PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday December 13
December 13, 2024
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Major Developments
Consumer Financial Protection Bureau
CFPB Issues Final Rule on Overdraft Loans
December 12, 2024
The Consumer Financial Protection Bureau issued a final rule addressing overdrafts, applicable to banks and credit unions with more than $10 billion in assets. The rule was promptly challenged by litigation.
- Final Rule
- Regulatory Text
- Press Release
- House Financial Services Committee Ranking Member Waters Statement
- Litigation Challenge
Federal Agencies
Federal Deposit Insurance Corporation
FDIC-Insured Institutions Reported Net Income of $65.4 Billion in the Third Quarter
December 12, 2024
The Federal Deposit Insurance Corporation released the Quarterly Banking Profile on 4,517 commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation that reported aggregate net income of $65.4 billion in third quarter 2024, a decrease of $6.2 billion (8.6 percent) from the prior quarter.
Office of the Comptroller of the Currency
OCC Reports Third Quarter 2024 Bank Trading Revenue
December 12, 2024
The Office of the Comptroller of the Currency reported cumulative trading revenue of U.S. commercial banks and savings associations of $16.5 billion in the third quarter of 2024.
Securities and Exchange Commission
SEC Small Business Advocacy Office Delivers Report to Congress on Capital Raising for Startups to Small Public Companies
December 12, 2024
The Securities and Exchange Commission’s Office of the Advocate for Small Business Capital Formation issued its 2024 Annual Report to Congress and the Commission.
SEC Office of the Investor Advocate Issues Report on Nationally Representative Survey of Investors and Continues Focus on Investment Fraud
December 12, 2024
The Securities and Exchange Commission’s Office of the Investor Advocate published its Report on Activities for the Fiscal Year 2024 to Congress, highlighting the work of the office during the fiscal year.
Statement on Consolidated Audit Trail Cost Savings
December 12, 2024
Securities and Exchange Commission Chair Gary Gensler issued a statement on the Commission’s approved amendments to the 2016 National Market System Plan that established the Consolidated Audit Trail.
Commodity Futures Trading Commission
CFTC Staff Issues Advisory Regarding Form 304 Submission Format Beginning January 15, 2025
December 12, 2024
The Commodity Futures Trading Commission’s Division of Market Oversight issued an advisory notifying all merchants and dealers of cotton holding or controlling positions for future delivery in cotton (traders) that beginning next year they must submit the regulatory filing identified as “Form 304” through the CFTC’s online filings portal.
Consumer Financial Protection Bureau
Medical Collections on Credit Reports in Native American Communities
December 12, 2024
The Consumer Financial Protection Bureau published a report entitled “Medical Collections on Credit Reports in Native American Communities.”
CFPB and IHS joint letter re: Protecting approved Purchased/Referred Care program patients from improper bills
December 12, 2024
The Consumer Financial Protection Bureau and the Indian Health Service issued a letter reminding medical providers, suppliers or billers of their responsibilities to protect IHS-approved purchased/referred care (PRC) program patients from improper bills and collection on improper bills under the Indian Health Care Improvement Act (IHCIA), the Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA).
OIG Report: The CFPB Can Strengthen Guidance on Cost-Increase Modifications
December 12, 2024
The Office of Inspector General of the Consumer Financial Protection Bureau published a report entitled “The CFPB Can Strengthen Guidance on Cost-Increase Modifications.”
Bank Policy Institute
Blog: BPI Survey of Bank Treasurers on Willingness and Perceived Ability to Borrow from Fed Lending Facilities
December 12, 2024
The Bank Policy Institute published a blog post entitled “BPI Survey of Bank Treasurers on Willingness and Perceived Ability to Borrow from Fed Lending Facilities.”
International
European Banking Authority
The EBA assesses potential benefits and challenges of tokenized deposits
December 12, 2024
The European Banking Authority published a Report to facilitate awareness of tokenized deposits, as well as assess their potential benefits and challenges.
Bank of England
Statement of Policy: The Bank of England's approach to cost benefit analysis
December 12, 2024
The Bank of England published a statement of policy entitled “The Bank of England's approach to cost benefit analysis.”
Bank of England Prudential Regulation Authority
Statement of Policy: The Prudential Regulation Authority’s approach to cost benefit analysis
December 12, 2024
The Prudential Regulation Authority published a statement of policy entitled “The Prudential Regulation Authority’s approach to cost benefit analysis.”
Data collection on firms’ exposures to tokenised assets, stablecoins and other cryptoassets
December 12, 2024
The Prudential Regulation Authority published a data request that will help inform its policy making.
Financial Conduct Authority
Millions of people could get more support with their pensions under new proposals
December 12, 2024
The Financial Conduct Authority has set out proposals for extra support for millions of U.K. savers to help them make better decisions about their pensions.
Administration Changes
Vacancies
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Scott Bessent (nominated November 2024); 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 (resigning effective January 19, 2025)
- 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 – Paul Atkins (nominated December 2024); Gary Gensler (resigning January 20, 2025)
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 – Kelly Loeffler (nominated December 2024); Isabella Casillas Guzman (effective March 16, 2021)
U.S. Department of Housing and Urban Development – Scott Turner (nominated November 2024); Marcia Fudge (resigned March 11, 2024, effective March 22, 2024)
Federal Housing Finance Agency – Sandra L. Thompson (effective June 22, 2022)
U.S. Department of Education – Linda McMahon (nominated November 2024); 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