PH FedACTion: Financial Regulatory Updates
Friday, May 24, 2024
Federal Agencies
Federal Reserve Board
Working Paper: Central Banking Post Crises
May 30, 2024
The Federal Reserve Board published a working paper entitled, “Central Banking Post Crises.”
Working Paper: Constructing high-frequency monetary policy surprises from SOFR futures
May 30, 2024
The Federal Reserve Board published a working paper entitled, “Constructing high-frequency monetary policy surprises from SOFR futures.”
Federal Reserve Bank of New York
Speech: Finding Balance in the Economy
May 30, 2024
Federal Reserve Bank of New York President and CEO John C. Williams gave remarks entitled, “Finding Balance in the Economy,” at the Economic Club of New York.
Conference of State Bank Supervisors
CSBS Statement on Cantero v. Bank of America
May 30, 2024
The Conference of State Bank Supervisors issued a statement on the U.S. Supreme Court decision in Cantero v. Bank of America.
Consumer Financial Protection Bureau
CFPB Launches Inquiry into Junk Fees in Mortgage Closing Costs
May 30, 2024
The Consumer Financial Protection Bureau launched a public inquiry into junk fees that are increasing mortgage closing costs.
U.S. Small Business Administration
SBA Removes Cap on Loans for Clean Energy Projects
May 30, 2024
The U.S. Small Business Administration announced it has removed its 504 Loan Program’s cap on lending for clean energy projects.
Federal Housing Finance Agency
Blog: Opening New Doors: Overcoming Obstacles to Attain Affordable Homeownership
May 30, 2024
The Federal Housing Finance Agency published a blog post entitled, “Opening New Doors: Overcoming Obstacles to Attain Affordable Homeownership.”
State Agencies
New York State Department of Financial Services
DFS Issues New Guidance Regarding Virtual Currency Customer Service Requirements
May 30, 2024
The New York State Department of Financial Services issued guidance requiring DFS-regulated virtual currency entities to maintain and implement effective policies and procedures to promptly address customer service requests and complaints.
International
Financial Conduct Authority
Multi-factor authentication for FCA systems
May 30, 2024
The Financial Conduct Authority issued guidance on multi-factor authentication for FCA systems.
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.
