PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, January 18 2024
January 18, 2024
FedACTion Task Force
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Major Developments
Consumer Financial Protection Bureau
CFPB Proposes Rule on Bank Overdrafts
January 17, 2024
The Consumer Financial Protection Bureau proposed a rule to rein in excessive overdraft fees charged by the nation's biggest financial institutions.
- Proposed Rule
- Unofficial Redline
- Fact Sheet
- Report
- Director Chopra Remarks
- Press Release
- Senate Banking Committee Chair Brown Statement
- House Financial Services Committee Chair McHenry Statement
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Senators Renew Push for Regulators to Abandon Basel III Endgame
January 17, 2024
U.S. Senate Committee on Banking, Housing, and Urban Affairs Ranking Member Tim Scott (R-S.C.) led a letter to the Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency urging the agencies to withdraw the Basel III Endgame proposal to raise bank capital requirements.
U.S. House of Representatives
Committee on Financial Services
Hearing: International Financing of Nuclear Energy
January 17, 2024
The U.S. House Committee on Financial Services held a hearing entitled, "International Financing of Nuclear Energy."
Committee on Small Business
Small Business Snapshot – January 2024
January 17, 2024
The U.S. House Committee on Small Business released the Small Business Snapshot for January 2024.
Federal Agencies
Federal Reserve Board
Beige Book – January 2024
January 17, 2024
The Federal Reserve Board published the Beige Book for January 2024.
Opening Remarks at Conference on Measuring Cyber Risk in the Financial Services Sector
January 17, 2024
Federal Reserve Board Vice Chair for Supervision Michael S. Barr gave opening remarks at the Conference on Measuring Cyber Risk in the Financial Services Sector in Boston, Massachusetts.
Speech: The Path Forward for Bank Capital Reform
January 17, 2024
Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, "The Path Forward for Bank Capital Reform," at Protect Main Street sponsored by the Center for Capital Markets at the U.S. Chamber of Commerce in Washington, D.C.
G.17 Industrial Production and Capacity Utilization Data – January 2024
January 17, 2024
The Federal Reserve Board released the G.17 industrial production and capacity utilization data for January 2024 with data from December 2023.
Federal Reserve Bank of New York
Business Leaders Survey – January 2024
January 17, 2024
The Federal Reserve Bank of New York released the Business Leaders Survey for January 2024.
Report: Monetary Policy across Inflation Regimes
January 17, 2024
The Federal Reserve Bank of New York published a staff report entitled, "Monetary Policy across Inflation Regimes."
Report: On the Validity of Classical and Bayesian DSGE-Based Inference
January 17, 2024
The Federal Reserve Bank of New York published a staff report entitled, "On the Validity of Classical and Bayesian DSGE-Based Inference."
Report: Self-Employment and Labor Market Risks
January 17, 2024
The Federal Reserve Bank of New York published a staff report entitled, "Self-Employment and Labor Market Risks."
Article: Ideas in Focus at the 2023 U.S. Treasury Market Conference
January 17, 2024
The Federal Reserve Bank of New York published a The Teller Window article entitled, "Ideas in Focus at the 2023 U.S. Treasury Market Conference."
Conference of State Bank Supervisors
Blog: Community Bankers Adapting to Higher Interest Rates
January 17, 2024
The Conference of State Bank Supervisors published a blog post entitled, "Community Bankers Adapting to Higher Interest Rates."
Basel III Endgame Proposal Threatens the U.S. Economy
January 16, 2024
The Conference of State Bank Supervisors submitted a comment letter regarding the federal banking agencies' capital proposal.
Long Term Debt Proposal Needs Changes
January 16, 2024
The Conference of State Bank Supervisors submitted a comment letter asking the federal banking agencies to amend their long-term debt proposal for large banking organizations.
Federal Deposit Insurance Corporation
FDIC Holds Board Meeting
January 16, 2024
The Federal Deposit Insurance Corporation Board of Directors held a meeting on January 16, 2024. By notational vote, the Board approved a notice regarding a Review of FDIC Regulations in Accordance with the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) and an Extension of Title I Resolution Plan Submission Deadline for Triennial Full Filers.
- EGRPRA Memorandum
- EGRPRA Review Notice
- Title I Resolution Plan Submission Deadline Extension Memorandum
- Vice Chair Hill Statement
- Meeting Materials
Office of the Comptroller of the Currency
Bulletin: Securities Operations: Shortening the Standard Settlement Cycle
January 17, 2024
The Office of the Comptroller of the Currency issued a bulletin highlighting actions that banks should take to prepare for a change in the standard securities settlement cycle for most U.S. securities transactions.
National Credit Union Administration
Advisory on Liquidity Risk Management
January 17, 2024
The National Credit Union Administration issued an advisory on liquidity risk management.
- Advisory
State Agencies
New York State Department of Financial Services
DFS Superintendent Adrienne A. Harris Proposes Artificial Intelligence Guidance to Combat Discrimination
January 17, 2024
The New York State Department of Financial Services issued for public comment a proposed circular letter addressing the use of artificial intelligence by licensed insurers.
International
European Commission
European Commission settles first transaction via new Eurosystem based EU Issuance Service
January 17, 2024
The European Commission, which issues debt securities on behalf of the EU and Euratom, has today raised a further €2.2 billion of short-term EU-Bills in its first bill auction of the year.
European Banking Authority
ESAs publish first set of rules under DORA for ICT and third-party risk management and incident classification
January 17, 2024
The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published the first set of final draft technical standards under the Digital Operational Resilience Act (DORA) aimed at enhancing the digital operational resilience of the EU financial sector by strengthening financial entities' Information and Communication Technology (ICT) and third-party risk management and incident reporting frameworks.
- ICT Risk Management Framework Draft ITS
- ICT Services Policy Draft ITS
- Major Incidents and Cyber Threats Classification Draft ITS
- Register Information Draft ITS
- Press Release
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.