PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday July 8, 2024
July 08, 2024
By Paul Hastings Professional
PH FedACTion: Financial Regulatory Updates
Monday July 8, 2024
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Federal Agencies
Federal Reserve Board
Monetary Policy Report – July 2024
July 5, 2024
The Federal Reserve Board released its Monetary Policy Report to Congress for July 2024.
Federal Reserve Bank of New York
Speech: Managing the Known Unknowns
July 5, 2024
Federal Reserve Bank of New York President and CEO John C. Williams gave a speech entitled, “Managing the Known Unknowns,” at the Suresh Tendulkar Memorial Lecture, Reserve Bank of India, Mumbai, India.
International
European Banking Authority
The EBA starts dialogue with the banking industry on 2025 EU-Wide stress test methodology
July 5, 2024
The European Banking Authority has published for informal consultation its draft methodology, templates, and guidance for the 2025 EU-wide stress test.
EBA brings the application of MiCAR to the attention of issuers, consumers, and other relevant stakeholders and announces priorities for the supervision of issuers of ARTs and EMTs for 2024/2025
July 5, 2024
The European Banking Authority published a statement for the attention of persons issuing to the public, offering to the public, or seeking admission to trading of asset-referenced tokens (ARTs) and e-money tokens (EMTs) and for consumers.
The EBA issues ‘travel rule’ guidance to tackle money laundering and terrorist financing in transfers of funds and crypto assets
July 4, 2024
The European Banking Authority issued new Guidelines on the so-called ‘travel rule’, i.e. the information that should accompany transfers of funds and certain crypto assets.
Bank of England
Minutes of the Sterling Overnight Index Average Stakeholder Advisory Group - 26 April 2024
July 5, 2024
The Bank of England released the minutes from the Sterling Overnight Index Average Stakeholder Advisory Group meeting held April 26, 2024.
Monthly Decision Maker Panel data - June 2024
July 4, 2024
The Bank of England released the results of the Decision Maker Panel survey for June 2024.
Financial Conduct Authority
Direction given by the FCA under regulation 67A(2) of The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019
July 5, 2024
The Financial Conduct Authority released a direction under regulation 67A(2) of The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (the Regulations).
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.