PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, March 28, 2024
March 28, 2024
FedACTion Task Force
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Federal Agencies
U.S. Department of the Treasury
U.S. Department of the Treasury Releases Report on Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Sector
March 27, 2024
The U.S. Department of the Treasury released a report on Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Services Sector.
Remarks by Secretary Yellen at Suniva in Norcross, Georgia
March 27, 2024
Secretary of the Treasury Janet L. Yellen gave remarks at Suniva in Norcross, Georgia.
Federal Reserve Bank of New York
Blog: Deposits and the March 2023 Banking Crisis—A Retrospective
March 27, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Deposits and the March 2023 Banking Crisis—A Retrospective."
Office of the Comptroller of the Currency
OCC Reports Fourth Quarter 2023 Bank Trading Revenue
March 27, 2024
The Office of the Comptroller of the Currency reported cumulative trading revenue of U.S. commercial banks and savings associations of $11.6 billion in the fourth quarter of 2023.
Securities and Exchange Commission
SEC Adopts Reforms Relating to Investment Advisers Operating Exclusively Through the Internet
March 27, 2024
The Securities and Exchange Commission adopted amendments to the rule permitting certain internet investment advisers to register with the Commission.
Risk Alert: Shortening the Securities Transaction Settlement Cycle
March 27, 2024
The Securities and Exchange Committee issued a risk alert entitled, "Shortening the Securities Transaction Settlement Cycle."
Investor Alert: New "T+1" Settlement Cycle – What Investors Need To Know: Investor Bulletin
March 27, 2024
The Securities and Exchange Commission issued an investor alert entitled, "New 'T+1' Settlement Cycle – What Investors Need To Know: Investor Bulletin."
SEC, NASAA, and Georgia Secretary of State Co-Host Investor Roundtable
March 27, 2024
The Securities and Exchange Committee, North American Securities Administrators Association, and the Georgia Secretary of State co-hosted an investor roundtable.
Commodity Futures Trading Commission
Opening Remarks of Commissioner Johnson: The South African Reserve Bank Fintech Summit
March 27, 2024
Commodity Futures Trading Commission Commissioner Kristin N. Johnson gave opening remarks at the South African Reserve Bank Fintech Summit.
Consumer Financial Protection Bureau
CFPB Takes Action to Halt False Claims of 'Free' International Money Transfers
March 27, 2024
The Consumer Financial Protection Bureau issued a new circular warning remittance transfer providers that false advertising about the cost or speed of sending a remittance transfer can violate federal law.
Prepared Remarks of CFPB Director Rohit Chopra for CBA Live
March 27, 2024
Consumer Financial Protection Bureau Director Rohit Chopra gave remarks at CBA Live.
Fannie Mae
Fannie Mae Releases February 2024 Monthly Summary
March 27, 2024
Fannie Mae released the February 2024 Monthly Summary.
Bank Policy Institute
BITS Response to Treasury AI Report
March 27, 2024
The Bank Policy Institute issued a statement in response to the report from the U.S. Department of the Treasury on the benefits and risks of the use of artificial intelligence in the financial services sector.
Congressional Research Services
Report: How the Credit Card Competition Act of 2023 Could Affect Consumers, Merchants, and Banks
March 27, 2024
The Congressional Research Services published a report entitled, "How the Credit Card Competition Act of 2023 Could Affect Consumers, Merchants, and Banks."
International
Bank of England
Financial Policy Summary and Record - March 2024
March 27, 2024
The Bank of England Financial Policy Committee released the Financial Policy Summary and Record for Q1 2024.
Financial Stability in Focus: The FPC's macroprudential approach to operational resilience
March 27, 2024
The Bank of England published a Financial Stability in Focus article setting out the Financial Policy Committee's view on specific topics related to financial stability.
Systemic Risk Survey Results - 2024 H1
March 27, 2024
The Bank of England released the results of the Systemic Risk Survey for H1 2024.
Capital Issuance Statistics – February 2024
March 27, 2024
The Bank of England released the capital issuance statistics for February 2024.
Financial Conduct Authority
FCA finds concerns over insurers' valuation of written-off or stolen vehicles
March 27, 2024
The Financial Conduct Authority published a review identifying shortcomings in how some motor insurance firms are valuing written-off or stolen vehicles.
Consultation Paper: Further consultation on the regulatory framework for pensions dashboard service firms
March 27, 2024
The Financial Conduct Authority published a consultation paper entitled, "Further consultation on the regulatory framework for pensions dashboard service firms."
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.