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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday June 14, 2024

June 14, 2024

By Paul Hastings Professional

PH FedACTion: Financial Regulatory Updates

Friday June 14, 2024

 

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Major Developments

Federal Deposit Insurance Corporation

President Biden Nominates Christy Goldsmith Romero to FDIC Chair

June 13, 2024

President Joe Biden nominated current Commodity Futures Trading Commission Commissioner Christy Goldsmith Romero to be Chair and Member of the Federal Deposit Insurance Corporation.

 

U.S. Department of the Treasury

President Biden Nominates Kristin N. Johnson to Assistant Secretary for Financial Institutions

June 13, 2024

President Joe Biden nominated current Commodity Futures Trading Commission Commissioner Kristin N. Johnson to be Assistant Secretary for Financial Institutions.

 

Congress

U.S. House of Representatives

Committee on Financial Services

Hearing: The Semi-Annual Report of the Bureau of Consumer Financial Protection

June 13, 2024

The U.S. House Committee on Financial Services held a hearing entitled, “The Semi-Annual Report of the Bureau of Consumer Financial Protection.” The Committee heard testimony from The Honorable Rohit Chopra, Director, Consumer Financial Protection Bureau.

 

Financial Services & General Government Appropriations Legislation Includes Key Committee Republican Priorities

June 13, 2024

The U.S. House Committee on Appropriations will consider Financial Services General Government (FSGG) appropriations legislation at a full committee markup.

 

Federal Agencies

Federal Reserve Board

Revised “A Guide to HMDA Reporting: Getting It Right!”

June 13, 2024

The Federal Reserve Board published a consumer affairs letter announcing the revised version of “A Guide to HMDA Reporting: Getting it Right!”

 

Office of the Comptroller of the Currency

Prohibition Against Interstate Deposits: Annual Host State Loan-to-Deposit Ratios

June 13, 2024

The Office of the Comptroller of the Currency published a bulletin rescinding OCC Bulletin 2023-14, “Prohibition Against Interstate Deposits: Annual Host State Loan-to-Deposit Ratios,” published May 19, 2023.

 

Securities and Exchange Commission

Testimony before the Subcommittee on Financial Services and General Government

June 13, 2024

Securities and Exchange Commission Chair Gary Gensler testified before the U.S. Senate Committee on Appropriations Subcommittee on Financial Services and General Government.

 

Commodity Futures Trading Commission

Testimony of Chairman Rostin Behnam Before the Subcommittee on Financial Services and General Government, Committee on Appropriations, U.S. Senate

June 13, 2024

Commodity Futures Trading Commission Chair Rostin Behnam testified before the U.S. Senate Committee on Appropriations Subcommittee on Financial Services and General Government.

 

Consumer Financial Protection Bureau

OIG Report: The CFPB Effectively Designed a Process to Allocate Surplus Civil Penalty Funds and Monitored Contractor Payments to Victims

June 13, 2024

The Office of Inspector General of the Consumer Financial Protection Bureau published a report entitled, “The CFPB Effectively Designed a Process to Allocate Surplus Civil Penalty Funds and Monitored Contractor Payments to Victims.”

 

Financial Stability Oversight Council

President Biden Nominates Gordon I. Ito to Financial Stability Oversight Council

June 13, 2024

President Joe Biden nominated current Insurance Commissioner for the State of Hawaii Gordon I. Ito to be a Member of the Financial Stability Oversight Council.

 

Freddie Mac

In Sharp Reversal of Recent Decline, Freddie Mac Multifamily Apartment Investment Market Index Rises in First Quarter of 2024

June 13, 2024

The Freddie Mac Multifamily Apartment Investment Market Index® (AIMI®) rose by 8.7% in the first quarter of 2024 as well as over the full year, with the annual index up 8.1%.

 

International

European Banking Authority

The EBA publishes regulatory products under the Markets in Crypto-Assets Regulation

June 13, 2024

The European Banking Authority published the package of technical standards and guidelines under MiCAR on prudential matters, namely own funds, liquidity requirements, and recovery plans.

 

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 – resignation pending

  • Chair Designate - Christy Goldsmith Romero (nominated June 13, 2024)
  • 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.