PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday December 10
December 10, 2024
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Federal Agencies
Federal Reserve Bank of New York
Consumers Express More Optimism about their Financial Situations; Inflation Expectations Tick Up
December 9, 2024
The Federal Reserve Bank of New York’s Center for Microeconomic Data released the November 2024 Survey of Consumer Expectations, which shows that households’ inflation expectations increased slightly at the short-, medium-, and longer-term horizons.
Consumer Financial Protection Bureau
CFPB Commences Rulemaking to Help Mitigate the Financial Consequences of Domestic Violence and Elder Abuse
December 9, 2024
The Consumer Financial Protection Bureau launched a rulemaking to address the harmful effects of potential inaccurate credit reporting affecting survivors of domestic violence, elder abuse, and other forms of financial abuse.
Fannie Mae
Consumer Housing Sentiment Up Significantly Year over Year
December 9, 2024
The Fannie Mae Home Purchase Sentiment Index® (HPSI) increased 0.4 points in November to 75.0, continuing its sharp upward trend over the past year as consumers appear to be acclimating to the higher mortgage rate and home price environment.
Bank Policy Institute
Research Note: The Network of Central Banks and Supervisors For Greening the Financial System (NGFS)’s New Climate Damage Function: A Flawed Analysis With Massive Economic Consequences
December 9, 2024
The Bank Policy Institute Published a research note entitled “The NGFS’s New Climate Damage Function: A Flawed Analysis With Massive Economic Consequences.”
International
European Banking Authority
The EBA consults on draft technical standards that specify material changes and extensions to the Internal Ratings Based approach
December 9, 2024
The European Banking Authority launched a public consultation on its draft Regulatory Technical Standards clarifying and enhancing the conditions for assessing material model changes and extensions following a review of the related Delegated Regulation.
Bank of England
Discussion Paper: Transitioning to a repo-led operating framework
December 9, 2024
The Bank of England published a discussion paper entitled “Transitioning to a repo-led operating framework.”
Speech: Getting the balance right: ensuring the Bank’s balance sheet can support financial stability
December 9, 2024
Bank of England Deputy Governor Dave Ramsden gave a speech entitled “Getting the balance right: ensuring the Bank’s balance sheet can support financial stability,” at the Official Monetary and Financial Institutions Forum.
Financial Conduct Authority
Market cleanliness statistics 2023/24
December 9, 2024
The Financial Conduct Authority released the market cleanliness statistics for 2023/24.
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