PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, February 24, 2024
February 24, 2024
FedACTion Task Force
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Federal Agencies
U.S. Department of the Treasury
Treasury Sanctions Hundreds of Targets in Russia and Globally on the Second Anniversary of Russia's Further Invasion of Ukraine and Following the Death of Aleksey Navalny,
February 23, 2024
the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is sanctioning almost 300 individuals and entities to mark the second anniversary of the Ukraine war and in response to the death of opposition politician and anticorruption activist Aleksey Navalny,
U.S. Treasury Designates Russian State-Owned Sovcomflot, Russia's Largest Shipping Company
February 23, 2024
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is taking action to responsibly reduce Russia's revenue from oil sales by targeting Joint Stock Company Sovcomflot (Sovcomflot), Russia's state-owned shipping company and fleet operator.
New U.S. Department of the Treasury Price Cap Analysis Shows That Increased Sanctions Enforcement Is Forcing Russia to Sell Oil at a Steeper Discount and Limiting Russian Revenue
February 23, 2024
The U.S. Department of the Treasury published a new analysis on the impact of the second phase of the price cap on Russian oil.
Remarks by Deputy Secretary Adeyemo at the Council on Foreign Relations
February 23, 2024
Deputy Secretary of the Treasury Wally Adeyemo gave remarks at the Council on Foreign Relations on actions taken to counter Russia with respect to its further invasion of Ukraine
Federal Reserve Board
Speech: What's the Rush?
February 22, 2024
Federal Reserve Board Governor Christopher J. Waller gave a speech entitled, "What's the Rush?" at the Finding Forward Speaker Series, University of St. Thomas, Opus College of Business, Minneapolis, Minnesota.
Speech: Sources of Uncertainty in the Short Run and the Long Run
February 22, 2024
Federal Reserve Board Governor Lisa D. Cook gave a speech entitled, "Sources of Uncertainty in the Short Run and the Long Run," at the "Macrofinance in the Long Run: New Insights on the Global Economy" 2024 Annual Conference of the Julis-Rabinowitz Center for Public Policy & Finance at Princeton's School of Public and International Affairs, Princeton, New Jersey.
Federal Reserve Bank of New York
New York Fed to Release Case Study on Pension Fund Investments in Affordable Apartments
February 23, 2024
The Federal Reserve Bank of New York will release "Alternative Investments in Community Development: A Case Study of Pension Fund Investments in Multifamily Affordable Housing" On February 29, 2024.
Federal Deposit Insurance Corporation
OIG Report: 2023 Top Management and Performance Challenges Facing the Federal Deposit Insurance Corporation
February 22, 2024
The Office of Inspector General of the Federal Deposit Insurance Corporation published a report entitled, "2023 Top Management and Performance Challenges Facing the Federal Deposit Insurance Corporation."
Consumer Financial Protection Bureau
GAO-IG Act Reporting
February 23, 2024
The Consumer Financial Protection Bureau published the annual GAO-IG Act report to Congress.
Financial Stability Oversight Council
Financial Stability Oversight Council Meeting – February 2024
February 23, 2024
U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of the Financial Stability Oversight Council (Council) on February 23, 2024, in executive session at the U.S. Department of the Treasury including reports on Commercial Real Estate Market by the Office of the Comptroller of the Currency and Major Participants in Payments by the Consumer Financial Protection Bureau.
Fannie Mae
Housing Activity Expected to Pick Up in 2024 as Rates Move Lower
February 23, 2024
Existing home sales and new single-family housing starts are expected to grow modestly in 2024 amid lower mortgage rates and slowly strengthening homebuyer sentiment, according to the February 2024 commentary from the Fannie Mae Economic and Strategic Research Group.
Bank Policy Institute
Blog: Deep Dive: DFAST 2024 Stress Test Scenarios
February 23, 2024
The Bank Policy Institute published a blog post entitled, "Deep Dive: DFAST 2024 Stress Test Scenarios."
International
European Commission
EU adopts 13th package of sanctions against Russia after two years of its war of aggression against Ukraine
February 23, 2024
The European Commission welcomes the Council's adoption of a 13th package of sanctions against Russia.
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.