PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, April 10, 2024
April 10, 2024
FedACTion Task Force
PH FedACTion: Financial Regulatory Updates
Wednesday, April 10, 2024
Subscribe to PH FedACTion: Financial Regulatory Updates
Major Developments
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: An Update from the Treasury Department: Countering Illicit Finance, Terrorism and Sanctions Evasion
April 9, 2024
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, “An Update from the Treasury Department: Countering Illicit Finance, Terrorism and Sanctions Evasion.” The Committee heard testimony from The Honorable Adewale O. Adeyemo, Deputy Secretary, U.S. Department of the Treasury.
- Hearing
- Committee Chair Brown Statement
- Committee Ranking Member Scott Statement
- Deputy Secretary Adeyemo Testimony
Federal Agencies
U.S. Department of the Treasury
U.S. Department of the Treasury and IRS Release Proposed Guidance on Stock Buyback Excise Tax
April 9, 2024
The U.S. Department of the Treasury and Internal Revenue Service issued two Notices of Proposed Rulemaking (proposed regulations) on the stock buyback or “repurchase” excise tax.
Federal Reserve Board
Working Paper: A New Measure of Climate Transition Risk Based on Distance to a Global Emission Factor Frontier
April 9, 2024
The Federal Reserve Board published a working paper entitled, “A New Measure of Climate Transition Risk Based on Distance to a Global Emission Factor Frontier.”
Federal Reserve Bank of New York
Article: A Focus on ‘Equitable’ and ‘Growth’ in Understanding the Economy
April 9, 2024
The Federal Reserve Bank of New York published a The Teller Window article entitled, “A Focus on ‘Equitable’ and ‘Growth’ in Understanding the Economy.”
Conference of State Bank Supervisors
Community Bankers’ Economic Outlook Still Pessimistic but Shows Upswing
April 9, 2024
Community bankers are showing slightly more confidence in future economic conditions but still have concerns, especially about regulatory burden, according to the latest Community Bank Sentiment Index released by the Conference of State Bank Supervisors.
Federal Deposit Insurance Corporation
Consolidated Reports of Condition and Income for First Quarter 2024
April 9, 2024
The Federal Deposit Insurance Corporation released the Consolidated Reports of Condition and Income for the first quarter 2024.
Securities and Exchange Commission
Office Hours with Gary Gensler: U.S. Treasury Markets
April 9, 2024
Securities and Exchange Commission Chair Gary Gensler held office hours on the U.S. Treasury Markets.
Commodity Futures Trading Commission
Opening Statement: CCP Resilience, AI and Risk Management Implications, Market Structure Reforms, and Climate Related Market Risks
April 9, 2024
Commodity Futures Trading Commission Commissioner Kristin N. Johnson gave an opening statement entitled, “CCP Resilience, AI and Risk Management Implications, Market Structure Reforms, and Climate Related Market Risks,” at the Market Risk Advisory Committee Meeting.
International
Bank of England
Summary Minutes of Sub-Group and Task Force Meetings – March 2024
April 9, 2024
The Bank of England released the summary minutes of the Working Group on Sterling Risk-Free Reference Rates Sub-Group and Task Force meetings held in March 2024.
Financial Conduct Authority
Consultation Paper: FCA regulated fees and levies: rates proposals for 2024/25
April 9, 2024
The Financial Conduct Authority published a consultation paper entitled, “FCA regulated fees and levies: rates proposals for 2024/25.”
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.