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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, February 23, 2024

February 23, 2024

FedACTion Task Force

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Major Developments

Congress

U.S. House of Representatives

Committee on Financial Services

Field Hearing: Restoring Prosperity in American Communities: Examining the Failures of Status Quo Housing Policy

February 22, 2024

The U.S. House Committee on Financial Services Subcommittee on Housing and Insurance held a field hearing entitled, "Restoring Prosperity in American Communities: Examining the Failures of Status Quo Housing Policy."

Committee on Small Business

SMALL BUSINESS SNAPSHOT – February 2024

February 22, 2024

The U.S. House Committee on Small Business released the Small Business Snapshot for February 2024.

Federal Agencies

Federal Reserve Board

Speech: Is This Time Different? Recent Monetary Policy Cycles in Retrospect

February 22, 2024

Federal Reserve Board Vice Chair Philip N. Jefferson gave a speech entitled, "Is This Time Different? Recent Monetary Policy Cycles in Retrospect," at the Peterson Institute for International Economics, Washington, D.C.

Office of the Comptroller of the Currency

Acting Comptroller Discusses Consolidated Supervision of Crypto-Asset Intermediaries

February 22, 2024

Acting Comptroller of the Currency Michael J. Hsu offered remarks to the Financial Stability Board's Crypto Working Group.

Commodity Futures Trading Commission

CFTC Staff Issues No-Action Letter Regarding Pre-Trade Mid-Market Mark for Certain Interest Rate Swaps Referencing SOFR

February 22, 2024

The Commodity Futures Trading Commission's Market Participants Division issued a no-action letter in relation to the requirement in Regulation 23.431 that swap dealers and major swap participants (swap entities) disclose to certain counterparties the Pre-Trade Mid-Market Mark (PTMMM) of a swap.

Consumer Financial Protection Bureau

Blog: Credit card interest rate margins at all-time high

February 22, 2024

The Consumer Financial Protection Bureau published a blog post entitled, "Credit card interest rate margins at all-time high."

Bank Policy Institute

Banks Support National Strategy to Identify Opportunities and Barriers to Financial Inclusion

February 21, 2024

The Bank Policy Institute, American Bankers Association and Consumer Bankers Association made recommendations to the U.S. Department of Treasury in response to its request for information to inform its establishment of a nationwide financial inclusion strategy.

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)

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.