PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday April 24, 2024

April 24, 2024

FedACTion Task Force

PH FedACTion: Financial Regulatory Updates

Wednesday, April 24, 2024

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Major Developments


Federal Agencies

U.S. Department of the Treasury

G7 Cyber Expert Group Conducts Cross-Border Coordination Exercise in the Financial Sector

April 23, 2024

The G7 Cyber Expert Group completed a cross-border coordination exercise.

Commodity Futures Trading Commission

CFTC Approves Final Rules on Swap Confirmation Requirements for Swap Execution Facilities

April 23, 2024

The Commodity Futures Trading Commission (CFTC) approved final rules to amend its swap execution facility (SEF) regulations related to uncleared swap confirmations to address issues which have been addressed in CFTC staff no-action letters, including the most recent CFTC No Action Letter No. 17-17, as well as associated conforming and technical changes.

Federal Housing Finance Agency

Blog: Progress in Addressing Climate-related Disclosure Standards

April 23, 2024

The Federal Housing Finance Agency published a blog post entitled, “Progress in Addressing Climate-related Disclosure Standards.”

Fannie Mae

Hot Economy, Inflation Likely to Keep Rates ‘Higher for Longer’

April 23, 2024

Stronger-than-expected economic and inflation data have pushed interest rates higher and financial markets to price in fewer Federal Reserve rate cuts this year, according to the April 2024 commentary from the Fannie Mae Economic and Strategic Research Group.

Bank Policy Institute

Blog: Here We Go Again: Regulators versus The Law on Bank Compensation

April 23, 2024

The Bank Policy Institute published a blog post entitled, “Here We Go Again: Regulators Versus The Law on Bank Compensation.”


European Commission

European Commission issues €8 billion in its 4th syndicated transaction of 2024

April 23, 2024

The European Commission raised €8 billion of EU-Bonds in its 4th syndicated transaction for 2024.

Bank of England

Remarks: Strategy and stance

April 23, 2024

Bank of England Chief Economist Huw Pill gave a speech entitled, “Strategy and stance,” at the London campus of the University of Chicago Booth School of Business.

Bank of England Prudential Regulation Authority

Letter from Rebecca Jackson and Charlotte Gerken: Thematic review of private equity related financing activities

April 23, 2024

Prudential Regulation Authority Executive Directors Rebecca Jackson and Charlotte Gerken sent a letter to Chief Risk Officers of banks operating in the UK following the PRA’s thematic review of private equity financing businesses.

Speech: Private Equity Financing

April 23, 2024

Prudential Regulation Authority Executive Director Rebecca Jackson gave a speech entitled, “Private equity financing” at UK Finance.

Financial Conduct Authority

FCA confirms anti-greenwashing guidance and proposes extending sustainability framework

April 23, 2024

The Financial Conduct Authority issued guidance ahead of the anti-greenwashing rule coming into force on May 31. The FCA also issued a consultation paper proposing to extend the Sustainability Disclosure Requirements regime to portfolio management.

Administration Changes


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.

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