Daily Financial Regulation Update -- Monday December 9

International

European Banking Authority

The EBA publishes final standards on the specification of long and short positions under the derogations for market and counterparty risks

December 6, 2024

The European Banking Authority (EBA) published its final draft Regulatory Technical Standards (RTS) on the method for identifying the main risk driver and determining whether a transaction represents a long or a short position.

• Final Report
• Press Release

Bank of England

Changes to country groupings for International Banking Statistics

December 6, 2024

The Bank of England provides an update regarding the country grouping conventions applied to statistics covering the international business of monetary financial institutions operating in the U.K. and the consolidated claims of U.K. headquartered monetary financial institutions.

• Article

Minutes of the London FXJSC Operations Sub-Committee Meeting – September 18, 2024

December 6, 2024

The Bank of England released the minutes of the London Foreign Exchange Joint Standing Committee (FXJSC) Operations Sub-Committee meeting held September 18, 2024.

• Minutes

Minutes of the London FXJSC Main Committee Meeting - September 26, 2024

December 6, 2024

The Bank of England released the minutes of the London Foreign Exchange Joint Standing Committee meeting held September 26, 2024.

• Minutes

Minutes of the London FXJSC Legal Sub-Committee Meeting – September 17, 2024

December 6, 2024

The Bank of England released the minutes of the London Foreign Exchange Joint Standing Committee (FXJSC) Legal Sub-Committee meeting held September 17, 2024.

• Minutes

Working Paper: How do firms’ financial conditions influence the transmission of monetary policy? A non-parametric local projection approach

December 6, 2024

The Bank of England published a staff working paper entitled “How do firms’ financial conditions influence the transmission of monetary policy? A non-parametric local projection approach.”

• Paper

Working Paper: The labor market costs of job displacement by migrant status

December 6, 2024

The Bank of England published a staff working paper entitled “The labor market costs of job displacement by migrant status.”

• Paper

Working Paper: Regulatory stringency as a competitive tool for financial centers

December 6, 2024

The Bank of England published a staff working paper entitled “Regulatory stringency as a competitive tool for financial centers.”

• Paper

Financial Conduct Authority

Establishing trust in sustainable investment products

December 6, 2024

The Financial Conduct Authority published an article entitled “Establishing trust in sustainable investment products.”

• Article

Administration Changes

Vacancies
Appointments/Confirmation Hearings

U.S. Department of the Treasury – Scott Bessent (nominated November 2024); 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 (resigning effective January 19, 2025)

• 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 – Paul Atkins (nominated December 2024); Gary Gensler (resigning January 20, 2025)

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 – Kelly Loeffler (nominated December 2024); Isabella Casillas Guzman (effective March 16, 2021)

U.S. Department of Housing and Urban Development – Scott Turner (nominated November 2024); Marcia Fudge (resigned March 11, 2024, effective March 22, 2024)

Federal Housing Finance Agency – Sandra L. Thompson (effective June 22, 2022)

U.S. Department of Education – Linda McMahon (nominated November 2024); 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