PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday January 2, 2025
January 02, 2025
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Congress
U.S. Senate
Committee on Banking, Housing and Urban Affairs
Scott Releases 2024 Banking GOP Year-in-Review and Oversight Report for the 118th Congress
December 30, 2024
U.S. Senate Banking, Housing and Urban Affairs Committee Ranking Member Tim Scott (R-S.C.) released his 2024 Year-in-Review and Oversight Report for the 118th Congress, highlighting Banking Committee Republicans’ accomplishments over the past year and detailing the committee’s oversight work of the Biden-Harris administration during the 118th Congress.
Federal Agencies
U.S. Department of the Treasury
Treasury Discloses Data Breach to Congress
December 30, 2024
The U.S. Department of the Treasury sent a letter to U.S. Senate Banking, Housing, and Urban Affairs Committee Chair Sherrod Brown and Ranking Member Tim Scott disclosing that on December 8, 2024, Treasury was notified by a third-party software service provider, BeyondTrust, that a threat actor had gained access to a key used by the vendor to secure a cloud-based service used to remotely provide technical support for Treasury Departmental Offices (DO) end users. With access to the stolen key, the threat actor was able override the service’s security, remotely access certain Treasury DO user workstations, and access certain unclassified documents maintained by those users. Based on available indicators, the incident has been attributed to a China state-sponsored Advanced Persistent Threat (APT) actor.
Treasury Sanctions Entities in Iran and Russia That Attempted to Interfere in the U.S. 2024 Election
December 31, 2024
The Department of the Treasury’s Office of Foreign Assets Control is designating a subordinate organization of Iran’s Islamic Revolutionary Guard Corps, and a Moscow-based affiliate organization of the Russian Main Intelligence Directorate and its director pursuant to Executive Order (E.O.) 13848, the U.S. election interference authority.
Federal Housing Finance Agency
FHFA House Prices Rise 0.4 Percent in October; Up 4.5 Percent from a Year Earlier
December 31, 2024
U.S. house prices rose 0.4 percent in October, according to the Federal Housing Finance Agency’s seasonally adjusted monthly House Price Index (HPI).
Fannie Mae
Fannie Mae Releases November 2024 Monthly Summary
December 31, 2024
Fannie Mae released the November 2024 Monthly Summary report containing information about Fannie Mae’s monthly and year-to-date activities for our gross mortgage portfolio, mortgage-backed securities and other guarantees, interest rate risk measures, and serious delinquency rates.
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