PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday May 21, 2024
May 21, 2024
By Paul Hastings Professional
PH FedACTion: Financial Regulatory Updates
Tuesday, May 21, 2024
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Major Developments
Statement on Contingent Resignation by FDIC Chairman Martin J. Gruenberg
May 20, 2024
Federal Deposit Insurance Corporation Chair Martin J. Gruenberg issued a statement announcing he is prepared to step down as Chair once a successor is confirmed.
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Chairman Brown Calls for New Leadership at the FDIC
May 20, 2024
Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, issued a statement calling for new leadership at the Federal Deposit Insurance Corporation.
Rannking Scott Calls for Immediate Resignation of FDIC Chairman
May 20, 2024
Senator Tim Scott (R-SC), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, issued a statement calling for the immediate resignation of Federal Deposit Insurance Corporation Chair Martin J. Gruenberg.
Federal Agencies
U.S. Department of the Treasury
Remarks by the Temporary Alternate Governor for the United States of America Alexia Latortue, 2024 Annual Meetings of the Boards of Governors of the Asian Development Bank
May 20, 2024
Temporary Alternate Governor for the United States of America Alexia Latortue gave remarks at the 2024 Annual Meetings of the Boards of Governors of the Asian Development Bank.
Federal Reserve Board
Speech: U.S. Economic Outlook and Housing Price Dynamics
May 20, 2024
Federal Reserve Board Vice Chair Philip N. Jefferson gave a speech entitled, “U.S. Economic Outlook and Housing Price Dynamics,” at the Mortgage Bankers Association’s Secondary and Capital Markets Conference and Expo 2024 in New York, New York.
Speech: On Building a Resilient Regulatory Framework
May 20, 2024
Federal Reserve Board Vice Chair for Supervision Michael S. Barr gave a speech entitled, “On Building a Resilient Regulatory Framework,” at the Central Banking in the Post-Pandemic Financial System 28th Annual Financial Markets Conference, the Federal Reserve Bank of Atlanta, Fernandina Beach, Florida.
Speech: Welcoming Remarks on the International Role of the U.S. Dollar
May 20, 2024
Federal Reserve Board Governor Christopher J. Waller gave a speech entitled, “Welcoming Remarks on the International Role of the U.S. Dollar,” at the Third Conference on the International Roles of the U.S. Dollar, hosted by the Federal Reserve Board in Washington, D.C.
Federal Reserve Bank of New York
Report: Wage Insurance for Displaced Workers
May 20, 2024
The Federal Reserve Bank of New York published a staff report entitled, “Wage Insurance for Displaced Workers.”
Report: Tracing Bank Runs in Real Time
May 20, 2024
The Federal Reserve Bank of New York published a staff report entitled, “Tracing Bank Runs in Real Time.”
Supplemental Survey Report – May 2024
May 20, 2024
The Federal Reserve Bank of New York published the supplemental survey to the Empire State Manufacturing Survey and Business Leaders Survey entitled, “Supply Chain Disruptions, While Easing, Remain a Concern.” A Liberty Street Economics analysis post was published alongside the report.
SCE Household Spending Survey – April 2024
May 20, 2024
The Federal Reserve Bank of New York released the SCE Household Spending Survey results for April 2024.
Conference of State Bank Supervisors
CSBS and State Regulators Seek Public Comment on Proposed NMLS Fee Increases in 2025
May 20, 2024
The Conference of State Bank Supervisors issued a request for public comment on proposed increases to processing fees for the Nationwide Multistate Licensing System and Registry.
Federal Deposit Insurance Corporation
National Rates and Rate Caps – May 2024
May 20, 2024
The Federal Deposit Insurance Corporation released the national rates and rate caps as of May 20, 2024.
Working Paper: CEO Ownership, Risk Management, and Bank Runs at Unlimited Liability Banks During the 1890s
May 20, 2024
The Federal Deposit Insurance Corporation published a working paper entitled, “CEO Ownership, Risk Management, and Bank Runs at Unlimited Liability Banks During the 1890s.”
Consumer Financial Protection Bureau
Prepared Remarks of CFPB Director Rohit Chopra at the Mortgage Bankers Association
May 20, 2024
Consumer Financial Protection Bureau Director Rohit Chopra gave remarks at the Mortgage Bankers Association.
Blog: Public Interest Tech Jobs: Regulate tech and AI
May 20, 2024
The Consumer Financial Protection Bureau published a blog post entitled, “Public Interest Tech Jobs: Regulate tech and AI.”
Financial Crimes Enforcement Network
In Boston, Treasury Launches New Public-Private FinCEN Exchange Series to Fight Fentanyl Trafficking
May 20, 2024
The Financial Crimes Enforcement Network (FinCEN), in partnership with IRS Criminal Investigation (CI), announced a new initiative to combat the illicit trafficking of fentanyl into the United States.
Freddie Mac
U.S. Economic, Housing and Mortgage Market Outlook – May 2024
May 20, 2024
Freddie Mac released the U.S. Economic, Housing and Mortgage Market Outlook for May 2024.
Ginnie Mae
Ginnie Mae Announces Mandatory Recovery Planning Requirements for Certain Issuers
May 20, 2024
Ginnie Mae announced the recovery planning requirements for non-depository Issuers whose portfolios equal or exceed a remaining principal balance (RPB) of $50 billion at the end of the calendar year.
Ginnie Mae Announces Implementation Date for Digital Collateral Commingling in Ginnie Mae Pools
May 20, 2024
Ginnie Mae announced that it will now permit the securitization of Digital Collateral into the same pools as its traditional paper collateral (commingling), effective with June 1, 2024, issuances.
International
Bank of England
Speech: From NICE… to not so nice
May 20, 2024
Bank of England Deputy Governor Ben Broadbent gave a speech entitled, “From NICE… to not so nice.”
Financial Conduct Authority
Principles for industry remedy development
May 20, 2024
The Financial Conduct Authority published principles for industry remedy development.
Speech: Aiming for calm seas in our market reforms
May 20, 2024
Financial Conduct Authority Executive Director Sarah Pritchard gave a speech entitled, “Aiming for calm seas in our market reforms,” at the City & Financial Global’s City Week 2024.
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.