PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday November 1
November 01, 2024
By Paul Hastings Professional
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Congress
U.S. House of Representatives
Committee on Financial Services
Committee Members Respond to Federal Banking Regulators’ Request for Information on Bank-Fintech Partnerships
October 31, 2024
Members of the U.S. House Committee on Financial Services sent a letter to federal banking regulators at the Federal Reserve Board (FRB), Office of the Comptroller of the Currency (OCC), and Federal Deposit Insurance Corporation (FDIC) responding to a request for information on bank-fintech partnerships.
Federal Agencies
U.S. Department of the Treasury
Report on U.S. Portfolio Holdings of Foreign Securities at Year-End 2023
October 31, 2024
The U.S. Department of the Treasury released the findings from the annual survey of U.S. portfolio holdings of foreign securities at year-end 2023.
Sixth Meeting of the Financial Working Group Between the United States and the People’s Republic of China
October 31, 2024
The United States and the People’s Republic of China held the sixth meeting of the Financial Working Group (FWG) on the sidelines of the IMF-World Bank Annual Meetings in Washington on October 28.
U.S. Department of the Treasury Hosts Roundtable Discussion on the Financial Sector’s Response to Recent Hurricanes
October 31, 2024
The U.S. Department of the Treasury hosted a roundtable on October 30 with participants from the banking, credit union, and insurance industries; government-sponsored entities (Fannie Mae and Freddie Mac); consumer advocates; and state and federal regulators to discuss the financial sector’s responses to Hurricanes Helene and Milton, and to express continued support and commitment in aiding hurricane response efforts.
Commodity Futures Trading Commission
CFTC Warns of Potential Dangers for Messaging App Users
October 31, 2024
The Commodity Futures Trading Commission’s Office of Customer Education and Outreach released a customer advisory alerting messaging app users to beware of schemes to defraud them of assets, specifically crypto assets.
Consumer Financial Protection Bureau
CFPB and CMS Take Action to Stop Illegal Billing of Lowest-Income Medicare Recipients
October 31, 2024
The Consumer Financial Protection Bureau and the Centers for Medicare & Medicaid Services issued a joint statement to protect millions of people with Medicare living at or below the poverty line from unlawful medical bills.
Federal Housing Finance Agency
FHFA Simplifies Process for Nonprofits, Other Project Applicants to Receive FHLBank Funding for Affordable Housing
October 31, 2024
The Federal Housing Finance Agency issued an Advisory Bulletin that simplifies the process for project sponsors to receive Federal Home Loan Bank funds for affordable housing projects.
Bank Policy Institute
BPI and TCH Submit Comments to Prudential Regulators on Bank-Fintech Arrangements
October 31, 2024
The Bank Policy Institute and The Clearing House Association commented on partnerships between banks and fintechs in a letter to the OCC, the FDIC and the FRB.
International
Bank of England
Speech: Engaging with the machine: AI and financial stability
October 31, 2024
Bank of England Deputy Governor Sarah Breeden gave a speech entitled “Engaging with the machine: AI and financial stability,” at the HKMA-BIS Joint Conference on Opportunities and Challenges of Emerging Technologies in the Financial Ecosystem.
Minutes of the Meeting of the September 2024 Court of Directors
October 31, 2024
The Bank of England released the minutes of the Court of Directors meeting held September 18, 2024.
Bank of England Prudential Regulation Authority
Policy Statement: Responses to CP6/24: OCP policy statement
October 31, 2024
The Prudential Regulation Authority published a policy statement entitled “Responses to CP6/24: OCP policy statement.”
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)
- Chair-Designate Christy Goldsmith Romero (nominated June 13, 2024; nomination hearing July 11, 2024)
- 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 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.