PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday December 24
December 24, 2024
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Major Developments
Federal Reserve Board
Federal Reserve Board Announces That It Will Soon Seek Public Comment on Significant Changes to Improve Transparency of Bank Stress Tests & Reduce Volatility of Resulting Capital Requirements
December 23, 2024
In view of the evolving legal landscape, the Board of Governors of the Federal Reserve System announced it will soon seek public comment on significant changes to improve the transparency of its bank stress tests and to reduce the volatility of resulting capital buffer requirements.
Federal Agencies
U.S. Department of the Treasury
OFR Blog: OFR Monitor Shows Rising FX and Sovereign Debt Exposure
December 23, 2024
The Office of Financial Research published a blog post entitled “OFR Monitor Shows Rising FX and Sovereign Debt Exposure.”
Federal Reserve Bank of New York
Blog: Every Dollar Counts: The Top 5 Liberty Street Economics Posts of 2024
December 23, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “Every Dollar Counts: The Top 5 Liberty Street Economics Posts of 2024.”
Federal Reserve Bank of Boston
Working Paper: The Impact of Government Transfer Payment Frequency on Consumption: Evidence from Delayed UI
December 23, 2024
The Federal Reserve Bank of Boston’s Research Department published a working paper entitled “The Impact of Government Transfer Payment Frequency on Consumption: Evidence from Delayed UI.”
Office of the Comptroller of the Currency
Community Reinvestment Act: Revision of Small and Intermediate Small Bank and Savings Association Asset Thresholds
December 23, 2024
The Office of the Comptroller of the Currency published a bulletin adjusting the asset-size threshold amounts used to define “small bank or savings association” and “intermediate small bank or savings association” under the Community Reinvestment Act (CRA) regulation.
Consumer Financial Protection Bureau
Report: College Banking and Credit Card Agreements
December 23, 2024
The Consumer Financial Protection Bureau issued a report to Congress entitled “College Banking and Credit Card Agreements.”
U.S. Small Business Administration
SBA Strengthens Lending Network with New Public-Private Partnerships
December 23, 2024
The U.S. Small Business Administration announced it has granted Small Business Lending Company (SBLC) licenses to four lending institutions committed to expanding access to capital to underserved markets.
Federal Housing Finance Agency
Working Paper: Individual Borrower Motivations Surrounding Mortgage Forbearance Take-Up and Exit
December 23, 2024
The Federal Housing Finance Agency published a staff working paper entitled “Individual Borrower Motivations Surrounding Mortgage Forbearance Take-Up and Exit.”
Freddie Mac
Economic, Housing and Mortgage Market Outlook – December 2024
December 20, 2024
Freddie Mac published the December 2024 Economic, Housing and Mortgage Market Outlook spotlighting homeowner vs renter spending.
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