PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday May 17, 2024
May 17, 2024
FedACTion Task Force
PH FedACTion: Financial Regulatory Updates
Friday, May 17, 2024
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Major Developments
U.S. Department of the Treasury
Treasury Announces 2024 National Illicit Finance Strategy
May 16, 2024
The U.S. Department of the Treasury issued the 2024 National Strategy for Combatting Terrorist and Other Illicit Financing (2024 Strategy), which provides a blueprint of the U.S. government’s goals, objectives, and priorities to disrupt and prevent illicit financial activities.
Securities and Exchange Commission
SEC Adopts Rule Amendments to Regulation S-P to Enhance Protection of Customer Information
May 16, 2024
The Securities and Exchange Commission announced the adoption of amendments to Regulation S-P to modernize and enhance the rules that govern the treatment of consumers’ nonpublic personal information by certain financial institutions.
- Rule Details
- Fact Sheet
- Press Release
- Chair Gensler Statement
- Commissioner Lizarraga Statement
- Commissioner Peirce Statement
- Commissioner Uyeda Statement
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Oversight of U.S. Financial Regulators: Accountability and Financial Stability
May 16, 2024
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, “Oversight of U.S. Financial Regulators: Accountability and Financial Stability.” The Committee heard testimony from: The Honorable Michael Barr, Vice Chair for Supervision, Federal Reserve; The Honorable Martin Gruenberg, Chair, Federal Deposit Insurance Corporation; and Mr. Michael Hsu, Acting Comptroller, Office of the Comptroller of the Currency.
- Hearing
- Committee Chair Brown Statement
- Committee Ranking Member Scott Statement
- Federal Reserve Vice Chair Barr Testimony
- FDIC Chair Gruenberg Testimony
- Acting Comptroller Hsu Testimony
U.S. House of Representatives
Committee on Financial Services
Reps Send Letter to Regulators Urging Timely Implementation of the Financial Data Transparency Act
May 16, 2024
The Chairman of the House Financial Services Committee, Patrick McHenry (R-NC), Ranking Member Maxine Waters (D-CA), U.S. Senator Mike Crapo (R-ID), and U.S. Senator Mark Warner (D-VA) sent a letter to federal financial regulators urging them to implement their respective obligations under the Financial Data Transparency Act (FDTA) as directed by the National Defense Authorization Act for Fiscal Year 2023 (FY23 NDAA) in the timeline set forth by the FDTA.
Committee Holds Markup
May 16, 2024
The U.S. House Committee on Financial Services held a markup on various bills:
- H.R. 758, the "Promoting Access to Capital in Underbanked Communities Act"
- An amendment in the nature of a substitute, offered by Mr. Barr
- H.R. 3161, the "CDFI Fund Transparency Act"
- An amendment in the nature of a substitute, offered by Mr. Rose
- H.R. 8337, the "Bank Resilience and Regulatory Improvement Act"
- An amendment in the nature of a substitute, offered by Mr. Barr
- H.R. 8338, the "Clarity in Lending Act"
- An amendment in the nature of a substitute, offered by Mrs. Kim
- H.R. 8339, the "SEC Reform and Restructuring Act"
- An amendment in the nature of a substitute, offered by Mrs. Wagner
- H.R. 4551, the "Protecting Investors’ Personally Identifiable Information Act"
- An amendment in the nature of a substitute, offered by Mr. Loudermilk
- H.J.Res. 100, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure."
- H.R. 8302, the "HUD Evaluation and Optimization Act of 2024"
- An amendment in the nature of a substitute, offered by Mr. Davidson
- H.R. 3507, the "Yes in My Backyard (YIMBY) Act"
- An amendment in the nature of a substitute, offered by Mr. Flood
- H.R. 7480, the "Disabled Veterans Housing Support Act"
- An amendment in the nature of a substitute, offered by Ms. De La Cruz
- H.R. 8340, the "Housing Unhoused Disabled Veterans Act"
- An amendment in the nature of a substitute, offered by Mr. Sherman
- Markup
- Committee Chair McHenry Remarks
- Committee Ranking Member Water Remarks
Federal Agencies
U.S. Department of the Treasury
Article: Anchoring Clean Energy Manufacturing Investments in Coal Country and Beyond
May 16, 2024
The U.S. Department of the Treasury Director of Policy and Program Impact Luke Bassett wrote an article entitled, “Anchoring Clean Energy Manufacturing Investments in Coal Country and Beyond.”
Federal Reserve Board
Data: G.17 Industrial Production and Capacity Utilization – April 2024
May 16, 2024
The Federal Reserve Board released the G.17 industrial production and capacity utilization data from April 2024.
Federal Reserve Bank of New York
Case Study Finds New Yorkers Who Experienced Floods Felt Financially Unprepared
May 16, 2024
The Federal Reserve Bank of New York today released a white paper about the impact of flooding on low- and moderate-income households in New York City.
Business Leaders Survey – May 2024
May 16, 2024
Activity edged higher in the region’s service sector, according to firms responding to the Federal Reserve Bank of New York’s May 2024 Business Leaders Survey.
Blog: Is the Recent Inflationary Spike a Global Phenomenon?
May 16, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Is the Recent Inflationary Spike a Global Phenomenon?”
Securities and Exchange Commission
Remarks Before the Conference on Emerging Trends in Asset Management
May 16, 2024
Securities and Exchange Commission Chair Gary Gensler and Director Natasha Vij Greiner gave remarks before the Conference on Emerging Trends in Asset Management.
Consumer Financial Protection Bureau
Statement on Supreme Court Decision in CFPB v. CFSA
May 16, 2024
The Consumer Financial Protection Bureau issued a statement regarding the Supreme Court’s decision in CFPB v. Community Financial Services Association of America.
Federal Housing Finance Agency
FHFA Requests Input on FHLBank System Mission
May 16, 2024
The Federal Housing Finance Agency issued a Request for Input on the mission of the Federal Home Loan Bank (FHLBank) System as the Agency considers next steps for related rulemakings.
Bank Policy Institute
Blog: Mergers Involving GSIBs Do Not Inherently Increase Financial Stability Risk
May 16, 2024
The Bank Policy Institute published a blog post entitled, “Mergers Involving GSIBs Do Not Inherently Increase Financial Stability Risk.”
International
Bank of England
Report: Point-of-sale proof of concept
May 16, 2024
The Bank of England published a report entitled, “Point-of-sale proof of concept.”
Speech: Two puzzles: recent UK labour market dynamics
May 16, 2024
Monetary Policy Committee Member Megan Greene gave a speech entitled, “Two puzzles: recent UK labour market dynamics.”
Financial Conduct Authority
Speech: Power brokers: how to transform into the lynchpins of the ecosystem
May 16, 2024
Financial Conduct Authority Chief Operating Officer gave a speech entitled, “Power brokers: how to transform into the lynchpins of the ecosystem,” at the British Insurance Brokers’ Association conference.
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.