PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday June 5, 2024
June 05, 2024
By Paul Hastings Professional
PH FedACTion: Financial Regulatory Updates
Wednesday, June 5, 2024
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Major Developments
Consumer Financial Protection Bureau
CFPB Warns Against Deception in Contract Fine Print
June 4, 2024
The Consumer Financial Protection Bureau issued a circular warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services.
Federal Agencies
U.S. Department of the Treasury
Testimony of Secretary Yellen on the FY 2025 Budget Request Before the Senate Appropriations Subcommittee on Financial Services and General Government
June 4, 2024
Secretary of the Treasury Janet L. Yellen testified before the Senate Appropriations Subcommittee on Financial Services and General Government on President Biden’s Fiscal Year 2025 Budget Request.
Federal Deposit Insurance Corporation
FDIC Survey Highlights Potential Bankable Moments at IRS’s Volunteer Income Tax Assistance Providers
June 4, 2024
The Federal Deposit Insurance Corporation released a report providing insight into the role the Internal Revenue Service’s Volunteer Income Tax Assistance providers have in helping unbanked Americans access banking products and services.
OIG: Semiannual Report to Congress
June 4, 2024
The Office of the Inspector General of the Federal Deposit Insurance Corporation released its Semiannual Report to Congress for October 1, 2023 – March 31, 2024.
Commodity Futures Trading Commission
CFTC’s Global Markets Advisory Committee Advances Recommendations on Basel III Endgame and Variation Margin Processes
June 4, 2024
The Commodity Futures Trading Commission’s Global Markets Advisory Committee (GMAC), sponsored by CFTC Commissioner Caroline D. Pham, advanced two recommendations to examine the impacts of proposed U.S. bank capital requirements and to improve collateral and liquidity management for non-centrally cleared derivatives.
- Press Release
- Global Market Structure Subcommittee Recommendation
- Technical Issues Subcommittee Recommendation
- Commissioner Johnson Statement
Semi-Annual Report of the Consumer Financial Protection Bureau
June 4, 2024
The Consumer Financial Protection Bureau released its Semi-Annual Report to Congress for the period beginning April 1, 2023 and ending September 30, 2023.
FINRA
Financial Professional or Artificial Intelligence? FINRA Foundation Report Examines Which of These Consumers Trust More
June 4, 2024
The FINRA Investor Education Foundation (FINRA Foundation) has released a new report entitled, “The machines are coming (with personal finance information). Do we trust them?”
Ginnie Mae
Ginnie Mae Announces Updates to the Multiclass Securities Program
June 4, 2024
Ginnie Mae announced updates to the Multiclass Securities Program to inform interested participants that, effective with issuances on and after June 12, 2024, Platinum Participants may aggregate MBS Pool Type C ET into Platinum Pool Type C EP and HMBS Pool Type H SA into Platinum Pool Type H PE.
International
European Banking Authority
ESAs call for enhanced supervision and improved market practice on sustainability-related claims
June 4, 2024
The European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published their final Reports on Greenwashing in the financial sector.
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.