PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday August 2, 2024
August 02, 2024
By Paul Hastings Professional
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Major Developments
European Commission
European Artificial Intelligence Act comes into force
August 1, 2024
The European Artificial Intelligence Act (AI Act), the world's first comprehensive regulation on artificial intelligence, which was designed to ensure that AI developed and used in the EU is trustworthy, with safeguards to protect people's fundamental rights, went into effect.
Congress
U.S. House of Representatives
Committee on Financial Services
Republican ESG Working Group Releases Final Staff Report
August 1, 2024
The Republican Environmental, Social, and Governance (ESG) Working Group—led by Oversight and Investigations Subcommittee Chairman Bill Huizenga (MI-04)—released its final staff report.
Federal Agencies
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Economic Growth and Regulatory Paperwork Reduction Act of 1996: Regulatory Review to Identify Outdated, Unnecessary, or Unduly Burdensome Regulations
August 1, 2024
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation published their second notice requesting comment on their regulations pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996.
Federal Reserve Bank of New York
Conference on Cyber Risk to Financial Stability Explores Evolving Threats and New Approaches to Resilience
August 1, 2024
The Federal Reserve Bank of New York published a The Teller Window article entitled, “Conference on Cyber Risk to Financial Stability Explores Evolving Threats and New Approaches to Resilience.”
Federal Reserve Bank of Boston
Working Paper: Consumer Payment Behavior by Income and Demographics
August 1, 2024
The Federal Reserve Bank of Boston’s Research Department published a working paper entitled, “Consumer Payment Behavior by Income and Demographics.”
U.S. Small Business Administration
SBA Launches New Business Resilience Guide
August 1, 2024
The U.S. Small Business Administration (SBA) announced the release of its new Business Resilience Guide, a comprehensive resource for small business owners who may not be familiar with disaster preparation.
International
European Banking Authority
The EBA and ECB release a joint report on payment fraud
August 1, 2024
The European Banking Authority and the European Central Bank published a joint Report on payment fraud data.
Bank of England
Monetary Policy Report - August 2024: Bank Rate reduced to 5%
August 1, 2024
The Monetary Policy Committee issued the Monetary Policy Committee report following its meeting held July 31, 2024. During the meeting, the Committee Bank Rate reduced to 5% - August 2024.
Monthly Decision Maker Panel data - July 2024
August 1, 2024
The Bank of England released the July 2024 data for the monthly Decision Maker Panel survey.
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.