PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, March 26, 2024
March 26, 2024
FedACTion Task Force
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Federal Agencies
U.S. Department of the Treasury
Treasury Designates Russian Companies Supporting Sanctions Evasion Through Virtual Asset Services and Technology Procurement
March 25, 2024
The Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctioned thirteen entities and two individuals for operating in the financial services and technology sectors of the Russian Federation economy including persons developing or offering services in virtual assets that enable the evasion of U.S. sanctions.
Federal Reserve Board
Paper: Demand for U.S Banknotes at Home and Abroad: A Post-Covid Update
March 25, 2024
The Federal Reserve Board published a working paper entitled, "Demand for U.S Banknotes at Home and Abroad: A Post-Covid Update."
Speech: The Dual Mandate and the Balance of Risks
March 25, 2024
Federal Reserve Board Governor Lisa D. Cook gave a speech entitled, "The Dual Mandate and the Balance of Risks," at Ec10b Principles of Economics Lecture, Department of Economics, Faculty of Arts and Sciences, Harvard University, Cambridge, Massachusetts.
Federal Reserve Bank of New York
Blog: What if China Manufactures a Sugar High?
March 25, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "What if China Manufactures a Sugar High?"
Office of the Comptroller of the Currency
Acting Comptroller Discusses Fairness and Compliance Risk Management
March 25, 2024
Acting Comptroller of the Currency Michael J. Hsu discussed fairness and effective compliance risk management in remarks at CBA LIVE 2024, hosted by the Consumer Bankers Association.
Consumer Financial Protection Bureau
OIG Report: Results of Scoping of the Evaluation of the CFPB's Healthcare Benefits Eligibility Processes
March 25, 2024
The Office of Inspector General of the Consumer Financial Protection Bureau published a report entitled, "Results of Scoping of the Evaluation of the CFPB's Healthcare Benefits Eligibility Processes."
National Credit Union Administration
NCUA Releases 2023 Annual Report
March 25, 2024
The National Credit Union Administration released its 2023 Annual Report, highlighting the agency's activities, policy initiatives, and accomplishments for the past year.
Federal Housing Finance Agency
FHFA Releases 4th Quarter 2023 Foreclosure Prevention and Refinance Report
March 25, 2024
The Federal Housing Finance Agency released its fourth quarter 2023 Foreclosure Prevention and Refinance Report.
International
European Commission
Eurobarometer survey shows positive perceptions about the economy and the quality of life in the EU regions
March 25, 2024
The European Commission published a Flash Eurobarometer conducted at the regional level, showing that EU citizens look positively at the economic situation and the quality of life in their region.
European Banking Authority
The EBA launches call for papers for its 2024 Policy Research Workshop
March 25, 2024
The European Banking Authority launched a call for papers in view of its 13th Policy Research Workshop taking place on 6-7 November 2024 and titled "Boundaries of Banking Regulation".
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.