PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, March 15, 2024
March 15, 2024
FedACTion Task Force
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Federal Agencies
U.S. Department of the Treasury
Federal Reserve Bank of Boston
Working Paper: The Conundrum of Zero APR: An Analytical Framework
March 14, 2024
The Federal Reserve Bank of Boston published a working paper entitled, "The Conundrum of Zero APR: An Analytical Framework."
Consumer Financial Protection Bureau
Remarks of Director Chopra at the Financial Data Exchange Global Summit
March 13, 2024
Consumer Financial Protection Bureau Director Rohit Chopra gave remarks at the Financial Data Exchange Global Summit.
Bank Policy Institute
Financial Data Exchange Offers Security, Empowers Consumers in CFPB Financial Data Rule
March 14, 2024
The Bank Policy Institute issued a statement in response to Consumer Financial Protection Bureau Director Rohit Chopra remarks on the Bureau's Section 1033 rule at the Financial Data Exchange Global Summit.
BPI and FSF Comment on the Basel Committee on Banking Supervision's Pillar III Climate Disclosure Framework
March 14, 2024
The Bank Policy Institute and the Financial Services Forum commented on the Basel Committee on Banking Supervision's ("BCBS") Consultative Document seeking views from the public and market participants regarding a proposed Pillar 3 disclosure framework for climate-related financial risks.
International
Financial Conduct Authority
Speech: Investing in outcomes: a regulatory approach to deliver for consumers, markets and competitiveness
March 14, 2024
The Financial Conduct Authority Chief Executive Nikhil Rathi gave a speech entitled, "Investing in outcomes: a regulatory approach to deliver for consumers, markets and competitiveness," at the Morgan Stanley European Financials Conference.
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.