PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, March 11, 2024
March 11, 2024
FedACTion Task Force
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Federal Deposit Insurance Corporation
Remarks by Vice Chair Hill on "Banking's Next Chapter? Remarks on Tokenization and Other Issues"
March 11, 2024
Federal Deposit Insurance Corporation Vice Chair Travis Hill gave remarks at the Mercatus Center entitled, "Banking's Next Chapter? Remarks on Tokenization and Other Issues."
Federal Agencies
Federal Reserve Bank of New York
Survey: Inflation Expectations Increase at the Medium and Longer-Term Horizons
March 11, 2024
The Federal Reserve Bank of New York's Center for Microeconomic Data today released the February 2024 Survey of Consumer Expectations, which shows that inflation expectations remained unchanged at the short-term horizon, while increasing at the medium- and longer-term horizons.
Federal Deposit Insurance Corporation
Money Smart Newsletter – March 2024
March 11, 2024
The Federal Deposit Insurance Corporation released the Money Smart Newsletter for March 2024.
Freddie Mac
Freddie Mac Multifamily Apartment Investment Market Index Finishes 2023 Up Nationwide Despite Fourth Quarter Decline
March 11, 2024
The Freddie Mac Multifamily Apartment Investment Market Index® (AIMI®) decreased in the fourth quarter of 2023, but increased over the full year, with the annual gain indicating that investment conditions were better in the fourth quarter compared with one year prior.
International
Bank of England
Quarterly Bulletin: Identifying barriers to productive investment and external finance: a survey of UK SMEs
March 11, 2024
The Bank of England published a Quarterly Bulletin entitled, "Identifying barriers to productive investment and external finance: a survey of UK SMEs."
Minutes of the London FXJSC Operations Sub-committee Meeting – November 2023
March 11, 2024
The Bank of England released the minutes of the London Foreign Exchange Joint Standing Committee Operations Sub-Committee meeting held November 22, 2023.
Minutes of the London FXJSC Legal Sub-committee – November 2023
March 11, 2024
The Bank of England released the minutes of the London Foreign Exchange Joint Standing Committee Legal Sub-Committee meeting held November 28, 2023.
Minutes of the London FXJSC Main Committee Meeting – November 2023
March 11, 2024
The Bank of England released the minutes of the London Foreign Exchange Joint Standing Committee main committee meeting held November 29, 2023.
Financial Conduct Authority
FCA updates position on cryptoasset Exchange Traded Notes for professional investors
March 11, 2024
The Financial Conduct Authority released a statement that it will not object to requests from Recognised Investment Exchanges (RIEs) to create a UK listed market segment for cryptoasset-backed Exchange Traded Notes.
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.