PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, March 14, 2024
March 14, 2024
FedACTion Task Force
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Major Developments
Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: Bureaucratic Overreach or Consumer Protection? Examining the CFPB's Latest Action to Restrict Competition in Payments
March 13, 2024
The U.S. House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion held a hearing entitled, "Bureaucratic Overreach or Consumer Protection? Examining the CFPB's Latest Action to Restrict Competition in Payments."
- Hearing
- Committee Memorandum
- Subcommittee Chair Hill Statement
- Committee Ranking Member Waters Statement
Federal Agencies
U.S. Department of the Treasury
Remarks by Secretary Yellen at Advanced Nano Products in Elizabethtown, Kentucky
March 13, 2024
Secretary of the Treasury Janet L. Yellen gave remarks at Advanced Nano Products in Elizabethtown, Kentucky.
Virtual Remarks by Secretary Yellen at the National Center for American Indian Enterprise Development Reservation Economic Summit
March 13, 2024
Secretary of the Treasury Janet L. Yellen gave virtual remarks at the National Center for American Indian Enterprise Development Reservation Economic Summit.
Remarks by Deputy Secretary Wally Adeyemo on the U.S. – South Africa Economic Relationship
March 13, 2024
Deputy Secretary Wally Adeyemo gave remarks on the U.S.-South Africa economic relationship in Johannesburg, South Africa.
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
National Credit Union Administration
Agencies take temporary action on appraisal requirements in area affected by Hawaii wildfires
March 13, 2024
To help facilitate recovery efforts from wildfires in Hawaii last year, the Federal Reserve Board, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and National Credit Union Administration temporarily paused certain appraisal requirements for real estate-related transactions in Maui County.
Federal Reserve Bank of Boston
Working Paper: The Conundrum of Zero APR: An Analytical Framework
March 13, 2024
The Federal Reserve Bank of Boston published a working paper entitled, ""The Conundrum of Zero APR: An Analytical Framework."
Federal Housing Finance Agency
Working Paper: Measuring Homeownership Sustainability for First-Time Homebuyers
March 13, 2024
The Federal Housing Finance Agency published a working paper entitled, "Measuring Homeownership Sustainability for First-Time Homebuyers."
International
European Banking Authority
The EBA publishes final draft technical standards on complaints handling for issuers of asset referenced tokens
March 13, 2024
The European Banking Authority published the final draft Regulatory Technical Standards that set out the requirements, templates and procedures for handling complaints received by issuers of asset reference tokens.
Financial Conduct Authority
Speech: The future of pensions: act today to plan for tomorrow
March 13, 2024
Financial Conduct Authority Chief Executive Nikhil Rathi gave a speech entitled, "The future of pensions: act today to plan for tomorrow," at the JP Morgan Pensions and Savings Symposium.
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.