PH FedACTion: Financial Regulatory Updates
Tuesday, April 9, 2024
Federal Agencies
U.S. Department of the Treasury
Treasury Renews Memorandum of Understanding and Cooperation in Cybersecurity with Ukraine
April 8, 2024
The U.S. Department of the Treasury announced that it has signed a memorandum of understanding and cooperation in cybersecurity with the National Bank of Ukraine.
Remarks by Secretary Yellen at a Press Conference in Beijing
April 8, 2024
Secretary of the Treasury Janet L. Yellen gave remarks at a press conference in Beijing, the People’s Republic of China.
Secretary Yellen Meets with Minister of Finance Lan Fo’an of the People’s Republic of China
April 7, 2024
Secretary of the Treasury Janet L. Yellen met with the Minister of Finance Lan Fo’an of the People’s Republic of China.
Statement from Secretary Yellen on Announcement of New U.S.-China Initiatives Following Meeting with Vice Premier He Lifeng of the People’s Republic of China
April 6, 2024
Secretary of the Treasury Janet L. Yellen released a statement on the announcement of new initiatives following her meeting with Vice Premier He Lifeng of the People’s Republic of China.
Federal Reserve Bank of New York
Inflation Expectations are Mixed; Consumers Express Concerns about Retaining and Finding Jobs
April 8, 2024
The Federal Reserve Bank of New York’s Center for Microeconomic Data released the March 2024 Survey of Consumer Expectations, which shows inflation expectations remained unchanged at the short-term horizon, increased at the medium-term horizon, and decreased at the longer-term horizon.
Report: Investor Attention to Bank Risk During the Spring 2023 Bank Run
April 8, 2024
The Federal Reserve Bank of New York published a staff report entitled, “Investor Attention to Bank Risk during the Spring 2023 Bank Run.”
Article: Building the CDFI Sector in Puerto Rico
April 8, 2024
The Federal Reserve Bank of New York published a The Teller Window article entitled, “Building the CDFI Sector in Puerto Rico.”
Blog: Internal Liquidity’s Value in a Financial Crisis
April 8, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Internal Liquidity’s Value in a Financial Crisis.”
Consumer Financial Protection Bureau
CFPB Finds Violations of Credit Report Accuracy Requirements, Including for Survivors of Human Trafficking
April 8, 2024
The Consumer Financial Protection Bureau published an edition of Supervisory Highlights to share key findings from recent examinations about continuing accuracy problems in the credit reporting system.
Fannie Mae
Households May Finally Be Adjusting to Higher Mortgage Rates
April 8, 2024
The Fannie Mae Home Purchase Sentiment Index® (HPSI) decreased 0.9 points in March to 71.9, its first decline since November 2023, due primarily to increased pessimism about the direction of mortgage rates.
Bank Policy Institute
Working Paper: Navigating Artificial Intelligence in Banking
April 8, 2024
The Bank Policy Institute published a working paper entitled, “Navigating Artificial Intelligence in Banking.”
International
Minutes of the CBDC Academic Advisory Group - March 2024
April 8, 2024
The Bank of England released the minutes of the CBDC Academic Advisory Group meeting held March 19, 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
