PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, February 13, 2024
February 13, 2024
FedACTion Task Force
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Federal Agencies
Federal Reserve Board
Speech: Defining a Bank
February 12, 2024
Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, "Defining a Bank," at the American Bankers Association 2024 Conference for Community Bankers in San Antonio, Texas.
OIG Report: Material Loss Review of Heartland Tri-State Bank
February 7, 2024
The Office of Inspector General of the Federal Reserve Board published a report on Heartland Tri-State Bank's failure.
Federal Reserve Bank of New York
Survey: Consumers More Optimistic about Their Financial Situation and Credit Access
February 12, 2024
The Federal Reserve Bank of New York's Center for Microeconomic Data released the January 2024 Survey of Consumer Expectations, which shows improvements in households' perceptions and expectations of their financial conditions and credit availability.
Blog: Measuring Treasury Market Depth
February 12, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Measuring Treasury Market Depth."
Federal Financial Institutions Examination Council
FFIEC Issues Statement on Examination Principles Related to Valuation Discrimination and Bias in Residential Lending
February 12, 2024
The Federal Financial Institutions Examination Council issued a statement of principles related to valuation discrimination and bias for member entities to consider in their consumer compliance and safety and soundness examinations.
International
Bank of England
Speech: Loughborough lecture: Banking today
February 12, 2024
Bank of England Governor Andrew Bailey gave a speech entitled, "Loughborough lecture: Banking today," at Loughborough Business School, Loughborough University.
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.