PH FedACTion: Financial Regulatory Updates
Friday, May 10, 2024
Major Developments
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Consumer Protection: Examining Fees in Financial Services and Rental Housing
May 9, 2024
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, “Consumer Protection: Examining Fees in Financial Services and Rental Housing.”
Federal Agencies
Federal Reserve Board
Federal Reserve Board releases summary of the exploratory pilot Climate Scenario Analysis exercise
May 9, 2024
The Federal Reserve Board released a summary of the exploratory pilot Climate Scenario Analysis (CSA) exercise that it conducted with six of the nation's largest banks.
Federal Reserve Bank of New York
Article: Teacher Professional Development: Demonstrating Economics Is Integral to Life
May 9, 2024
The Federal Reserve Bank of New York published a The Teller Window article entitled, “Teacher Professional Development: Demonstrating Economics Is Integral to Life.”
Blog: The Post‑Pandemic Shift in Retirement Expectations in the U.S.
May 9, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “The Post‑Pandemic Shift in Retirement Expectations in the U.S.”
Consumer Financial Protection Bureau
CFPB Report Regarding Credit Card Rewards Programs
May 9, 2024
The Consumer Financial Protection Bureau issued a new report describing its analysis of consumers’ experiences with credit card rewards programs.
Prepared Remarks of CFPB Director Rohit Chopra at the Joint Hearing on Airline and Credit Card Rewards Programs
May 9, 2024
Consumer Financial Protection Bureau Director Rohit Chopra gave remarks at the joint hearing with the Department of Transportation on airline and credit card rewards programs.
Ginnie Mae
Sam Valverde in Seat as Acting President of Ginnie Mae
May 9, 2024
Sam Valverde entered the role of Acting President of Ginnie Mae, effective May 6. Mr. Valverde previously served as Ginnie Mae’s Principal Executive Vice President since January 2023.
International
Bank of England
Monetary Policy Report - May 2024
May 9, 2024
The Monetary Policy Committee released its quarterly policy report, summary and minutes. The Committee voted to maintain the bank rate at 5.25%.
Monthly Decision Maker Panel data - April 2024
May 9, 2024
The Bank of England published the results of the Decision Maker Panel survey from April 2024.
Financial Conduct Authority
Market Watch Newsletter – Edition 79
May 9, 2024
The Financial Conduct Authority published the 79th edition of the Market Watch newsletter.
Speech: Building our societies through lending and savings
May 9, 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.
