PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, March 6, 2024
March 06, 2024
FedACTion Task Force
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Major Developments
Congress
U.S. House of Representatives
Committee on Financial Services
McHenry Statement Regarding CFPB Credit Card Late Fee Final Rule
March 5, 2024
Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued a statement after the Consumer Financial Protection Bureau (CFPB) released its final rule regarding credit card late fees that raises the cost of borrowing for all consumers.
Federal Agencies
Federal Reserve Bank of New York
Expectations and the Final Mile of Disinflation
March 5, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Expectations and the Final Mile of Disinflation."
Federal Reserve Bank of Boston
Boston Fed president shares economic outlook, meets with local leaders during New Hampshire visit
March 5, 2024
Boston President Susan M. Collins shared her economic outlook during her visit at Dartmouth College.
Securities and Exchange Commission
Remarks to the Council of Institutional Investors – Dangers of the Unbounded Administrative State
March 5, 2024
Commissioner Mark T. Uyeda delivered a speech entitled "Remarks to the Council of Institutional Investors – Dangers of the Unbounded Administrative State."
Commercial Financial Protection Bureau
CFPB Bans Excessive Credit Card Late Fees, Lowers Typical Fee from $32 to $8
March 5, 2024
The Consumer Financial Protection Bureau (CFPB) finalized a rule to cut excessive credit card late fees by large card issuers.
- Final Rule
- Press Release
- Ranking Member Scott Press Release
- BPI Press Release
Bank Policy Institute
Collateral Sharing Arrangements Between Federal Home Loan Banks and Federal Reserve Banks
March 5, 2024
The Bank Policy Institute published a blog post entitled, "Collateral Sharing Arrangements between Federal Home Loan Banks and Federal Reserve Banks."
Financial Conduct Authority
FCA warns firms over anti-money laundering failings
March 5, 2024
The Financial Conduct Authority published an article entitled "FCA warns firms over anti-money laundering failings," warning firms about common failings in financial crime controls
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)
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.