PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday September 27
September 27, 2024
By Paul Hastings Professional
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Federal Agencies
U.S. Department of the Treasury
Treasury Takes Coordinated Actions Against Illicit Russian Virtual Currency Exchanges and Cybercrime Facilitator
September 26, 2024
The U.S. Department of the Treasury is undertaking actions as part of a coordinated international effort to disrupt Russian cybercrime services. Treasury’s Financial Crimes Enforcement Network (FinCEN) is issuing an order that identifies PM2BTC—a Russian virtual currency exchanger associated with Russian individual Sergey Sergeevich Ivanov—as being of “primary money laundering concern” in connection with Russian illicit finance.
Remarks by Secretary Yellen at the 2024 U.S. Treasury Market Conference
September 26, 2024
Secretary of the Treasury Janet L. Yellen gave remarks at the 2024 U.S. Treasury Market Conference.
Remarks by Acting Assistant Secretary Schaffer at the Electronic Transaction Association’s Annual Fintech Policy Forum
September 26, 2024
Acting Assistant Secretary of Financial Institutions Laurie Schaffer gave remarks at the Electronic Transaction Association’s Annual Fintech Policy Forum.
Federal Reserve Board
Senior Credit Officer Opinion Survey on Dealer Financing Terms – September 2024
September 26, 2024
The Federal Reserve Board released the results of the September 2024 Senior Credit Officer Opinion Survey on Dealer Financing Terms.
Opening Remarks at the 10th Annual U.S. Treasury Market Conference
September 26, 2024
Federal Reserve Board Chair Jerome H. Powell gave opening remarks at the 10th Annual U.S. Treasury Market Conference, Federal Reserve Bank of New York in New York, NY.
Speech: Supporting Market Resilience and Financial Stability
September 26, 2024
Federal Reserve Board Vice Chair for Supervision Michael S. Barr gave a speech entitled “Supporting Market Resilience and Financial Stability,” at the 2024 U.S. Treasury Market Conference, Federal Reserve Bank of New York in New York, NY.
Speech: Recent Views on Monetary Policy and the Economic Outlook
September 26, 2024
Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled “Recent Views on Monetary Policy and the Economic Outlook,” at the Mid-Size Bank Coalition of America Board of Directors Workshop, Dallas, Texas.
OIG Report: FRB Minneapolis Followed Its Paycheck Protection Program Liquidity Facility Collateral Risk Management Processes and Can Enhance Monitoring and Collection Processes
September 26, 2024
The Office of Inspector General of the Federal Reserve Board published a report entitled “FRB Minneapolis Followed Its Paycheck Protection Program Liquidity Facility Collateral Risk Management Processes and Can Enhance Monitoring and Collection Processes.”
Federal Reserve Bank of New York
New York Fed Launches the Reference Rate Use Committee
September 26, 2024
The Federal Reserve Bank of New York launched the Reference Rate Use Committee (RRUC), a sponsored group which will convene private market participants to support integrity, efficiency, and resiliency in the use of interest rate benchmarks (reference rates) across financial markets, including those produced and administered by the New York Fed.
Report: Optimal Design of Tokenized Markets
September 26, 2024
The Federal Reserve Bank of New York published a staff report entitled “Optimal Design of Tokenized Markets.”
Report: Zero Settlement Risk Token Systems
September 26, 2024
The Federal Reserve Bank of New York published a staff report entitled “Zero Settlement Risk Token Systems.”
Remarks at the 2024 U.S. Treasury Market Conference
September 26, 2024
Federal Reserve Bank of New York President and CEO John C. Williams gave remarks at the 2024 U.S. Treasury Market Conference, Federal Reserve Bank of New York, New York City.
Speech: Balance Sheet Normalization: Monitoring Reserve Conditions and Understanding Repo Market Pressures
September 26, 2024
Federal Reserve Bank of New York Manager of the System Open Market Account Roberto Perli gave a speech entitled “Balance Sheet Normalization: Monitoring Reserve Conditions and Understanding Repo Market Pressures,” at the 2024 U.S. Treasury Market Conference, Federal Reserve Bank of New York, New York City.
Securities and Exchange Commission
“From Hamilton to Yellen”: Remarks before the 10th Annual U.S. Treasury Market Conference
September 26, 2024
Securities and Exchange Commission Chair Gary Gensler gave remarks at the 10th Annual U.S. Treasury Market Conference.
Federal Housing Finance Agency
FHFA Expands Uniform Appraisal Dataset (UAD) Aggregate Statistics with New Measures and New Quarterly Data
September 26, 2024
The Federal Housing Finance Agency published its 2024 second quarter data for the Uniform Appraisal Dataset (UAD) Aggregate Statistics and introduced new condominium data as part of the UAD Aggregate Statistics.
International
Bank of England
Speech: Competing on a Global Stage
September 26, 2024
Shoib Khan gave a speech entitled “Competing on a Global Stage,” at the Bank of America Securities Annual Financials CEO Conference.
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.