PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, March 9, 2024
March 09, 2024
FedACTion Task Force
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Major DevelopmentsFederal Reserve Board
Federal Reserve Board announces final rule that updates risk management requirements systemically important financial market utilities supervised by the Board
March 8, 2024
The Federal Reserve Board announced a final rule that updates risk management requirements systemically important financial market utilities supervised by the Board.
Federal Agencies
U.S. Department of the Treasury
U.S. Department of the Treasury and State Insurance Regulators Launch Coordinated Effort on Homeowners Insurance Data Collection to Assess the Effects of Climate Risk on U.S. Insurance Markets
March 8, 2024
The U.S. Department of the Treasury's Federal Insurance Office advanced its efforts to collect insurance data to better understand the impacts of climate-related financial risks on the insurance sector, by launching a first-of-its kind collaboration with state insurance regulators and the National Association of Insurance Commissioners.
OFR Working Paper: The Value of Lending Relationships
March 8, 2024
The Office of Financial Research published a working paper entitled, "The Value of Lending Relationships."
Federal Reserve Bank of New York
Report: Drivers of Dollar Share in Foreign Exchange Reserves
March 8, 2024
The Federal Reserve Bank of New York published a staff report entitled, "Drivers of Dollar Share in Foreign Exchange Reserves."
Report: Nonlinear Firm Dynamics
March 8, 2024
The Federal Reserve Bank of New York published a staff report entitled, "Nonlinear Firm Dynamics."
Blog: Stablecoins and Crypto Shocks
March 8, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Stablecoins and Crypto Shocks."
Statement Regarding the Publication of Reference Rates on Friday, March 29, 2024
March 8, 2024
The Securities Industry and Financial Markets Association (SIFMA) recommends a full market closure on Friday, March 29, 2024, which will be widely treated as a holiday in the repo market.
Statement Regarding Open Market Desk Operations on Friday, March 29, 2024
March 8, 2024
As a result of the Securities Industry and Financial Markets Association recommendation for a full market closure on Friday, March 29, 2024, the Open Market Trading Desk (Desk) does not intend to conduct operations on that date.
Securities and Exchange Commission
Cash Flow Statement Data Element Presentation
March 8, 2024
The Securities and Exchange Commission's Division of Economic and Risk Analysis reviewed certain Forms 10-Q and Forms 10-K filed in 2023 to evaluate whether filers' cash flow statement data element presentation structure (e.g., parent and descendant relationship) is organized correctly.
Commodity Futures Trading Commission
CFTC's Global Markets Advisory Committee Advances 3 Recommendations
March 7, 2024
The Commodity Futures Trading Commission's Global Markets Advisory Committee, advanced three new recommendations to promote U.S. Treasury markets resiliency and efficiency, provide resources on the upcoming transition to T+1 securities settlement, and publish a first-ever digital asset taxonomy to support U.S. regulatory clarity and international alignment.
- Technical Issues Subcommittee Recommendation
- Digital Asset Markets Subcommittee Recommendation
- Press Release
- Commissioner Pham Opening Statement
Consumer Financial Protection Bureau
Blog: Junk fees are driving up housing costs. The CFPB seeks input on an area of concern
March 8, 2024
The Consumer Financial Protection Bureau published a blog post entitled, "Junk fees are driving up housing costs. The CFPB wants to hear from you."
FINRA
FINRA Adopts Amendments to Enhance Post-Trade Transparency in the U.S. Treasury Securities Market
March 8, 2024
FINRA has adopted amendments to disseminate individual transactions in active U.S. Treasury securities at the end of the day and historically, and to set related fees for members and other professionals who choose to subscribe to the new data set.
U.S. Department of Labor
BLS Releases Jobs Report for February 2024
March 8, 2024
The U.S. Bureau of Labor Statistics released the Employment Situation Report for February 2024.
Bank Policy Institute
Blog: An Analysis of Credit Card Pricing Disparities Between Large and Small Issuers
March 8, 2024
The Bank Policy Institute published a blog post entitled, "An Analysis of Credit Card Pricing Disparities Between Large and Small Issuers."
BPI Statement on Anniversary of SVB Failure
March 8, 2024
Bank Policy Institute President and CEO Greg Baer released a statement ahead of the one-year anniversary of Silicon Valley Bank's failure.
International
European Banking Authority
The EBA consults on Guidelines on redemption plans under the Markets in Crypto-Assets Regulation
March 8, 2024
The European Banking Authority launched a consultation on the Guidelines for the plans to orderly redeem asset-referenced or e-money tokens in the event that the issuer fails to fulfil its obligations under the Markets in Crypto assets Regulation.
Bank of England
Speech: The proposed UK regime for critical third parties
March 8, 2024
Bank of England Director of Prudential Policy Gareth Truran gave a speech entitled, "The proposed UK regime for critical third parties," at the Tech UK Summit on Operational Resilience for Critical Third Parties.
Working Paper: Battle of the markups: conflict inflation and the aspirational channel of monetary policy transmission
March 8, 2024
The Bank of England published a staff working paper entitled, "Battle of the markups: conflict inflation and the aspirational channel of monetary policy transmission."
Working Paper: Energy and climate policy in a DSGE model of the United Kingdom
March 8, 2024
The Bank of England published a staff working paper entitled, "Energy and climate policy in a DSGE model of the United Kingdom."
Working Paper: Optimal quantitative easing and tightening
March 8, 2024
The Bank of England published a staff working paper entitled, "Optimal quantitative easing and tightening."
Financial Conduct Authority
Report: Using Synthetic Data in Financial Services
March 8, 2024
The Financial Conduct Authority published a report entitled, "Report: Using Synthetic Data in Financial Services."
House of Commons Treasury Committee's 'Sexism in the City' report
March 8, 2024
The Financial Conduct Authority issued a statement on the House of Commons Treasury Committee's 'Sexism in the City' report.
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)
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.