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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday May 9, 2024

May 09, 2024

FedACTion Task Force

PH FedACTion: Financial Regulatory Updates

Thursday, May 9, 2024

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Congress

U.S. House of Representatives

Committee on Financial Services

Chairman McHenry Delivers Remarks on the House Floor in Support of a Resolution to Overturn SEC’s SAB 121

May 8, 2024

U.S. House Committee on Financial Services Chair Patrick McHenry delivered remarks on the House floor in support of H.J.Res. 109, a Congressional Review Act resolution that would overturn accounting guidance for crypto assets from the Securities and Exchange Commission (SEC), known as Staff Accounting Bulletin 121, or SAB 121.

Ranking Member Waters Remarks on the House Floor Against a Resolution to Overturn SEC’s SAB 121

Statement on Resolution to Overturn SEC’s Guidance on Crypto Assets

May 8, 2024

U.S. House Committee on Financial Services Ranking Member Maxine Waters delivered remarks on the floor of the House against H.J. Res. 109, a Congressional Review Act resolution that would overturn accounting guidance for crypto assets from the Securities and Exchange Commission (SEC), known as SAB 121.

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

May 8, 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, Part II.”

Federal Agencies

U.S. Department of the Treasury

Remarks by Assistant Secretary Frost on Recent Progress by the Inter-Agency Working Group on Treasury Market Surveillance

May 8, 2024

Assistant Secretary for Financial Markets Joshua Frost gave remarks on the recent progress made by the Inter-Agency Working Group on Treasury Market Surveillance at the Federal Reserve Bank of New York’s Annual Primary Dealer Meeting.

Federal Reserve Board

Working Paper: Tale About Inflation Tails

May 8, 2024

The Federal Reserve Board published a working paper entitled, “Tale About Inflation Tails.”

Speech: Current Assessment of Financial Stability

May 8, 2024

Federal Reserve Board Governor Lisa D. Cook gave a speech entitled, “Current Assessment of Financial Stability,” at the Brookings Institution in Washington, DC.

Federal Reserve Bank of New York

New York Fed Report Shows Loans Originated and Sold by Community Development Financial Institutions More than Doubled Over Four Years

May 8, 2024

The Federal Reserve Bank of New York released a report quantifying sales of loans by Community Development Financial Institutions.

Blog: How Are They Now? A Checkup on Homeowners Who Experienced Foreclosure

May 8, 2024

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “How Are They Now? A Checkup on Homeowners Who Experienced Foreclosure.”

Speech: Balance Sheet Reduction: Progress to Date and a Look Ahead

May 8, 2024

The Federal Reserve Bank of New York’s System Open Market Account Manager Roberto Perli gave a speech entitled, “Balance Sheet Reduction: Progress to Date and a Look Ahead,” at the 2024 Annual Primary Dealer Meeting.

Federal Reserve Bank of Boston

Speech: Reflections on Uncertainty and Patience in Monetary Policymaking

May 8, 2024

Federal Reserve Bank of Boston President and CEO Susan M. Collins gave a speech entitled, “Reflections on Uncertainty and Patience in Monetary Policymaking,” at the Sloan School of Management at the Massachusetts Institute of Technology.

Conference of State Bank Supervisors

Blog: Promoting the Value of Community Banks

May 8, 2024

The Conference of State Bank Supervisors published a blog post entitled, “Promoting the Value of Community Banks.”

Fannie Mae

Fannie Mae Expands Income Calculator Tool with Free, Web-based Option for Loan Originators

May 8, 2024

Fannie Mae has announced new enhancements to its Income Calculator tool that will help mortgage professionals serve the growing number of mortgage applicants in the U.S. who are self-employed and don’t have traditional sources of income.

Ginnie Mae

Ginnie Mae Mortgage-Backed Securities Portfolio Reached $2.57 Trillion in April

May 8, 2024

Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.57 trillion in April, including $34.8 billion of total MBS issuance, leading to $14.1 billion of net growth. 

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