PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday June 25, 2024
June 25, 2024
By Paul Hastings Professional
PH FedACTion: Financial Regulatory Updates
Tuesday June 25, 2024
Subscribe to PH FedACTion: Financial Regulatory Updates
Federal Agencies
U.S. Department of the Treasury
Secretary Yellen Announces New Housing Efforts to Lower Housing Costs
June 24, 2024
U.S. Secretary of the Treasury Janet L. Yellen gave remarks on housing policy and announcing new efforts by the Treasury Department using its existing authorities to increase the supply of housing.
Remarks By Under Secretary Nellie Liang at the 2024 OCC Bank Research Symposium
June 24, 2024
Under Secretary for Domestic Finance Nellie Liang gave remarks at the 2024 OCC Bank Research Symposium.
Federal Reserve Board
Working Paper: Inflation, Price Dispersion, and Welfare: The Role of Consumer Search
June 24, 2024
The Federal Reserve Board published a working paper entitled, “Inflation, Price Dispersion, and Welfare: The Role of Consumer Search.”
Welcoming Remarks at the 2024 International Journal of Central Banking Conference
June 24, 2024
Federal Reserve Board Governor Christopher J. Waller gave welcoming remarks at the 2024 International Journal of Central Banking Conference in Rome, Italy.
Federal Reserve Bank of New York
Article: Why Inflation Expectations Matter: Celebrating 10 Years of Our Survey of Consumer Expectations
June 24, 2024
The Federal Reserve Bank of New York published a The Teller Window article entitled, “Why Inflation Expectations Matter: Celebrating 10 Years of Our Survey of Consumer Expectations.”
Blog: Deciphering the Disinflation Process
June 24, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Deciphering the Disinflation Process.”
Office of the Comptroller of the Currency
OCC Requests Comments on Proposed Revisions to Its Recovery Planning Guidelines
June 24, 2024
The Office of the Comptroller of the Currency requested comment on a proposal to revise its recovery planning guidelines for certain large insured national banks, federal savings associations, and federal branches.
Securities and Exchange Commission
SEC Updates Exchange Act Form 8-K Q&A
June 24, 2024
The Securities and Exchange Commission updated the following Exchange Act Form 8-K Compliance and Disclosure Interpretations: Question 104B.05 through Question 104B.09.
Statement: The State of Disclosure Review
June 24, 2024
Securities and Exchange Commission Director Erik Gerding issued a statement on the state of disclosure review.
Consumer Financial Protection Bureau
Blog: CFPB Approves Rule to Ensure Accuracy and Accountability in the Use of AI and Algorithms in Home Appraisals
June 24, 2024
The Consumer Financial Protection Bureau published a blog post entitled, “CFPB Approves Rule to Ensure Accuracy and Accountability in the Use of AI and Algorithms in Home Appraisals.”
National Credit Union Administration
MDI Credit Union Growth Expands Financial Security and Creates Opportunities
June 24, 2024
The National Credit Union Administration released its 2023 report to Congress detailing MDIs’ performance and the agency’s actions in support of their efforts.
Federal Housing Finance Agency
FHFA Releases 1st Quarter 2024 Foreclosure Prevention and Refinance Report
June 21, 2024
The Federal Housing Finance Agency released its first quarter 2024 Foreclosure Prevention and Refinance Report.
Freddie Mac
U.S. Economic, Housing and Mortgage Market Outlook – June 2024
June 24, 2024
Freddie Mac released the U.S. Economic, Housing and Mortgage Market Outlook for June 2024.
International
European Commission
EU adopts 14th package of sanctions against Russia for its continued illegal war against Ukraine, strengthening enforcement and anti-circumvention measures
June 24, 2024
The European Commission announced the Council's adoption of a 14th package of sanctions against Russia.
European Banking Authority
The EBA publishes amendments to counterparty credit risk standards as part of its new roadmap for the implementation of the Banking Package in the EU
June 24, 2024
The European Banking Authority published its final draft amending Regulatory Technical Standards on the standardized approach for counterparty credit risk.
Financial Conduct Authority
FCA appoints members for the UK Secondary Markets Advisory Committee
June 24, 2024
The Financial Conduct Authority appointed members of its advisory committee on secondary markets for the period June 2024 to June 2026.
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)
- Chair Designate Christy Goldsmith Romero
- 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.