PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, March 7, 2024

March 07, 2024

FedACTion Task Force

Subscribe to PH FedACTion: Financial Regulatory Updates

Major Developments


U.S. House of Representatives

All Financial Services Committee Republicans Demand Banking Regulators Withdraw Basel III Endgame Proposal

March 6, 2024

Chairman Patrick McHenry and Financial Institutions and Monetary Policy Subcommittee Chairman Andy Barr sent a letter on behalf of all Republicans on the House Financial Services Committee to Fed Chair Powell, Acting Comptroller of the Currency Michael Hsu, and Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg demanding that the regulators withdraw their Basel III Endgame proposal.

Committee on Small Business

Federal Agencies

U.S. Department of the Treasury

Treasury Targets Companies and Vessels Facilitating Qods Force and Houthi Commodity Shipments

March 6, 2024

The Department of the Treasury's Office of Foreign Assets Control (OFAC) took additional action to target shipments of Iranian commodities undertaken by the network of Iran-based, Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF)-backed Houthi financial facilitator Sa'id al-Jamal.

Federal Reserve Board

Semiannual Monetary Policy Report to the Congress

March 6, 2024

Chair Jerome H. Powell gave testimony before the Committee on Financial Services, U.S. House of Representatives on the Federal Reserve's semiannual Monetary Policy Report.

Summary of Commentary on Current Economic Conditions by Federal Reserve District

March 6, 2024

Federal Reserve released released the latest issue of the Beige Book..

Securities and Exchange Commission

SEC Adopts Rules to Enhance and Standardize Climate-Related Disclosures for Investors

March 6, 2024

The Securities and Exchange Commission adopted rules to enhance and standardize climate-related disclosures by public companies and in public offerings.

SEC Adopts Amendments to Enhance Disclosure of Order Execution Information

March 6, 2024

The Securities and Exchange Commission adopted rule amendments that update the disclosure required under Rule 605 of Regulation NMS for order executions in national market system stocks (NMS stocks), which are stocks listed on a national securities exchange. Rule 605 was adopted in 2000 to help the public compare and evaluate execution quality at different market centers.

Commodity Futures Trading Commission

Testimony of Chairman Rostin Behnam: U.S. House Committee on Agriculture

March 6, 2024

Chairman Rostin Behnam, U.S. House Committee on Agriculture, provided an update on the work of the Commodity Futures Trading Commission (CFTC), its priorities, and some emerging trends in its jurisdictional space.

Fannie Mae

Fannie Mae Provides Day 1 Certainty; New Enhancement Further Streamlines Mortgage Origination Process for Lenders and Homebuyers

March 6, 2024

Fannie Mae announced new capabilities in its automated underwriting system to further streamline the mortgage origination process for lenders and homebuyers, enabling improved loan quality control, faster cycle times, and potential cost savings.

Freddie Mac

Freddie Mac Announces Tender Offer for Any and All of Certain STACR Notes

March 6, 2024

Freddie Mac announced that it commenced a fixed-price cash tender offer (the "Offer") for the purchase of any and all certain STACR® (Structured Agency Credit Risk) Notes.

Freddie Mac Announces $120 Million Non-Performing Loan Sale

March 6, 2024

Freddie Mac announced that it will offer approximately $120 million in non-performing loans (NPL) for sale via auction.


European Banking Authority

The EBA publishes its final Guidelines on national lists or registers of credit servicers

March 5, 2024

The European Banking Authority (EBA) published its final Guidelines on national lists or registers of credit servicers.

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)

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.

Get In Touch With Us

Contact Us