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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.

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.