PH FedACTion: Financial Regulatory Updates
Thursday, May 23, 2024
Major Developments
Federal Deposit Insurance Corporation
FDIC Publishes 2024 Risk Review
May 22, 2024
The Federal Deposit Insurance Corporation published its 2024 Risk Review, which summarizes conditions in the U.S. economy, financial markets, and the banking industry.
Committee on Financial Services
Representatives Probe SEC for More Information on Prometheum’s Plans to Custody ETH
May 22, 2024
U.S. House Financial Services Committee Chairman Patrick McHenry (NC-10), Digital Assets, Financial Technology and Inclusion Subcommittee Chairman French Hill (AR-02), and Oversight and Investigations Subcommittee Chairman Bill Huizenga (MI-04) sent a letter to Securities and Exchange Commission (SEC) Chair Gary Gensler demanding the SEC clarify its position with regard to Prometheum’s recent announcement that it will offer custody services for Ethereum’s token, Ether (ETH).
Hearing: PHA Oversight: How Scandals and Mismanagement Harm Residents and Taxpayers
May 22, 2024
The U.S. House Committee on Financial Services held a hearing entitled, “PHA Oversight: How Scandals and Mismanagement Harm Residents and Taxpayers.”
McHenry on the House Floor: FIT21 Will Cement the United States’ Global Leadership in Technological Innovation, Invention, and Adoption
May 22, 2024
U.S. House Committee on Financial Services Chair Patrick McHenry (NC-10) spoke on the House floor regarding H.R. 4763, the Financial Innovation and Technology (FIT) for the 21st Century Act.
Ranking Member Waters Opposes “Not Fit For Purpose Act” on House Floor
May 22, 2024
U.S. House Committee on Financial Services Ranking Member Maxine Waters spoke on the House floor regarding H.R. 4763, the Financial Innovation and Technology (FIT) for the 21st Century Act.
Committee on Small Business
Committee on Small Business Releases Report on Federal Agency Compliance with RFA
May 22, 2024
The U.S. House Committee on Small Business released a full staff report on the Committee’s 15-month investigation into federal agencies’ compliance with the Regulatory Flexibility Act.
Federal Agencies
Federal Reserve Board
Minutes of the Federal Open Market Committee, April 30–May 1, 2024
May 22, 2024
The Federal Reserve on Wednesday released the minutes of the Federal Open Market Committee meeting that was held on April 30–May 1, 2024.
Blog: Veterans in the Labor Market: 2024 Update
May 22, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Veterans in the Labor Market: 2024 Update.”
Conference of State Bank Supervisors
Blog: Supporting Partnerships in Supervision
May 22, 2024
The Conference of State Bank Supervisors published a blog post entitled, “Supporting Partnerships in Supervision.”
Federal Deposit Insurance Corporation
FDIC Publishes 2024 Risk Review
May 22, 2024
The Federal Deposit Insurance Corporation published its 2024 Risk Review, which summarizes conditions in the U.S. economy, financial markets, and the banking industry.
Securities and Exchange Commission
Statement on the Financial Innovation and Technology for the 21st Century Act
May 22, 2024
Securities and Exchange Commission Chair Gary Gensler issued a statement on the Financial Innovation and Technology for the 21st Century Act.
Consumer Financial Protection Bureau
CFPB Issues Interpretive Rule on Buy Now Pay Later Products
May 22, 2024
The Consumer Financial Protection Bureau issued an interpretive rule that confirms that Buy Now, Pay Later lenders are credit card providers.
National Credit Union Administration
Assets in CAMELS 3 Credit Unions Increase
May 22, 2024
The National Credit Union Administration Board held its fourth open meeting of 2024 and received a briefing by the Deputy Chief Financial Officer on the performance of the National Credit Union Share Insurance Fund and its projected equity ratio. The NCUA also announced the Board will not meet in June and the next meeting will take place on July 18, 2024.
Bank Policy Institute
Blog: The Fed Pilot Climate Scenario Analysis Exercise: A Review
May 22, 2024
The Bank Policy Institute published a blog post entitled, “The Fed Pilot Climate Scenario Analysis Exercise: A Review.”
International
Financial Conduct Authority
Mutual societies registration function: 2023-24
May 22, 2024
The Financial Conduct Authority published an update on its work regarding mutual societies registration function between April 2023 and March 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.
