PH FedACTion: Financial Regulatory Updates
Friday, April 12, 2024
Major Developments
Congress
U.S. House of Representatives
Committee on Financial Services
Reps. Reintroduce Bill to Protect America's Critical Financial Infrastructure from Ransomware Attacks
April 11, 2024
U.S. House Financial Services Committee Chairman Patrick McHenry (R-NC) and U.S. Representative Brittany Pettersen (D-CO) introduced the bipartisan Ransomware and Financial Stability Act.
Federal Agencies
U.S. Department of the Treasury
Treasury Proposes Regulatory Update to Sharpen and Enhance CFIUS Procedures and Enforcement Authorities to Protect National Security
April 11, 2024
The U.S. Department of the Treasury, as Chair of the Committee on Foreign Investment in the United States (CFIUS), issued a Notice of Proposed Rulemaking to enhance certain CFIUS procedures and sharpen its penalty and enforcement authorities.
Remarks by Under Secretary for International Affairs Jay Shambaugh on the U.S. Vision for Global Debt and Development Finance
April 11, 2024
Under Secretary for International Affairs Jay Shambaugh gave remarks on the U.S. vision for global debt and development finance at the Peterson Institute for International Economics.
Federal Reserve Bank of New York
Federal Reserve Bank of Boston
Boston and New York Fed conference examines the potential impacts of stablecoins
April 11, 2024
The Federal Reserve Banks of New York and Boston held a virtual Conference on the Financial Stability Implications of Stablecoins.
Federal Reserve Bank of New York
President Williams Gives Remarks at Federal Home Loan Bank of New York 2024 Member Symposium
April 11, 2024
Federal Reserve Bank of New York President and CEO John C. Williams gave remarks at the Federal Home Loan Bank of New York 2024 Member Symposium.
Blog: Monetary Policy and Money Market Funds in Europe
April 11, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Monetary Policy and Money Market Funds in Europe."
Federal Reserve Bank of Boston
Speech: The Importance of a Patient, Methodical, and Holistic Approach to Monetary Policy
April 11, 2024
Federal Reserve Bank of Boston President and CEO Susan M. Collins gave remarks entitled, "The Importance of a Patient, Methodical, and Holistic Approach to Monetary Policy," at the Economic Club of New York.
Securities and Exchange Commission
Updated Investor Bulletin: How to Read a Mutual Fund or ETF Shareholder Report
April 11, 2024
The Securities and Exchange Commission updated the investor bulletin entitled, "How to Read a Mutual Fund or ETF Shareholder Report."
Commissioner Pham Statement
Opening Remarks of Chair Behnam at the CFTC and the Center for Risk Management Education and Research (CRMER) at Kansas State University AgCon 2024
April 11, 2024
Commodity Futures Trading Commission Chair Rostin Behnam gave opening remarks at AgCon 2024 presented by the CFTC and Center for Risk Management Education and Research at Kansas State University.
Commodity Futures Trading Commission
CFTC Holds Agricultural Advisory Committee Meeting
April 11, 2024
The Commodity Futures Trading Commission held a meeting of the Agricultural Advisory Committee.
Keynote Address of Ian McGinley Before the New York City Bar Association Futures and Derivatives Committee Conference
April 11, 2024
Commodity Futures Trading Commission Division of Enforcement Director Ian McGinley gave a keynote address entitled, "The Benefits of Self-Reporting to the CFTC," at the New York City Bar Association Futures and Derivatives Committee Conference.
Consumer Financial Protection Bureau
Joint Statement by CFPB Director Chopra and European Commission Commissioner Reynders
April 11, 2024
U.S. Consumer Financial Protection Bureau Director Rohit Chopra and European Commission Commissioner for Justice and Consumer Protection Didier Reynders issued a joint statement summarizing three meetings of senior staff and subject matter experts to discuss shared priority areas, as well as a readout from their meeting in Brussels in February 2024.
Remarks CFPB General Counsel and Senior Advisor Frotman at the National Consumer Law Center/National Association of Consumer Advocates Spring Training
April 11, 2024
Consumer Financial Protection Bureau General Counsel and Senior Advisor to the Director Seth Frotman gave remarks at the National Consumer Law Center/National Association of Consumer Advocates Spring Training.
U.S. Small Business Administration
SBA Launches Digital Hub to Connect Small Businesses with Major Funding
April 11, 2024
The U.S. Small Business Administration announced the launch of the SBA's new Investing in America Small Business Hub, the first and only digital portal of its kind providing industry-specific resources to help small businesses tap into opportunities under President Biden's Investing in America (IIA) Agenda.
Federal Housing Finance Agency
Credit Risk Transfer Progress Report 4Q2023
April 11, 2024
The Federal Housing Finance Agency released the Credit Risk Transfer Progress Report for Q4 2023.
International
European Banking Authority
The EBA publishes final Guidelines on the application of the group capital test for investment firm groups
April 11, 2024
The European Banking Authority published its final Guidelines on the application of the group capital test for investment firm groups.
ESAs to run voluntary dry run exercise to prepare industry for the next stage of DORA implementation
April 11, 2024
The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) announced that they will launch in May the voluntary exercise for the collection of the registers of information of contractual arrangements on the use of ICT third-party service providers by the financial entities.
Bank of England
Credit Conditions Survey - 2024 Q1
April 11, 2024
The Bank of England released the results of the Credit Conditions Survey for Q1 2024.
Bank Liabilities Survey - 2024 Q1
April 11, 2024
The Bank of England released the results of the Bank Liabilities Survey for Q1 2024.
Bank of England Prudential Regulation Authority
Prudential Regulation Authority Business Plan 2024/25
April 11, 2024
The Prudential Regulation Authority released its 2024/25 Business Plan.
Financial Conduct Authority
Travel insurance signposting rules for consumers with medical conditions: Review
April 11, 2024
The Financial Conduct Authority published a review of rules to improve access to travel insurance for consumers with more serious pre-existing medical conditions.
FCA Board Minutes: 29 February 2024
April 11, 2024
The Financial Conduct Authority released the minutes of the Board meeting held February 29, 2024.
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.
