PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, February 15, 2024
February 15, 2024
FedACTion Task Force
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Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: Oversight of the Financial Crimes Enforcement Network (FinCEN) and the Office of Terrorism and Financial Intelligence (TFI)
February 14, 2024
The U.S. House Committee on Financial Services held a hearing entitled, "Oversight of the Financial Crimes Enforcement Network (FinCEN) and the Office of Terrorism and Financial Intelligence (TFI)." The Committee heard testimony from The Honorable Brian E. Nelson, Undersecretary for Terrorism and Financial Intelligence (TFI), U.S. Department of the Treasury, and Ms. Andrea Gacki, Director, Financial Crimes Enforcement Network (FinCEN)
- Hearing
- Committee Memorandum
- Undersecretary Nelson Testimony
- FinCEN Director Gacki Testimony
- Committee Chair McHenry Opening Statement
- Committee Ranking Member Waters Opening Statement
- BPI Statement
Federal Agencies
U.S. Department of the Treasury
Fact Sheet: Treasury Actions to Enhance Financial Transparency and Combat Illicit Finance
February 14, 2024
The U.S. Department of the Treasury released a fact sheet entitled, "Treasury Actions to Enhance Financial Transparency and Combat Illicit Finance."
Remarks by Secretary of the Treasury Janet L. Yellen in Detroit, Michigan
February 14, 2024
Secretary of the Treasury Janet L. Yellen gave remarks about the importance of small businesses to the U.S. economy in Detroit, Michigan.
Federal Reserve Board
Speech: The Intersection of Monetary Policy, Market Functioning, and Liquidity Risk Management
February 14, 2024
Federal Reserve Board Vice Chair for Supervision Michael S. Barr gave a speech entitled, "The Intersection of Monetary Policy, Market Functioning, and Liquidity Risk Management," at the 40th Annual National Association for Business Economics (NABE) Economic Policy Conference in Washington, D.C.
Federal Reserve Bank of New York
Blog: How and Why Do Consumers Use "Buy Now, Pay Later"?
February 14, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "How and Why Do Consumers Use "Buy Now, Pay Later"?"
Conference of State Bank Supervisors
Speech: A Modernized NMLS: Investing in the Future
February 14, 2024
Conference of State Bank Supervisors President and CEO Brandon Milhorn gave a speech entitled, "A Modernized NMLS: Investing in the Future," at the 2024 NMLS Annual Conference & Training.
Office of the Comptroller of the Currency
OCC Opens Registration for Community Bank Director and Senior Management Workshops
February 14, 2024
The Office of the Comptroller of the Currency opened registration for its 2024 schedule of in-person workshops for board directors and senior management of national community banks and federal savings associations.
Securities and Exchange Commission
SEC Proposes Rule to Update Definition of Qualifying Venture Capital Funds
February 14, 2024
The Securities and Exchange Commission proposed a rule that would update the dollar threshold for a fund to qualify as a "qualifying venture capital fund" for purposes of the Investment Company Act of 1940.
U.S. Small Business Administration
SBA Unveils Updated Equity Action Plan
February 14, 2024
The U.S. Small Business Administration announced its updated 2023 Equity Action Plan outlining actionable steps the agency will take to advance investing in equity, including expanding access to capital and revenue growth opportunities; tailoring business counseling, training, and other services; and increasing access to disaster assistance for underserved communities.
Freddie Mac
Freddie Mac Announces Fourth Quarter and Full-Year 2023 Financial Results
February 14, 2024
Freddie Mac reported its Fourth Quarter and Full-Year 2023 financial results and filed its Annual Report on Form 10-K with the U.S. Securities and Exchange Commission.
Bank Policy Institute
BPI Statement for the Record on House Oversight Hearing of FinCEN and TFI
February 14, 2024
The Bank Policy Institute submitted a statement for the record to the U.S. House Financial Services Committee for its oversight of the Financial Crimes Enforcement Network and the Office of Terrorism and Financial Intelligence.
International
European Commission
Investigation of the Commission and consumer authorities finds that online influencers rarely disclose commercial content
February 14, 2024
The European Commission and national consumer protection authorities of 22 Member States, Norway and Iceland released the results of a screening of social media posts from influencers. The sweep found that nearly all (97%) of these influencers posted commercial content but only one in five systematically indicated that their content was advertising.
Commission monitors strengths and challenges of EU's competitiveness
February 14, 2024
The European Commission published the new Annual Single Market Competitiveness Report.
Financial Conduct Authority
Financial watchdog stops thousands of misleading ads and promotions
February 14, 2024
The Financial Conduct Authority released the financial promotions data for 2023 showing that over 10,000 financial adverts and other promotions were withdrawn or changed in 2023 following intervention from the FCA, an increase of 17%, year-on-year.
Market Watch 77 – February 2024
The Financial Conduct Authority published the 77th edition of the Market Watch newsletter.
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.