PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, February 22, 2024
February 22, 2024
FedACTion Task Force
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Major Developments
Congress
Federal Agencies
Federal Reserve Board
Minutes of the Federal Open Market Committee, January 30–31, 2024
February 21, 2024
The Federal Reserve released the minutes of the Federal Open Market Committee meeting that was held on January 30–31, 2024.
Federal Reserve Bank of New York
Supplemental Survey Report: Businesses Expect Costs, Prices, Wages, and Inflation to Continue Moderating
February 21, 2024
The Federal Reserve Bank of New York published the Empire State Manufacturing Survey supplemental report entitled, "Businesses Expect Costs, Prices, Wages, and Inflation to Continue Moderating."
Article: Examining the Recent Inflation Episode, the Fed's Response, and Effects on Markets
February 21, 2024
The Federal Reserve Bank of New York published a The Teller Window article entitled, "Examining the Recent Inflation Episode, the Fed's Response, and Effects on Markets."
Blog: Businesses See Inflationary Pressures Moderating
February 21, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Businesses See Inflationary Pressures Moderating."
Office of the Comptroller of the Currency
Acting Comptroller Discusses Banking and Commerce
February 21, 2024
Acting Comptroller of the Currency Michael J. Hsu discussed banking and commerce, regulatory effectiveness, and financial stability in remarks at Vanderbilt University in Nashville, Tennessee.
Commodity Futures Trading Commission
CFTC Approves Proposed Rules on Margin Adequacy and Governance of Designated Contract Markets and Swap Execution Facilities
February 20, 2024
The Commodity Futures Trading Commission announced it approved the following matters:
i. Proposed Rule: Regulations to Address Margin Adequacy and to Account for the Treatment of Separate Accounts by Futures Commission Merchants;
ii. Proposed Rule: Foreign Boards of Trade; and
iii. Proposed Rule: Requirements for Designated Contract Markets (DCMs) and Swap Execution Facilities (SEFs) Regarding Governance and the Mitigation of Conflicts of Interest Impacting Market Regulation Functions.
- Press Release
- Margin Adequacy Proposed Rule
- Foreign Boards of Trade Proposed Rule
- DCMs and SEFs Proposed Rule
- Chair Behnam Statement – Foreign Boards of Trade Proposed Rule
- Chair Behnam Statement – DCMs and SEFs Proposed Rule
- Commissioner Johnson Statement – Margin Adequacy Proposed Rule
- Commissioner Johnson Statement – Foreign Boards of Trade Proposed Rule
- Commissioner Johnson Dissenting Statement – DCMs and SEFs Proposed Rule
- Commissioner Goldsmith Romero Statement – Foreign Boards of Trade Proposed Rule
- Commissioner Goldsmith Romero Statement – DCMs and SEFs Proposed Rule
- Commissioner Pham Statement – Foreign Boards of Trade Proposed Rule
- Commissioner Pham Statement – Margin Adequacy Proposed Rule
OCE Research Paper: The impact of margin requirements on voluntary clearing decisions
February 20, 2024
The Commodity Futures Trading Commission's Office of the Chief Economist published a staff research paper entitled, "The impact of margin requirements on voluntary clearing decisions."
U.S. Department of Housing and Urban Development/Federal Housing Administration
Federal Housing Administration Launches New Option to Help Struggling Borrowers Keep Their Homes
February 21, 2024
The Federal Housing Administration announced a new loss mitigation home retention option for borrowers with FHA-insured single family forward mortgages who are behind on their mortgage payments.
Fannie Mae
Paper: The Impact of 2019 Changes to Texas' Flood Disclosure Requirements on House Prices
February 21, 2024
Fannie Mae published a research paper entitled, "The Impact of 2019 Changes to Texas' Flood Disclosure Requirements on House Prices."
International
European Commission
Halfway through its lifetime, the Recovery and Resilience Facility continues to deliver across the EU through ambitious reforms and investments
February 21, 2024
The Commission presented the mid-term evaluation of the Recovery and Resilience Facility (RRF), the EU's recovery instrument at the heart of the €800 billion NextGenerationEU (NGEU) plan.
- Press Release
- Mid-Term Evaluation
- Factsheet
- Executive Vice-President Dombrovskis and Commissioner Gentiloni Statements
Bank of England
Minutes of the Meeting of the Court of Directors held on 14 December 2023
February 21, 2024
The Bank of England released minutes of the Court of Directors meeting held December 14, 2023.
Court of Directors Previously Redacted Minutes
February 21, 2024
The Bank of England's Court of Directors released minutes from 2021 that were previously redacted.
Speech: Money's too tight (to mention)
February 21, 2024
Monetary Policy Committee Member Swati Dhingra gave a speech entitled, "Money's too tight (to mention)," at a Market News International Connect event.
Financial Conduct Authority
Speech: Open regulators and open markets
February 21, 2024
Financial Conduct Authority Chair Ashley Alder gave a speech entitled, "Open regulators and open markets," at the UK Mission to the European Union.
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.