PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday September 20
September 20, 2024
By Paul Hastings Professional
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Federal Agencies
Federal Reserve Bank of New York
Statement Regarding Repurchase Agreement Small Value Exercise
September 19, 2024
The Federal Reserve Bank of New York’s Open Market Trading Desk issued a statement announcing it intends to conduct a small value term repo operation with Primary Dealers.
Securities and Exchange Commission
Small Business Forum’s Report to Congress Highlights Recommendations to Improve Capital Raising
September 19, 2024
The Securities and Exchange Commission today released a report to Congress summarizing policy recommendations made during the SEC’s 43rd Annual Small Business Forum.
Remarks by Chair Gensler and Commissioner Peirce Before the Investor Advisory Committee
September 19, 2024
Securities and Exchange Commission Chair Gary Gensler and Commissioner Hester M. Peirce gave remarks before the Investor Advisory Committee.
Office Hours with Gary Gensler: Systemic Risk in Artificial Intelligence
September 19, 2024
Securities and Exchange Commission Chair Gary Gensler gave video remarks entitled, “Office Hours with Gary Gensler: Systemic Risk in Artificial Intelligence.”
Consumer Financial Protection Bureau
Prepared Opening Remarks of CFPB Director Rohit Chopra at the Aspen Institute on Abuse and Misuse of Our Personal Data
September 19, 2024
Consumer Financial Protection Bureau Director Rohit Chopra gave opening remarks at the Aspen Institute on abuse and misuse of personal data.
Financial Crimes Enforcement Network
FinCEN Publishes Beneficial Ownership Reporting Outreach and Education Toolkit
September 19, 2024
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued another resource to familiarize small business owners with beneficial ownership reporting requirements.
National Credit Union Administration
Board Approves Final Rules on Fair Hiring in Banking and Simplification of Share Insurance for Trust Accounts
September 19, 2024
The National Credit Union Administration Board held its sixth open meeting of 2024 and approved:
- A final rule incorporating its Second Chance Interpretive Ruling and Policy Statement and the Fair Hiring in Banking Act into its regulations.
- A final rule that would simplify share insurance regulations by establishing a “trust accounts” category.
In addition, the NCUA’s Chief Financial Officer briefed the Board on both the performance of the National Credit Union Share Insurance Fund during the second quarter of 2024 and the 2024 mid-session budget.
- Press Release
- Fair Hiring Final Rule
- Share Insurance Trust Accounts Final Rule
- Share Insurance Fund Briefing
- Chair Harper Statement – Fair Hiring Final Rule
- Chair Harper Statement – Share Insurance Trust Accounts Final Rule
- Chair Harper Statement – Share Insurance Fund Briefing
- Vice Chair Hauptman Statement – Fair Hiring Final Rule
- Vice Chair Hauptman Statement – Share Insurance Trust Accounts Final Rule
- Vice Chair Hauptman Statement – Share Insurance Fund Briefing
International
European Banking Authority
Net interest margin of EU/EEA banks slightly decreased on a quarterly basis
September 19, 2024
The European Banking Authority published its Q2 2024 quarterly Risk Dashboard (RDB), which discloses aggregated statistical information for the largest EU/EEA institutions.
Bank of England
Monetary Policy Committee: Bank Rate maintained at 5% - September 2024
The Monetary Policy Committee voted by a majority of 8–1 to maintain Bank Rate at 5% during its meeting held September 18, 2024.
Market Notice: Asset Purchase Facility: Gilt Sales
September 19, 2024
The Bank of England issued a market notice setting out the schedule for sales in Q4 2024 of gilts held in the Asset Purchase Facility for monetary policy purposes.
Monetary Policy Committee dates for 2025
September 19, 2024
The Bank of England released the Monetary Policy Committee dates for 2025.
Agents' summary of business conditions - 2024 Q3
September 19, 2024
The Bank of England published a summary of business conditions based on the Agency network’s discussions with businesses from across the UK in Q3 2024.
Latest results from the Decision Maker Panel survey - 2024 Q3
September 19, 2024
The Bank of England released the results from the Decision Maker Panel survey for Q3 2024.
Financial Conduct Authority
Reforms to financial services retail-disclosure requirements
September 19, 2024
The U.K. Government and Financial Conduct Authority announced plans to reform UK retail disclosure rules and will temporarily exempt investment trusts from assimilated EU law requirements.
Catalysing productivity and growth: A change in mindset on financial inclusion
September 19, 2024
Financial Conduct Authority CEO Nikhil Rathi gave a speech entitled, “Catalysing productivity and growth: A change in mindset on financial inclusion,” at StepChange Connected 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.