PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, April 5, 2024
April 05, 2024
FedACTion Task Force
PH FedACTion: Financial Regulatory Updates
Friday, April 5, 2024
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Federal Agencies
U.S. Department of the Treasury
Secretary Yellen Hosts Roundtable with Representatives from Chambers of Commerce and Experts on Business Conditions in China
April 4, 2024
Secretary of the Treasury Janet L. Yellen held a roundtable discussion with representatives from the American, European, and Japanese business communities and other experts to discuss business conditions in certain industries in China.
Remarks by Secretary Yellen Ahead of Bilateral Meeting with Guangdong Governor Wang Weizhong of the People’s Republic of China
April 4, 2024
Secretary of the Treasury Janet L. Yellen gave remarks ahead of the bilateral meeting with Guangdong Governor Wang Weizhong of the People’s Republic of China.
Remarks by Under Secretary for Terrorism and Financial Intelligence at the Georgetown University School of Foreign Service
April 4, 2024
Under Secretary for Terrorism and Financial Intelligence Brian Nelson gave remarks at the Georgetown University School of Foreign Service addressing illicit finance and harm to the U.S. economy.
Remarks by Assistant Secretary Van Nostrand and Acting Assistant Secretary for Morris on the Price Cap on Russian Oil
April 4, 2024
Assistant Secretary for Economic Policy Eric Van Nostrand and Acting Assistant Secretary for Terrorist Financing Anna Morris gave remarks on the price cap on Russian oil.
Federal Reserve Board
Speech: Enriching Data and Analysis in Economics with Real Life Experiences
April 4, 2024
Federal Reserve Board Governor Adriana D. Kugler gave a speech entitled, “Enriching Data and Analysis in Economics with Real Life Experiences,” at the Women in Economics Symposium at the Federal Reserve Bank of St. Louis.
Working Paper: On Commercial Construction Activity's Long and Variable Lags
April 4, 2024
The Federal Reserve Board published a working paper entitled, “On Commercial Construction Activity's Long and Variable Lags.”
Federal Reserve Bank of New York
Article: Regional Visit Shows Housing Affordability, Infrastructure as Top Issues for Businesses and Communities on Long Island
April 4, 2024
The Federal Reserve Bank of New York published a The Teller Window article entitled, “Regional Visit Shows Housing Affordability, Infrastructure as Top Issues for Businesses and Communities on Long Island.”
Conference of State Bank Supervisors
Blog: Measuring NMLS User Satisfaction to Inform System Enhancements
April 4, 2024
The Conference of State Bank Supervisors published a blog post entitled, “Measuring NMLS User Satisfaction to Inform System Enhancements.”
Federal Deposit Insurance Corporation
Remarks by Chairman Gruenberg on the FDIC’s Economic Inclusion Strategy
April 4, 2024
Federal Deposit Insurance Corporation Chair Martin J. Gruenberg gave remarks on the FDIC’s economic inclusion strategy at the National Community Reinvestment Coalition.
Office of the Comptroller of the Currency
Acting Comptroller Discusses Elevating Fairness in Banking
April 4, 2024
Acting Comptroller of the Currency Michael J. Hsu discussed the importance of fairness in remarks given at the National Community Reinvestment Coalition Just Economy Conference 2024, including alternatives to protect consumers who are victims of artificial intelligence crime.
Consumer Financial Protection Bureau
CFPB Report Identifies Financial and Privacy Risks to Consumers in Video Gaming Marketplaces
April 4, 2024
The Consumer Financial Protection Bureau issued a report examining the growth of financial transactions in online video games and virtual worlds.
International
European Banking Authority
EU banks are robust, but signs of credit quality deterioration are becoming apparent, the EBA’s Risk Dashboard shows
April 4, 2024
The European Banking Authority published its Q4 2023 quarterly Risk Dashboard, which discloses aggregated statistical information for the largest EU/EEA institutions. The publication also includes information on minimum requirements for own funds and eligible liabilities.
Bank of England
Monthly Decision Maker Panel data - March 2024
April 4, 2024
The Bank of England released the monthly Decision Maker Panel survey data for March 2024.
Minutes of the CBDC Technology Forum - February 2024
April 4, 2024
The Bank of England released the minutes of the CBDC Technology Forum held February 8, 2024.
Minutes of the CBDC Technology Forum - January 2024
April 4, 2024
The Bank of England released the minutes of the CBDC Technology Forum held January 30, 2024.
Financial Conduct Authority
The Financial Resilience Survey data
April 4, 2024
The Financial Conduct Authority released the results of the Financial Resilience Survey issued in October 2023.
Cryptoasset AML / CTF regime: feedback on good and poor quality applications
April 4, 2024
The Financial Conduct Authority updated its feedback on good and poor quality applications for cryptoasset AML/CTF regimes made under money laundering regulations.
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