PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, March 22, 2024
March 22, 2024
FedACTion Task Force
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Major Developments
Federal Deposit Insurance Corporation
FDIC Seeks Public Comment on Proposed Revisions to its Statement of Policy on Bank Merger Transactions
March 21, 2024
The Federal Deposit Insurance Corporation Board of Directors met in open session and approved a Federal Register notice seeking public comment on proposed revisions to the agency's Statement of Policy (revised SOP) on Bank Merger Transactions.
- Meeting
- Memorandum
- Proposed Statement of Policy
- Press Release
- Financial Institution Letter
- Chair Gruenberg Statement
- Vice Chair Hill Statement
- Director McKernan Statement
- Acting Comptroller Hsu StatementBPI Statement
Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: Importing Global Governance: Examining the Dangers of Ceding Authority Over American Financial Regulation
March 21, 2024
The U.S. House Committee on Financial Services held a hearing entitled, "Importing Global Governance: Examining the Dangers of Ceding Authority Over American Financial Regulation." The Committee heard testimony from: Dr. Michael Gibson, Director of Supervision and Regulation, Board of Governors of the Federal Reserve System; Mr. Ryan Billingsley, Deputy Director of Capital Markets and Accounting Policy, Division of Risk Management Supervision, Federal Deposit Insurance Corporation; Ms. Grovetta Gardineer, Senior Deputy Comptroller for Bank Supervision Policy, Office of the Comptroller of the Currency.
- Hearing
- Committee Memorandum
- Committee Chair McHenry Statement
- Committee Ranking Member Waters Statement
- Federal Reserve Director Gibson Testimony
- FDIC Deputy Director Billingsley Testimony
- Senior Deputy Comptroller Gardineer Testimony
Federal Agencies
U.S. Department of the Treasury
Testimony of Secretary Yellen Before the Senate Committee on Finance
March 21, 2024
Secretary of the Treasury Janet L. Yellen testified before the U.S. Senate Committee on Finance.
Testimony of Secretary Yellen Before the House Committee on Appropriations
March 21, 2024
Secretary of the Treasury Janet L. Yellen testified before the U.S. House Committee on Appropriations Subcommittee on Financial Services and General Government.
Securities and Exchange Commission
SEC's OMWI FY 2023 Annual Report Highlights the Agency's Diversity, Equity, Inclusion and Accessibility Initiatives and Progress
March 21, 2024
The Securities and Exchange Commission's Office of Minority and Women Inclusion (OMWI) published two reports: the 2022 Diversity Assessment Report for Entities Regulated by the SEC and OMWI's Fiscal Year (FY) 2023 Annual Report to Congress.
International
Bank of England
Monetary Policy Committee Meeting
March 21, 2024
The Bank of England's Monetary Policy Committee met and voted by a majority of 8–1 to maintain Bank Rate at 5.25%.
Exchange of etters between the Governor and the Chancellor regarding CPI Inflation - March 2024
March 21, 2024
Bank of England Governor Andrew Bailey and Chancellor of the Exchequer Jeremy Hunt exchanged letters regarding CPI inflation.
Latest results from the Decision Maker Panel survey - 2024 Q1
March 21, 2024
The Bank of England released the results from the Decision Maker Panel survey for Q1 2024.
Agents' summary of business conditions - 2024 Q1
March 21, 2024
The Bank of England released the summary of business conditions reports compiled by regional agents in Q1 2024.
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.