PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday January 15, 2025
January 15, 2025
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Major Developments
Federal Deposit Insurance Corporation
Speech: Three Financial Crises and Lessons for the Future
January 14, 2025
Federal Deposit Insurance Corporation Chair Martin Gruenberg gave a speech entitled “Three Financial Crises and Lessons for the Future,” at the Brookings Institution.
Federal Agencies
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
National Credit Union Administration
California Department of Financial Protection and Innovation
Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by the California Wildfires and Straight-line Winds
January 14, 2025
The California Department of Financial Protection and Innovation, the Federal Deposit Insurance Corporation, the Federal Reserve Board, the National Credit Union Administration and the Office of the Comptroller of the Currency recognize the serious impact of the California wildfires and straight-line winds on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision.
Federal Reserve Board
Minutes of the Board's Discount Rate Meetings on November 18, December 9, and December 18, 2024
January 14, 2025
The Federal Reserve Board released the minutes from its recent meetings to review and determine the discount rates provided to depository institutions through the discount window.
Federal Reserve Bank of New York
Speech: An Economy That Works for All: Housing Affordability
January 14, 2025
Federal Reserve Bank of New York President and CEO John C. Williams gave a speech entitled “An Economy That Works for All: Housing Affordability.”
Securities and Exchange Commission
Speech: The SEC’s Unusual Capacity to Serve the Public
January 14, 2025
Securities and Exchange Commission Chair Gary Gensler gave a speech entitled “The SEC’s Unusual Capacity to Serve the Public,” at his final town hall as Chair.
Consumer Financial Protection Bureau
CFPB Finds Hundreds of Thousands of Mortgages in Southeast and Central Southwest U.S. Likely Underinsured Against Flood Risk
January 14, 2025
The Consumer Financial Protection Bureau issued a new report that found significant differences in the likelihood that homeowners with a mortgage are adequately insured against flooding based both on location and on income and assets.
Report: Strengthening State-Level Consumer Protections
January 14, 2025
The Consumer Financial Protection Bureau released new recommendations to states on how they can update their laws and regulations to meet new risks and challenges.
Federal Housing Finance Agency
FHFA Announces Final Rule Expanding Access to Liquidity for the Federal Home Loan Bank System
January 14, 2025
The Federal Housing Finance Agency published a final rule today designed to improve access to liquidity for the Federal Home Loan Bank System by adjusting the treatment of certain short-term FHLBank investments.
Fannie Mae
Home Price Growth Reaccelerates in Fourth Quarter
January 14, 2025
Single-family home prices increased 5.8 percent from Q4 2023 to Q4 2024, an acceleration from the previous quarter's downwardly revised annual growth rate of 5.4 percent, according to the latest reading of the Fannie Mae Home Price Index (HPI).
State Agencies
New York State Department of Financial Services
Governor Hochul Proposes New Laws to Protect Consumers and Keep Money in New Yorkers’ Pockets
January 14, 2025
Governor Kathy Hochul announced new proposals to protect New York consumers as part of her 2025 State of the State. These include proposals to protect consumers shopping online, crack down on exploitative practices and regulate emerging industries.
International
Bank of England
Progress Update: The Digital Pound and the Payments Landscape
January 14, 2025
The Bank of England released a summary of work over the past year on a digital pound, including how it relates to the evolving payments landscape.
Design Note – Blueprint Framework
January 14, 2025
The Bank of England released an outline of the Bank’s initial thinking on the potential aims, scope and focus areas of a digital pound blueprint.
Bank Overground: How stretched are equity prices? Evidence from option-implied estimates of equity risk premia
January 14, 2025
The Bank of England released a Bank Overground post entitled, “How stretched are equity prices? Evidence from option-implied estimates of equity risk premia.”
Administration Changes
Vacancies
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Scott Bessent (nominated November 2024); 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 (resignation as Vice Chair for Supervision, effective February 28, 2025)
- 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 (resigning effective January 19, 2025)
- 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 – Paul Atkins (nominated December 2024); Gary Gensler (resigning January 20, 2025)
Commodity Futures Trading Commission – Rostin Behnam (resigning effective January 20, 2025)
Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)
National Credit Union Administration – Todd M. Harper (effective January 20, 2021)
Small Business Administration – Kelly Loeffler (nominated December 2024); Isabella Casillas Guzman (effective March 16, 2021)
U.S. Department of Housing and Urban Development – Scott Turner (nominated November 2024); Marcia Fudge (resigned March 11, 2024, effective March 22, 2024)
Federal Housing Finance Agency – Sandra L. Thompson (effective June 22, 2022)
U.S. Department of Education – Linda McMahon (nominated November 2024); 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