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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday April 30, 2024

April 30, 2024

FedACTion Task Force

PH FedACTion: Financial Regulatory Updates

Tuesday, April 30, 2024

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Major Developments


Federal Agencies

Consumer Financial Protection Bureau

CFPB Finds 15 Million Americans Have Medical Bills on Their Credit Reports

April 29, 2024

The Consumer Financial Protection Bureau released research showing that 15 million Americans still have medical bills on their credit reports despite changes by Equifax, Experian, and TransUnion.

Federal Housing Finance Agency

FHFA Announces New Division of Public Interest Examination

April 29, 2024

The Federal Housing Finance Agency announced the creation of a new Division of Public Interest Examination, which will be responsible for supervisory oversight of the Agency’s regulated entities in the areas of affordable housing, community development, diversity and inclusion, consumer protection, and fair lending. FHFA serves as regulator and conservator of Fannie Mae and Freddie Mac and regulator of the Federal Home Loan Bank System.

FHFA Announces Release of Fair Lending Final Rule

April 29, 2024

The Federal Housing Finance Agency released its Fair Lending, Fair Housing, and Equitable Housing Finance Plans Final Rule, together with Fannie Mae and Freddie Mac’s Equitable Housing Finance Plan updates for 2024 and Performance Reports for 2023.

Bank Policy Institute

Blog: Incorporating Discount-Window Borrowing Capacity into a Liquidity Requirement

April 29, 2024

The Bank Policy Institute published a blog post entitled, “Incorporating Discount-Window Borrowing Capacity into a Liquidity Requirement.”

International

European Banking Authority

The EBA has identified new types of payment fraud and proposes measures to mitigate underlying risks and protect consumers from resultant losses 

April 29, 2024

The European Banking Authority published an Opinion, in which it assesses payment fraud data that has recently become available to the EBA, identifies new types and patterns of payment fraud, and develops proposals to mitigate them.

Financial Conduct Authority

Policy Statement: Consumer Credit – Product Sales Data Reporting

April 29, 2024

The Financial Conduct Authority published a policy statement entitled, “Consumer Credit – Product Sales Data Reporting.”

Policy Statement: Pensions Dashboards rules for pension providers – Deadline revised

April 29, 2024

The Financial Conduct Authority announced the deadline has been revised for policy statement 22/12: Pensions Dashboards rules for pension providers.

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.