PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday June 27, 2024
June 27, 2024
By Paul Hastings Professional
PH FedACTion: Financial Regulatory Updates
Thursday June 27, 2024
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Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: Stress Testing: What’s Inside the Black Box?
June 26, 2024
The U.S. House Committee on Financial Services Subcommittee on Financial Institutions and Monetary Policy held a hearing entitled, “Stress Testing: What’s Inside the Black Box?”
- Hearing
- Committee Memorandum
- Press Release
- Subcommittee Chair Barr Statement
- BPI Head of Research Francisco Covas Testimony
Hearing: Housing Oversight: Testimony of the HUD and FHFA Inspectors General
June 26, 2024
The U.S. House Committee on Financial Services Subcommittee on Housing and Insurance held a hearing entitled, “Housing Oversight: Testimony of the HUD and FHFA Inspectors General.” The Committee heard testimony from: The Honorable Rae Oliver Davis, Inspector General, Department of Housing and Urban Development (HUD); and The Honorable Brian M. Tomney, Inspector General, Federal Housing Finance Agency (FHFA).
- Hearing
- Committee Memorandum
- HUD Inspector General Davis Testimony
- FHFA Inspector General Tomney Testimony
- Subcommittee Chair Davidson Statement
- Committee Ranking Member Waters Statement
Committee on Small Business
Hearing: Under the Microscope: Examining the Censorship-Industrial Complex and its Impact on American Small Businesses
June 26, 2024
The U.S. House Committee on Small Business held a hearing entitled, “Under the Microscope: Examining the Censorship-Industrial Complex and its Impact on American Small Businesses.”
Federal Agencies
Federal Reserve Board
Speech: The Consequences of Bank Capital Reform
June 26, 2024
Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, “The Consequences of Bank Capital Reform,” at the ISDA Board of Directors meeting in London, England.
Federal Reserve Bank of New York
Article: Unique Geography, Common Challenges: Regional Visit Reflects Varied Aspects of North Country Economy
June 26, 2024
The Federal Reserve Bank of New York published a The Teller Window article entitled, “Unique Geography, Common Challenges: Regional Visit Reflects Varied Aspects of North Country Economy.”
Office of the Comptroller of the Currency
OCC Reports Mortgage Performance for First Quarter of 2024
June 26, 2024
The Office of the Comptroller of the Currency reported on the performance of first-lien mortgages in the federal banking system during the first quarter of 2024.
Consumer Financial Protection Bureau
Fair Lending Report of the Consumer Financial Protection Bureau 2023
June 26, 2024
The Consumer Financial Protection Bureau released the annual Fair Lending Report to Congress for calendar year 2023.
National Credit Union Administration
A Reflection on the Past and Future Marks Federal Credit Union Act 90th Anniversary
June 26, 2024
The National Credit Union Administration commemorated the 90th anniversary of the signing of the Federal Credit Union Act of 1934 into law by President Franklin Delano Roosevelt, which authorized the formation of federally chartered credit unions in all states.
International
European Banking Authority
The EBA welcomes the entry into force of the framework establishing the anti-money laundering and countering the financing of terrorism authority
June 26, 2024
The European Banking Authority welcomes the entry into force of the new EU framework that will transform how Europe tackles money laundering and terrorist financing.
Financial Conduct Authority
Speech: Teamwork: A Smart way to tackle financial crime
June 26, 2024
Financial Conduct Authority Joint Executive Director of Enforcement and Market Oversight Steve Smart gave a speech entitled, “Teamwork: A Smart way to tackle financial crime,” at the Financial Services Investigations and Enforcement Summit.
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.