PH FedACTion: Financial Regulatory Updates
Thursday, April 18, 2024
Congress
U.S. House of Representatives
Committee on Financial Services
Committee Holds Markup of Various Legislation and Resolutions
April 17, 2024
- The U.S. House Committee on Financial Services held a markup up of legislation and resolutions including:
- H.R. 5535, the "Insurance Data Protection Act"
- H.R. 802, the "Respect State Housing Laws Act"
- H.R. 7437, the "Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision (FUTURES) Act"
- H.R. 7440, the "Financial Services Innovation Act of 2024"
H.R. 7428, the "Earned Wage Access Consumer Protection Act"
- H.R. 4206, the "Bank Safety Act of 2023"
- H.R. 4116, the "Systemic Risk Authority Transparency Act"
- H.J. Res. 127, a resolution "providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to the 'Enhancement and Standardization of Climate-Related Disclosures for Investors'"
- H.J. Res. 122, a resolution "providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Consumer Financial Protection Bureau relating to 'Credit Card Penalty Fees (Regulation Z)'"
- H.J. Res. 120, a resolution "providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Financial Stability Oversight Council (FSOC) relating to "Guidance on Non-Bank Financial Company Determinations'"
- H.J. Res. 125, a resolution "providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Board of Governors of the Federal Reserve System relating to 'Principles for Climate-Related Financial Risk Management for Large Financial Institutions'"
- H.J. Res. 126, a resolution "providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Federal Deposit Insurance Corporation relating to 'Principles for Climate-Related Financial Risk Management for Large Financial Institutions'"
Federal Agencies
U.S. Department of the Treasury
Treasury International Capital Data for February
April 17, 2024
The U.S. Department of the Treasury released Treasury International Capital (TIC) data for February 2024.
Federal Reserve Board
Beige Book –April 2024
April 17, 2024
The Federal Reserve Board published the Beige Book for April 2024.
Federal Reserve Bank of New York
Blog: The New York Fed Consumer Credit Panel: A Foundational CMD Data Set
April 17, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “The New York Fed Consumer Credit Panel: A Foundational CMD Data Set.”
Securities and Exchange Commission
Commissioner Uyeda Remarks at the 43rd Annual Small Business Forum
April 17, 2024
Securities and Exchange Commission Commissioner Mark T. Uyeda gave remarks at the 43rd Annual Small Business Forum.
Federal Financial Institutions Examination Council
FinCEN Renews Real Estate Geographic Targeting Orders
April 17, 2024
The Financial Crimes Enforcement Network announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in non-financed purchases of residential real estate.
FINRA
Blog: FINRA Enforcement Chief’s Key Objectives
April 17, 2024
FINRA published a blog post entitled, “FINRA Enforcement Chief’s Key Objectives.”
Federal Housing Finance Agency
FHFA Releases Housing Mission Report for 2023
April 17, 2024
The Federal Housing Finance Agency released its annual Housing Mission Report, describing the activities taken by Fannie Mae and Freddie Mac and the Federal Home Loan Banks in 2023 to promote access to financing for affordable, sustainable, and equitable housing and targeted economic development.
Ginnie Mae
Ginnie Mae Announces Expansion of Payment Default Status (PDS) Reporting
April 17, 2024
Ginnie Mae announced revisions to its monthly single-family reporting requirements to include expanded Payment Default Status (PDS) reporting.
Bank Policy Institute
BPI Survey Finds FinCEN Significantly Underestimates SAR Filing Demands
April 17, 2024
New survey data released by the Bank Policy Institute finds that the Financial Crimes Enforcement Network significantly underestimates the time required for a bank to file a suspicious activity report. BPI also issued a comment letter responding to FinCEN’s request under the Paperwork Reduction Act.
International
Bank of England
Quarterly Bulletin: Measuring climate-related financial risks using scenario analysis
April 17, 2024
The Bank of England published a Quarterly Bulletin entitled, “Measuring climate-related financial risks using scenario analysis.”
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
