PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday August 30
August 30, 2024
By Paul Hastings Professional
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Federal Agencies
Federal Reserve Board
Federal Reserve Board announces final individual capital requirements for all large banks, effective on October 1
August 28, 2024
Following its stress test earlier this year, the Federal Reserve Board announced final individual capital requirements for all large banks, effective on October 1.
Working Paper: Determinants of Recent CRE Distress: Implications for the Banking Sector
August 29, 2024
The Federal Reserve Board published a working paper entitled “Determinants of Recent CRE Distress: Implications for the Banking Sector.”
Working Paper: Out of Sight, Out of Mind: Nearby Branch Closures and Small Business Growth
August 29, 2024
The Federal Reserve Board published a working paper entitled “Out of Sight, Out of Mind: Nearby Branch Closures and Small Business Growth.”
Federal Deposit Insurance Corporation
FDIC Board Votes on Proposal to Establish Oversight Committee, Workplace Resolution
August 28, 2024
The Board of Directors of the Federal Deposit Insurance Corporation rejected a proposal to establish a specific committee that would oversee independent investigations by outside investigators of existing and future allegations of misconduct by FDIC executives. The Board did approve a separate resolution to support a safe, fair and inclusive workplace.
Commodity Futures Trading Commission
CFTC Staff Extends Brexit-Related No-Action Positions
August 29, 2024
The Commodity Futures Trading Commission’s Division of Market Oversight and Market Participants Division announced they are extending temporary no-action positions in connection with the withdrawal of the United Kingdom (UK) from the European Union (EU), known as Brexit.
Statement of Commissioner Caroline D. Pham on Innovation and Market Structure
August 29, 2024
Commodity Futures Trading Commission Commissioner Caroline D. Pham released a statement for open public engagement by the CFTC on evolving trends and innovation in market structure.
Federal Financial Institutions Examination Council
Financial Regulators Update Examiner Guidance on Financial Institutions’ Information Technology Development, Acquisition, and Maintenance
August 29, 2024
The Federal Financial Institutions Examination Council issued a new booklet to help examiners assess information technology practices.
Cybersecurity Assessment Tool Sunset
August 29, 2024
The Federal Financial Institutions Examination Council, on behalf of its members, announced that they will sunset the FFIEC’s Cybersecurity Assessment Tool on August 31, 2025.
International
European Banking Authority
EBA issues Opinion on a measure to address macroprudential risk following a notification by the De Nederlandsche Bank
August 29, 2024
The European Banking Authority published an Opinion following the notification by the Dutch Central Bank of its intention to extend a measure originally introduced in 2022 for a further two years until 2026.
Bank of England
Statement: Publication of near-final Basel 3.1 rules
August 29, 2024
The Prudential Regulation Authority will publish its second and last set of near-final Basel 3.1 rules on September 12, 2024.
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.