PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday April 16, 2024
April 16, 2024
FedACTion Task Force
PH FedACTion: Financial Regulatory Updates
Tuesday, April 16, 2024
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Federal Agencies
Federal Reserve Bank of New York
Empire State Manufacturing Survey – April 2024
April 15, 2024
The Federal Reserve Bank of New York published the April 2024 Empire State Manufacturing Survey.
SCE Labor Market Survey – March 2024
April 15, 2024
The Federal Reserve Bank of New York released the SCE Labor Market Survey results for March 2024.
Blog: Can I Speak to Your Supervisor? The Importance of Bank Supervision
April 15, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Can I Speak to Your Supervisor? The Importance of Bank Supervision.”
Federal Deposit Insurance Corporation
National Rates and Rate Caps – April 2024
April 15, 2024
The Federal Deposit Insurance Corporation released the federal rates and rate caps as of April 15, 2024.
Financial Crimes Enforcement Network
FinCEN Issues Notice on the Use of Counterfeit U.S. Passport Cards to Perpetrate Identity Theft and Fraud Schemes at Financial Institutions
April 15, 2024
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), in close coordination with the Department of State’s Diplomatic Security Service (DSS), issued a Notice to financial institutions on fraud schemes related to the use of counterfeit U.S. passport cards.
Federal Housing Finance Agency
Foreclosure Prevention, Refinance, and Federal Property Manager's Report - January 2024
April 15, 2024
The Federal Housing Finance Agency published the Foreclosure Prevention, Refinance, and Federal Property Manager’s Report for January 2024.
Freddie Mac
Freddie Mac Multifamily Enhances Policies to Strengthen Due Diligence, Deter Fraud and Reduce Risks
April 15, 2024
Freddie Mac Multifamily announced a series of policy and process enhancements that further strengthen underwriting due diligence, bolster fraud detection and deterrence, and mitigate other risks.
International
European Commission
Commission endorses Ukraine Plan, paving the way for regular payments under the Ukraine Facility
April 15, 2024
The Commission has adopted a proposal for a Council Implementing Decision that assesses positively the Ukraine Plan, Ukraine's comprehensive reform and investment strategy for the next four years.
Bank of England
Speech: Modernizing the trains and rails of UK payments
April 15, 2024
Bank of England Deputy Governor for Financial Stability Sarah Breeden gave a speech entitled, “Modernising the trains and rails of UK payments,” at the Innovate Finance Global Summit 2024.
Bank of England Prudential Regulation Authority
Solvency II Review – Matching adjustment reform implementation considerations for 30 June 2024
April 15, 2024
The Prudential Regulation Authority issued an update to respond to clarifications requested by firms in their responses to its consultation paper “Review of Solvency II: Reform of the Matching Adjustment,” and to assist relevant insurance firms to prepare for implementation of the matching adjustment reforms in a way that makes efficient use of resources and allows firms to make the most of new investment opportunities facilitated by the reforms.
Financial Conduct Authority
Asset management: common errors when applying for authorization
April 15, 2024
The Financial Conduct Authority published guidance entitled, “Asset management: common errors when applying for authorization.”
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.