PH FedACTion: Financial Regulatory Updates
Wednesday, May 22, 2024
Major Developments
Federal Agencies
U.S. Department of the Treasury
Secretary Yellen Meets with Leaders of German Financial Institutions on Macroeconomic Trends, Financial Sector Risks, and Russian Sanctions
May 21, 2024
U.S. Secretary of the Treasury Janet L. Yellen hosted a roundtable with German financial executives to discuss global macroeconomic trends, and financial sector risks, including illicit finance and Russia sanctions evasion.
Remarks by Secretary Yellen at TechQuartier in Frankfurt, Germany
May 21, 2024
U.S. Secretary of the Treasury Janet L. Yellen gave remarks at TechQuartier in Frankfurt, Germany.
Remarks by Secretary Yellen on the Importance and Strength of the Transatlantic Alliance at the Frankfurt School of Finance and Management in Frankfurt, Germany
May 21, 2024
U.S. Secretary of the Treasury Janet L. Yellen gave remarks on the importance and strength of the Transatlantic Alliance at the Frankfurt School of Finance and Management in Frankfurt, Germany.
Remarks by Secretary Yellen Ahead of Roundtable with CEOs of German Banks in Frankfurt, Germany
May 21, 2024
U.S. Secretary of the Treasury Janet L. Yellen gave remarks ahead of a roundtable with CEOs of German banks in Frankfurt, Germany.
Federal Reserve Board
Federal Reserve Board issues Economic Well-Being of U.S. Households in 2023 report
May 21, 2024
The Federal Reserve Board issued its Economic Well-Being of U.S. Households in 2023 report, which examines the financial circumstances of U.S. adults and their families.
OIG Report: Federal Information Security Modernization Act of 2014 Capstone Report, Fiscal Years 2020–2023
May 21, 2024
The Office of Inspector General of the Federal Reserve Board published a report entitled, “Federal Information Security Modernization Act of 2014 Capstone Report, Fiscal Years 2020–2023.”
Speech: Little by Little, Progress Seems to be Resuming.
May 21, 2024
Federal Reserve Board Governor Christopher J. Waller gave a speech entitled, “Little by Little, Progress Seems to be Resuming,” at the Peterson Institute for International Economics in Washington, D.C.
Federal Reserve Bank of New York
Blog: The Changing Landscape of Corporate Credit
May 21, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “The Changing Landscape of Corporate Credit.”
Federal Reserve Bank of Boston
Working Paper: Managing Risk in Cards Portfolios: Risk Appetite and Limits
May 21, 2024
The Federal Reserve Bank of Boston published a working paper entitled, “Managing Risk in Cards Portfolios: Risk Appetite and Limits.”
Securities and Exchange Commission
SEC Chair Gensler Statement on Upcoming Implementation of T+1 Settlement Cycle
May 21, 2024
Securities and Exchange Commission Chair Gary Gensler issued a statement on the upcoming implementation of the T+1 settlement cycle.
Statement: Disclosure of Cybersecurity Incidents Determined To Be Material and Other Cybersecurity Incidents
May 21, 2024
Securities and Exchange Commission Division of Corporation Finance Director Erik Gerding issued a statement clarifying requirements for the disclosure of cybersecurity incidents determined to be material and other cybersecurity incidents.
Fannie Mae
Higher Rate Environment Projected to Dampen Housing Activity Through 2024
May 21, 2024
Housing activity is expected to slow modestly compared to previous projections, if the broad upward movement in mortgage rates since the start of the year is sustained, according to the May 2024 commentary from the Fannie Mae Economic and Strategic Research Group.
International
Bank of England
Lecture: The importance of central bank reserves
May 21, 2024
Bank of England Governor Andrew Bailey gave a lecture entitled, “The importance of central bank reserves,” in honor of Charles Goodhart at the London School of Economics.
Speech: The UK’s Digital Securities Sandbox: supporting the next frontier of innovation
May 21, 2024
Bank of England Executive Director Sasha Mills gave a speech entitled, “The UK’s Digital Securities Sandbox: supporting the next frontier of innovation,” at City Week 2024.
Speech: Balancing the productivity opportunities of financial technology and AI against the potential risks
May 21, 2024
Financial Policy Committee Member Randall Kroszner gave a speech entitled, “Balancing the productivity opportunities of financial technology and AI against the potential risks,” at City Week 2024.
Financial Conduct Authority
Speech: Bellwethers of the economy: the need to engage with corporate treasurers to shape our markets
May 21, 2024
Financial Conduct Authority Chief Executive Officer Nikhil Rathi gave a speech entitled, “Bellwethers of the economy: the need to engage with corporate treasurers to shape our markets,” at the Association of Corporate Treasurers Annual Conference.
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.
