint Financial Regulatory Forum took place on June 25-26, 2024, with participants exchanging views on topics of mutual interest as part of their regular financial regulatory dialogue. The dialogue was hosted by the European Commission and the U.S. Department of the Treasury.
Meeting of White House, U.S. Department of the Treasury, and Stakeholders for the Initiative for Inclusive Entrepreneurship
July 2, 2024
The Office of the Vice President and the U.S. Department of the Treasury co-hosted a stakeholder meeting for the Initiative for Inclusive Entrepreneurship (IIE), an 18-month national pilot program that Vice President Harris announced at Treasury’s 2022 Freedman’s Bank Forum to expand access to capital for small businesses that have lacked opportunity and need additional investment to grow and hire.
Federal Reserve Bank of New York
Blog: On the Distributional Effects of Inflation and Inflation Stabilization
July 2, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “On the Distributional Effects of Inflation and Inflation Stabilization.”
Securities and Exchange Commission
Remarks: The Hitchhiker’s Guide to ESG
July 2, 2024
Securities and Exchange Commission Commissioner Hester M. Peirce gave remarks entitled, “The Hitchhiker’s Guide to ESG,” at the Annual US-Central and Eastern European Connection Weekend.
Consumer Financial Protection Bureau
CFPB Exams Find Loan Servicing Failures, Illegal Debt Collection Practices, and Issues with Medical Payment Products
July 2, 2024
The Consumer Financial Protection Bureau (CFPB) published an edition of Supervisory Highlights sharing key findings from recent examinations of auto and student loan servicing companies, debt collectors, and other financial services providers.
Federal Housing Finance Agency
FHFA Releases Data Visualization Dashboard for NMDB Outstanding Residential Mortgage Statistics
July 2, 2024
The Federal Housing Finance Agency published updated aggregate statistics from the National Mortgage Database and launched the NMDB Aggregate Statistics Dashboard—a new data visualization tool for the NMDB Outstanding Residential Mortgage Statistics.
Ginnie Mae
Global Markets Analysis Report – June 2024
July 2, 2024
Ginnie Mae published the Global Markets Analysis Report for June 2024.
Bank Policy Institute
Joint Trades to FinCEN: SARs Demand Significant Bank Time, Resources
July 2, 2024
Suspicious activity reports take up major time and resources at financial institutions far exceeding the government’s estimates, the Bank Policy Institute, the Financial Technology Association, the Independent Community Bankers of America, the American Gaming Association and the Securities Industry and Financial Markets Association wrote in a letter filed early this week.
Stress Testing: A Response to Professor Daniel Tarullo’s Recent Working Paper
July 2, 2024
The Bank Policy Institute published a blog post entitled, “Stress Testing: A Response to Professor Daniel Tarullo’s Recent Working Paper.”
International
European Banking Authority
EBA calls for caution amid rising geopolitical risks for the EU/EEA banking sector
July 2, 2024
The European Banking Authority published the spring edition of its risk assessment report.
Most EU resolution banks comply with the requirement aimed at supporting orderly resolution in case of failure, the EBA dashboard finds
July 2, 2024
The European Banking Authority published its Q4 2023 quarterly dashboard on minimum requirement for own funds and eligible liabilities, which discloses aggregated statistical information for 333 EU/EEA banks earmarked for resolution.
Bank of England
Consolidated balance sheet - 31 March 2023
July 2, 2024
The Bank of England published the consolidated balance sheet for the quarter ending March 31, 2023.
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.
