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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday May 2, 2024

May 02, 2024

FedACTion Task Force

PH FedACTion: Financial Regulatory Updates

Thursday, May 2, 2024

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Major Developments

U.S. House of Representatives

Committee on Financial Services

Hearing: Merger Policies of the Federal Banking Agencies

May 1, 2024

The U.S. House Committee on Financial Services Subcommittee on Financial Institutions and Monetary Policy held a hearing entitled, “Merger Policies of the Federal Banking Agencies.” The Committee heard testimony from:

James L. Anderson, Deputy General Counsel, Federal Deposit Insurance Corporation; and

Ted Dowd, Acting Senior Deputy Comptroller and Chief Counsel, Office of the Comptroller of the Currency.

Federal Agencies

Federal Reserve Board

Federal Reserve issues FOMC statement

May 1, 2024

The Federal Reserve Board issued a statement from the Federal Open Market Committee that the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent.

Federal Reserve Bank of New York

Statement Regarding Reinvestment of Principal Payments from Treasury Securities, Agency Debt, and Agency Mortgage-Backed Securities

May 1, 2024

The Federal Reserve Bank of New York issued a statement regarding the reinvestment of principal payments from Treasury securities, agency debt, and agency mortgage-backed securities.

Conference of State Bank Supervisors

Blog: Enabling State Coordination

May 1, 2024

The Conference of State Bank Supervisors published a blog post entitled, “Enabling State Coordination.”

Blog: Enhancing NMLS: Gathering User Feedback on Organizing Menus and Pages to Achieve Better Design

May 1, 2024

The Conference of State Bank Supervisors published a blog post entitled, “Enhancing NMLS: Gathering User Feedback on Organizing Menus and Pages to Achieve Better Design.”

Consumer Financial Protection Bureau

CFPB Highlights the Hidden Costs of Health Savings Accounts

May 1, 2024

The Consumer Financial Protection Bureau released a report detailing the complex costs and fees that many consumers with health savings accounts are forced to pay.

U.S. Small Business Administration

SBA Announces New Rule to Increase Economic Opportunity for Returning Citizens

May 1, 2024

The U.S. Small Business Administration announced a new rule that will remove restrictions on SBA loan programs that currently prevent many returning citizens, including those on parole and probation, from being eligible for SBA-backed loans to start or grow a business. 

U.S. Department of Housing and Urban Development/Federal Housing Administration

HUD Issues New Guidance to Protect Borrowers from Appraisal Bias

May 1, 2024

The U.S. Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), announced a major new step in the HUD’s work to protect borrowers from racial or ethnic bias in home appraisals.

Federal Housing Finance Agency

FHFA Announces Enterprise Reconsideration of Value Policies

May 1, 2024

The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac published new Reconsideration of Value policies after months of collaboration with FHFA and the U.S. Department of Housing and Urban Development’s Federal Housing Administration. 

Blog: Lessons Learned from Assessing Exposure to Climate-Related Risks

May 1, 2024

The Federal Housing Finance Agency published a blog post entitled, “Lessons Learned from Assessing Exposure to Climate-Related Risks.”

Freddie Mac

Freddie Mac Announces First Quarter 2024 Financial Results

May 1, 2024

Freddie Mac reported its First Quarter 2024 financial results.

Ginnie Mae

Global Markets Analysis Report – April 2024

May 1, 2024

Ginnie Mae published the Global Markets Analysis Report for April 2024.

Bank Policy Institute

BPI Calls for Substantial Changes to Cyber Incident Reporting Rule

May 1, 2024

Bank Policy Institute Senior Vice President Heather Hogsett testified on the implementation of the Cyber Incident Reporting for Critical Infrastructure Act of 2022 before the U.S. House Subcommittee on Cybersecurity and Infrastructure Protection.

International

Financial Conduct Authority

A roadmap to implementing the Overseas Funds Regime

May 1, 2024

The Financial Conduct Authority and HM Treasury released a publication entitled, “A roadmap to implementing the Overseas Funds Regime.”

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