PH FedACTion: Financial Regulatory Updates
Saturday, June 8, 2024
Federal Agencies
U.S. Department of the Treasury
FSOC and the Brookings Institution Host a Conference on Artificial Intelligence and Financial Stability
June 6, 2024
The Financial Stability Oversight Council (FSOC), in partnership with the Brookings Institution, hosted the first day of a conference on Artificial Intelligence (AI) and Financial Stability.
Federal Reserve Board
Speech: A New Class of Trailblazers
June 7, 2024
Federal Reserve Board Governor Lisa D. Cook gave a speech entitled, “A New Class of Trailblazers,” at the Girls Global Academy 2024 Commencement Ceremony.
Financial Crimes Enforcement Network
FinCEN Issues Year in Review for Fiscal Year 2023
June 7, 2024
The Financial Crimes Enforcement Network published the FY 2023 Year in Review.
Fannie Mae
Home buying Sentiment Hits New Survey Low
June 7, 2024
The Fannie Mae Home Purchase Sentiment Index® (HPSI) decreased 2.5 points in May to 69.4 as the component measuring consumer attitudes toward home buying conditions fell markedly, reaching an all-time survey low.
International
European Banking Authority
EBA issues Opinion to the Norwegian Ministry of Finance on a measure adjusting the risk weight for commercial immovable property
June 7, 2024
The European Banking Authority published an Opinion following notification by the Norwegian Ministry of Finance of its intention to amend the risk weights for exposures secured by mortgages on commercial immovable property.
ESAs publish Joint Annual Report for 2023
June 7, 2024
The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published its 2023 Annual Report, providing an account of the joint work completed over the past year.
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.
