PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday April 30, 2024
April 30, 2024
FedACTion Task Force
PH FedACTion: Financial Regulatory Updates
Tuesday, April 30, 2024
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Major Developments
Federal Agencies
Consumer Financial Protection Bureau
CFPB Finds 15 Million Americans Have Medical Bills on Their Credit Reports
April 29, 2024
The Consumer Financial Protection Bureau released research showing that 15 million Americans still have medical bills on their credit reports despite changes by Equifax, Experian, and TransUnion.
Federal Housing Finance Agency
FHFA Announces New Division of Public Interest Examination
April 29, 2024
The Federal Housing Finance Agency announced the creation of a new Division of Public Interest Examination, which will be responsible for supervisory oversight of the Agency’s regulated entities in the areas of affordable housing, community development, diversity and inclusion, consumer protection, and fair lending. FHFA serves as regulator and conservator of Fannie Mae and Freddie Mac and regulator of the Federal Home Loan Bank System.
FHFA Announces Release of Fair Lending Final Rule
April 29, 2024
The Federal Housing Finance Agency released its Fair Lending, Fair Housing, and Equitable Housing Finance Plans Final Rule, together with Fannie Mae and Freddie Mac’s Equitable Housing Finance Plan updates for 2024 and Performance Reports for 2023.
- Final Rule
- Fannie Mae Finance Plan
- Fannie Mae Performance Report
- Freddie Mac Finance Plan
- Freddie Mac Performance Report
- Request for Input
Bank Policy Institute
Blog: Incorporating Discount-Window Borrowing Capacity into a Liquidity Requirement
April 29, 2024
The Bank Policy Institute published a blog post entitled, “Incorporating Discount-Window Borrowing Capacity into a Liquidity Requirement.”
International
European Banking Authority
The EBA has identified new types of payment fraud and proposes measures to mitigate underlying risks and protect consumers from resultant losses
April 29, 2024
The European Banking Authority published an Opinion, in which it assesses payment fraud data that has recently become available to the EBA, identifies new types and patterns of payment fraud, and develops proposals to mitigate them.
Financial Conduct Authority
Policy Statement: Consumer Credit – Product Sales Data Reporting
April 29, 2024
The Financial Conduct Authority published a policy statement entitled, “Consumer Credit – Product Sales Data Reporting.”
Policy Statement: Pensions Dashboards rules for pension providers – Deadline revised
April 29, 2024
The Financial Conduct Authority announced the deadline has been revised for policy statement 22/12: Pensions Dashboards rules for pension providers.
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) (resigned March 11, 2024, effective March 22, 2024)
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.