PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday December 12
December 12, 2024
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Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Protecting Workers’ Money and Fighting for the Dignity of Work
December 11, 2024
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled “Protecting Workers’ Money and Fighting for the Dignity of Work.”
- Hearing
- Committee Chair Brown Statement
- Committee Ranking Member Scott Statement
- CFPB Director Chopra Statement
Federal Agencies
Federal Reserve Bank of New York
Article: Exploring Industries Present and Future: On the Ground in New York’s Southern Tier
December 11, 2024
The Federal Reserve Bank of New York published a The Teller Window article entitled “Exploring Industries Present and Future: On the Ground in New York’s Southern Tier.”
Federal Deposit Insurance Corporation
OIG Report: FDIC Readiness to Resolve Large Regional Banks
December 11, 2024
The Office of Inspector General for the Federal Deposit Insurance Corporation published a report entitled “FDIC Readiness to Resolve Large Regional Banks.”
Office of the Comptroller of the Currency
Acting Comptroller Discusses the Increasing Prevalence of Financial Fraud
December 11, 2024
Acting Comptroller of the Currency Michael J. Hsu discussed the rising challenge of financial fraud, emphasizing its pervasive impact on consumers and the broader financial system during a Women in Housing and Finance Public Policy Luncheon.
Economic Growth and Regulatory Paperwork Reduction Act of 1996: Regulatory Review to Identify Outdated, Unnecessary, or Unduly Burdensome Regulations
December 11, 2024
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation published in the Federal Register their third notice requesting comment on their regulations pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996.
Financial Crimes Enforcement Network
FinCEN Issues Spanish Translations of Alert and In-Depth Analysis on Nationwide Surge in Mail Theft-Related Check Fraud Schemes Targeting the U.S. Mail
December 11, 2024
The Financial Crimes Enforcement Network (FinCEN) is issuing Spanish translations of its February 2023 alert to financial institutions on the nationwide surge in check fraud schemes targeting the U.S. Mail and its September 2024 Financial Trend Analysis (FTA) on mail theft-related check fraud incidents based on Bank Secrecy Act data filed in the six months following the publication of the alert.
International
Bank of England
Bank Overground: One hundred months of the Decision Maker Panel
December 11, 2024
The Bank of England published a Bank Overground article entitled “One hundred months of the Decision Maker Panel.”
Bank of England Prudential Regulation Authority
The PRA consults on liquidity reporting reforms for insurers
December 11, 2024
The Prudential Regulation Authority is consulting on a package of reporting reforms that includes introducing new liquidity reporting requirements for large life insurers, and at the same time reducing the expectations for life firms that use internal model to submit Standard Formula reporting to the PRA.
Financial Conduct Authority
Consumer Duty Board Reports: good practice and areas for improvement
December 11, 2024
The Financial Conduct Authority released the findings of its review into firms’ approaches completing the first annual Consumer Duty Board report.
Complaints and root cause analysis: good practice and areas for improvement
December 11, 2024
The Financial Conduct Authority released the findings of its review into firms’ approaches to complaints and root cause analysis.
Research Note: A literature review on bias in supervised machine learning
December 11, 2024
The Financial Conduct Authority published a Research Note entitled “A literature review on bias in supervised machine learning.”
Administration Changes
Vacancies
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Scott Bessent (nominated November 2024); 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 (resigning effective January 19, 2025)
- 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 – Paul Atkins (nominated December 2024); Gary Gensler (resigning January 20, 2025)
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 – Kelly Loeffler (nominated December 2024); Isabella Casillas Guzman (effective March 16, 2021)
U.S. Department of Housing and Urban Development – Scott Turner (nominated November 2024); Marcia Fudge (resigned March 11, 2024, effective March 22, 2024)
Federal Housing Finance Agency – Sandra L. Thompson (effective June 22, 2022)
U.S. Department of Education – Linda McMahon (nominated November 2024); 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