PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday December 17
December 17, 2024
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Major Developments
Office of the Comptroller of the Currency
OCC Reports on Key Risks in Federal Banking System
December 16, 2024
The Office of the Comptroller of the Currency (OCC) set forth the key issues facing the federal banking system in its Semiannual Risk Perspective for Fall 2024.
Federal Agencies
Federal Reserve Bank of New York
SCE Labor Market Survey – November 2024
December 16, 2024
The Federal Reserve Bank of New York released the findings from the SCE Labor Market Survey for November 2024.
Empire State Manufacturing Survey – December 2024
December 16, 2024
The Federal Reserve Bank of New York published the December 2024 Empire State Manufacturing Survey.
Consumer Financial Protection Bureau
CFPB Uncovers Unlawful Practices Across Student Loan Refinancing, Servicing, and Debt Collection
December 16, 2024
The Consumer Financial Protection Bureau released a special edition of its Supervisory Highlights describing a range of unlawful activities identified by CFPB examiners across student loan markets.
Data Spotlight: Credit card cash advance fees spike after legalization of sports gambling
December 16, 2024
The Consumer Financial Protection Bureau published a Data Spotlight entitled, “Credit card cash advance fees spike after legalization of sports gambling.”
Federal Financial Institutions Examination Council
Federal Bank Regulatory Agencies Release 2023 Small Business, Small Farm, and Community Development Lending Data
December 16, 2024
The Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency, as members of the Federal Financial Institutions Examination Council (FFIEC), today released data on small business, small farm, and community development lending during 2023.
Federal Housing Finance Agency
Report on Collateral Pledged to Federal Home Loan Banks - December 2024
December 16, 2024
The Housing and Economic Recovery Act of 2008 (HERA) requires the Federal Housing Finance Agency (FHFA) to submit an annual report to Congress on the collateral pledged to the FHLBanks, including an analysis of collateral by type and by FHLBank district. FHFA’s Report on Collateral Pledged to Federal Home Loan Banks provides the required information as well as additional analysis of data on the types and amounts of collateral pledged to the FHLBanks to secure advances and other collateralized products offered by the FHLBanks to their members.
Fannie Mae
Housing Market Unlikely to Thaw in 2025 Due to Affordability Challenges and 'Lock-in Effect'
December 16, 2024
Affordability and the so-called “lock-in effect” are expected to keep housing activity subdued in 2025, with existing home sales forecast to move only slightly upward from recent multi-decade lows, according to the December 2024 commentary from the Fannie Mae Economic and Strategic Research (ESR) Group.
Bank Policy Institute
BPI Symposium on Money Markets
December 16, 2024
The Bank Policy Institute published a blog post summarizing the BPI Symposium on Money Markets held December 4, 2024.
International
European Banking Authority
Colleges on anti-money laundering and countering the financing of terrorism have become more effective but further progress is needed, the EBA finds
December 16, 2024
The European Banking Authority published its fourth Report on the functioning of anti-money laundering and countering the financing of terrorism (AML/CFT) colleges. The Report finds that competent authorities continued to improve the functioning of AML/CFT colleges in 2023.
Bank of England
Speech: Payment cycles: An update on the Future Roadmap for the RTGS service
December 16, 2024
Bank of England Executive Director Victoria Cleland gave as speech entitled, “Payment cycles: An update on the Future Roadmap for the RTGS service,” at FinTech Connect.
Financial Conduct Authority
FCA seeks feedback on plans to improve the transparency of the UK’s crypto markets
December 16, 2024
The Financial Conduct Authority published a discussion paper seeking feedback on plans to create clear crypto regulation that will improve the integrity of the UK’s crypto markets, help protect people and support the UK's growth and competitiveness.
FCA publishes independent study for establishing an equities consolidated tape
December 16, 2024
The Financial Conduct Authority published a new report and an update on its work to establish an equities consolidated tape.
Administration Changes
Vacancies
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Scott Bessent (nominated November 2024); 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 (resigning effective January 19, 2025)
- 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 – Paul Atkins (nominated December 2024); Gary Gensler (resigning January 20, 2025)
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 – Kelly Loeffler (nominated December 2024); Isabella Casillas Guzman (effective March 16, 2021)
U.S. Department of Housing and Urban Development – Scott Turner (nominated November 2024); Marcia Fudge (resigned March 11, 2024, effective March 22, 2024)
Federal Housing Finance Agency – Sandra L. Thompson (effective June 22, 2022)
U.S. Department of Education – Linda McMahon (nominated November 2024); 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