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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, March 13, 2024

March 11, 2024

FedACTion Task Force

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Major Developments

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: Examining Proposals to Address Housing Affordability, Availability, and Other Community Needs

March 12, 2024

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Examining Proposals to Address Housing Affordability, Availability, and Other Community Needs."

U.S. House of Representatives

Committee on Financial Services

Hearing: Mission Critical: Restoring National Security as the Focus of Defense Production Act Reauthorization

March 12, 2024

The U.S. House Committee on Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions held a hearing entitled, "Mission Critical: Restoring National Security as the Focus of Defense Production Act Reauthorization."

Committee on Small Business

Hearing: Navigating Regulations: Alternative Pathways to Investing in Small Businesses

March 12, 2024

The U.S. House Committee on Small Business Subcommittee on Oversight, Investigations and Regulations held a hearing entitled, "Navigating Regulations: Alternative Pathways to Investing in Small Businesses."

Federal Agencies

Federal Reserve Bank of New York

Speech: Culture and Conduct in 2024: An Update from the New York Fed

March 12, 2024

Federal Reserve Bank of New York Head of the Governance and Culture Reform Initiative James Hennessy gave a speech entitled, "Culture and Conduct in 2024: An Update from the New York Fed."

Office of the Comptroller of the Currency

Acting Comptroller Discusses Operational Resiliency

March 12, 2024

Acting Comptroller of the Currency Michael J. Hsu discussed the importance of operational resiliency in remarks at the Institute of International Bankers Annual Washington Conference.

Commodity Futures Trading Commission

Keynote of Chairman Behnam at the FIA Boca 2024 International Futures Industry Conference

March 12, 2024

Commodity Futures Trading Commission Chairman Rostin Behnam gave a keynote address at the FIA Boca 2024 International Futures Industry Conference.

FINRA

Regulatory Notice: 2024 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board

March 12, 2024

FINRA issued a regulatory notice entitled, "2024 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board."

National Credit Union Administration

NCUA Releases 2023 Fourth Quarter Credit Union System Performance Data

March 12, 2024

According to the latest financial performance data released by the National Credit Union Administration, total assets in federally insured credit unions rose by $88 billion, or 4.1 percent, to $2.26 trillion over the year ending in the fourth quarter of 2023. Insured shares and deposits grew $37 billion, or 2.2 percent, to $1.72 trillion.

Federal Housing Finance Agency

Final Rule: Exception to Restrictions on Private Transfer Fee Covenants for Loans Meeting Certain Duty To Serve Shared Equity Loan Program Requirements Final Rule

March 12, 2024

The Federal Housing Finance Agency published a final rule entitled, "Exception to Restrictions on Private Transfer Fee Covenants for Loans Meeting Certain Duty To Serve Shared Equity Loan Program Requirements Final Rule."

Ginnie Mae

APM: Clarifications to Reporting and Feedback System (RFS) Loan Level Data Elements Announced in APM 23-05

March 11, 2024

Ginnie Mae published and All Participant Memorandum entitled, "Clarifications to Reporting and Feedback System (RFS) Loan Level Data Elements Announced in APM 23-05."

International

Bank of England

Speech: Market resilience, non-bank financial institutions and the central bank toolkit – practical next steps

March 12, 2024

Bank of England Head of the Future Balance Sheet Unit Nick Butt gave a speech entitled, "Market resilience, non-bank financial institutions and the central bank toolkit – practical next steps."

Mortgage Lenders and Administrators Statistics - 2023 Q4

March 12, 2024

The Bank of England released the Mortgage Lenders and Administrators Return statistics for Q4 2024.

Bank of England Prudential Regulation Authority

Policy Statement: Solvent exit planning for non-systemic banks and building societies

March 12, 2024

The Prudential Regulation Authority released a policy statement entitled, "Solvent exit planning for non-systemic banks and building societies."

Supervisory Statement: Solvent exit planning for non-systemic banks and building societies

March 12, 2024

The Prudential Regulation Authority released a supervisory statement entitled, "Solvent exit planning for non-systemic banks and building societies."

Financial Conduct Authority

Mortgage lending statistics - March 2024

March 12, 2024

The Financial Conduct Authority released the mortgage lending statistics for March 2024.

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.