PH FedACTion: Financial Regulatory Updates
Friday, May 24, 2024
Congress
U.S. House of Representatives
Committee on Financial Services
House Passes CBDC Anti-Surveillance State Act
May 23, 2024
The U.S. House of Representatives passed H.R. 5403, the CBDC Anti-Surveillance State Act, prohibiting the issuance of a U.S. Central Bank Digital Currency.
McHenry Demands Gruenberg Testify at Hearing on FDIC Toxic Workplace Culture
May 23, 2024
U.S. House Financial Services Committee Chairman Patrick McHenry (NC-10), sent letters to Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg, as well as Acting Comptroller of the Currency Michael Hsu and FDIC Director Johnathan McKernan in their capacity as Co-Chairs of the Special Committee of the FDIC.
Federal Agencies
U.S. Department of the Treasury
Remarks by Secretary Yellen at Press Conference Ahead of the G7 Finance Ministers and Central Bank Governors Meetings
May 23, 2024
Secretary of the Treasury Janet L. Yellen gave remarks at a press conference ahead of the G7 Finance Ministers and Central Bank Governors meetings.
Federal Reserve Bank of Boston
Paper: Buy Now, Pay Later: Who Uses It and Why
May 23, 2024
The Federal Reserve Bank of Boston published a Current Policy Perspectives paper entitled, “Buy Now, Pay Later: Who Uses It and Why.”
Conference of State Bank Supervisors
Blog: Networked Supervision “Makes Us All Better”
May 23, 2024
The Conference of State Bank Supervisors published a blog post entitled, “Networked Supervision ‘Makes Us All Better.’”
Securities and Exchange Commission
Statement on the Application of IFRS 19, Subsidiaries without Public Accountability: Disclosures, in Filings with the SEC
May 23, 2024
Securities and Exchange Commission Director Eric Gerding and Chief Accountant Paul Munter issued a statement entitled, “Statement on the Application of IFRS 19, Subsidiaries without Public Accountability: Disclosures, in Filings with the SEC.”
Commodity Futures Trading Commission
CFTC Staff Announces Updated Part 43 Block and Cap Sizes and Further Extends No-Action Letter Regarding the Block and Cap Implementation Timeline
May 23, 2024
The Commodity Futures Trading Commission’s Division of Data published updated post-initial appropriate minimum block sizes and post-initial cap sizes as determined under CFTC regulations.
Statement of Commissioner Caroline D. Pham at the 2024 CFTC Chairman’s Honorary Awards Ceremony
May 23, 2024
Commodity Futures Trading Commission Commissioner Caroline D. Pham issued a statement at the 2024 CFTC Chairman’s Honorary Awards Ceremony.
Remarks: “Trends in the CFTC’s Recent Crypto Enforcement Actions”
May 23, 2024
Commodity Futures Trading Commission Enforcement Director Ian McGinley gave remarks entitled, “Trends in the CFTC’s Recent Crypto Enforcement Actions,” at the City Bar White Collar Institute.
Consumer Financial Protection Bureau
Blog: The CFPB is protecting the military community and providing relief
May 23, 2024
The Consumer Financial Protection Bureau published a blog post entitled, “The CFPB is protecting the military community and providing relief.”
Federal Housing Finance Agency
Advisory Bulletin: Climate-Related Risk Management
May 23, 2024
The Federal Housing Finance Agency published an advisory bulletin entitled, “Climate-Related Risk Management.”
International
Bank of England
Policy Statement: The Bank of England's approach to statutory notice decisions for use of its requirements powers - May 2024
May 23, 2024
The Bank of England published a policy statement entitled, “The Bank of England's approach to statutory notice decisions for use of its requirements powers - May 2024.”
Market Notice: Updates to eligibility of residential mortgage collateral in the Sterling Monetary Framework to reflect the Domestic Minimum Energy Efficiency Standard (MEES) Regulations
May 23, 2024
The Bank of England issued a market notice entitled, “Updates to eligibility of residential mortgage collateral in the Sterling Monetary Framework to reflect the Domestic Minimum Energy Efficiency Standard (MEES) Regulations.”
Speech: A rich vein or fool’s gold? Economic forecasts during large shocks
May 23, 2024
Monetary Policy Committee Member Swati Dhingra gave a speech entitled, “A rich vein or fool’s gold? Economic forecasts during large shocks,” at ECONDAT.
Bank of England Prudential Regulation Authority
The PRA’s approach to the authorization and supervision of insurance branches
May 23, 2024
The Prudential Regulation Authority published a policy statement and statement of policy both entitled, “The PRA’s approach to the authorization and supervision of insurance branches.”
Financial Conduct Authority
Speech: Our ambitious agenda for UK asset management
May 23, 2024
Financial Conduct Authority Chair Ashley Alder gave a speech entitled, “Our ambitious agenda for UK asset management.”
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.
