PH FedACTion: Financial Regulatory Updates
Thursday, April 4, 2024
Federal Agencies
Federal Reserve Board
Chair Powell’s Opening Remarks at the Stanford Business, Government, and Society Forum
April 3, 2024
Federal Reserve Board Chair Jerome H. Powell gave opening remarks at the Stanford Business, Government, and Society Forum at Stanford Graduate School of Business, Stanford, California.
Speech: Bank Liquidity, Regulation, and the Fed's Role as Lender of Last Resort
April 3, 2024
Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, “Bank Liquidity, Regulation, and the Fed's Role as Lender of Last Resort,” at The Roundtable on the Lender of Last Resort: The 2023 Banking Crisis and COVID, sponsored by the Committee on Capital Markets Regulation, Washington, D.C.
Speech: The Outlook for the U.S. Economy and Monetary Policy
April 3, 2024
Federal Reserve Board Governor Adriana D. Kugler gave a speech entitled, “The Outlook for the U.S. Economy and Monetary Policy,” at the Weidenbaum Center on the Economy, Government, and Public Policy, Washington University in St. Louis, St. Louis, Missouri.
Federal Reserve Bank of New York
New York Fed to Participate in Joint International Research Effort on Tokenization and Cross-Border Payments
April 3, 2024
The Federal Reserve Bank of New York's New York Innovation Center announced that it will participate in an international technical research project that will explore whether the tokenization of central bank money and commercial bank deposits operating on a shared programmable ledger can improve wholesale cross-border payments.
Blog: Physical Climate Risk and Insurers
April 3, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Physical Climate Risk and Insurers.”
Federal Deposit Insurance Corporation
FDIC Quarterly: New Reports Show That Pandemic Population Changes Affected Community Bank Deposits and Loans, and That Deposits Declined and Office Closures Decelerated in 2023
April 3, 2024
The Federal Deposit Insurance Corporation published volume 18 of the FDIC Quarterly entitled, “The Effects of Population Change on Community Bank Deposits and Loans.”
Securities and Exchange Commission
Remarks at SEC Speaks 2024 Division of Examinations Panel
April 3, 2024
The Securities and Exchange Commission’s Division Examinations Director Richard Best, Director Gurbir S. Grewal, and Deputy Director Sanjay Wadhwa gave remarks at the SEC Speaks 2024 Division of Examinations Panel.
Speech: We Will Rock You: The Small but Mighty Office of the Advocate for Small Business Capital Formation
April 3, 2024
The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation Director Stacey Bowers gave a speech entitled, “We Will Rock You: The Small but Mighty Office of the Advocate for Small Business Capital Formation.”
Consumer Financial Protection Bureau
Prepared Remarks of CFPB Director Rohit Chopra at the White House on Data Protection and National Security
April 2, 2024
Consumer Financial Protection Bureau Director Rohit Chopra gave remarks at the White House on data protection and national security.
National Credit Union Administration
NCUA Opening 2024 CDRLF Grant Round May 1
April 3, 2024
The National Credit Union Administration announced that low-income-designated credit unions can apply for 2024 Community Development Revolving Loan Fund grants between May 1 and July 1.
Federal Housing Finance Agency
FHFA Advances Implementation of FHLBank System at 100 Recommendations
April 3, 2024
The Federal Housing Finance Agency is providing an update on its implementation of the recommendations of the Federal Home Loan Bank (FHLBank) System at 100: Focusing on the Future report, which was published in November 2023 and followed the first comprehensive evaluation of the FHLBank System in decades.
Ginnie Mae
Global Markets Analysis Report – March 2024
April 3, 2024
Ginnie Mae published the Global Markets Analysis Report for March 2024.
Bank Policy Institute
Working Paper: BITS Security Essentials: Advanced Strategies for APIs
April 3, 2024
The Bank Policy Institute published a working paper entitled, “BITS Security Essentials: Advanced Strategies for APIs.”
International
Bank of England
Financial Conduct Authority
The Bank of England and the FCA issue joint consultation and draft guidance on a Digital Securities Sandbox
April 3, 2024
The Bank of England and the Financial Conduct Authority released a joint consultation paper setting out proposals to implement and operate a Digital Securities Sandbox.
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
