PH FedACTion: Financial Regulatory Updates
Friday June 14, 2024
Major Developments
Federal Deposit Insurance Corporation
President Biden Nominates Christy Goldsmith Romero to FDIC Chair
June 13, 2024
President Joe Biden nominated current Commodity Futures Trading Commission Commissioner Christy Goldsmith Romero to be Chair and Member of the Federal Deposit Insurance Corporation.
U.S. Department of the Treasury
President Biden Nominates Kristin N. Johnson to Assistant Secretary for Financial Institutions
June 13, 2024
President Joe Biden nominated current Commodity Futures Trading Commission Commissioner Kristin N. Johnson to be Assistant Secretary for Financial Institutions.
Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: The Semi-Annual Report of the Bureau of Consumer Financial Protection
June 13, 2024
The U.S. House Committee on Financial Services held a hearing entitled, “The Semi-Annual Report of the Bureau of Consumer Financial Protection.” The Committee heard testimony from The Honorable Rohit Chopra, Director, Consumer Financial Protection Bureau.
Financial Services & General Government Appropriations Legislation Includes Key Committee Republican Priorities
June 13, 2024
The U.S. House Committee on Appropriations will consider Financial Services General Government (FSGG) appropriations legislation at a full committee markup.
Federal Agencies
Federal Reserve Board
Revised “A Guide to HMDA Reporting: Getting It Right!”
June 13, 2024
The Federal Reserve Board published a consumer affairs letter announcing the revised version of “A Guide to HMDA Reporting: Getting it Right!”
Office of the Comptroller of the Currency
Prohibition Against Interstate Deposits: Annual Host State Loan-to-Deposit Ratios
June 13, 2024
The Office of the Comptroller of the Currency published a bulletin rescinding OCC Bulletin 2023-14, “Prohibition Against Interstate Deposits: Annual Host State Loan-to-Deposit Ratios,” published May 19, 2023.
Securities and Exchange Commission
Testimony before the Subcommittee on Financial Services and General Government
June 13, 2024
Securities and Exchange Commission Chair Gary Gensler testified before the U.S. Senate Committee on Appropriations Subcommittee on Financial Services and General Government.
Commodity Futures Trading Commission
Testimony of Chairman Rostin Behnam Before the Subcommittee on Financial Services and General Government, Committee on Appropriations, U.S. Senate
June 13, 2024
Commodity Futures Trading Commission Chair Rostin Behnam testified before the U.S. Senate Committee on Appropriations Subcommittee on Financial Services and General Government.
Consumer Financial Protection Bureau
OIG Report: The CFPB Effectively Designed a Process to Allocate Surplus Civil Penalty Funds and Monitored Contractor Payments to Victims
June 13, 2024
The Office of Inspector General of the Consumer Financial Protection Bureau published a report entitled, “The CFPB Effectively Designed a Process to Allocate Surplus Civil Penalty Funds and Monitored Contractor Payments to Victims.”
Financial Stability Oversight Council
President Biden Nominates Gordon I. Ito to Financial Stability Oversight Council
June 13, 2024
President Joe Biden nominated current Insurance Commissioner for the State of Hawaii Gordon I. Ito to be a Member of the Financial Stability Oversight Council.
Freddie Mac
In Sharp Reversal of Recent Decline, Freddie Mac Multifamily Apartment Investment Market Index Rises in First Quarter of 2024
June 13, 2024
The Freddie Mac Multifamily Apartment Investment Market Index® (AIMI®) rose by 8.7% in the first quarter of 2024 as well as over the full year, with the annual index up 8.1%.
International
European Banking Authority
The EBA publishes regulatory products under the Markets in Crypto-Assets Regulation
June 13, 2024
The European Banking Authority published the package of technical standards and guidelines under MiCAR on prudential matters, namely own funds, liquidity requirements, and recovery plans.
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 – resignation pending
- Chair Designate - Christy Goldsmith Romero (nominated June 13, 2024)
- 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.
