PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday November 25
November 25, 2024
By Paul Hastings Professional
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Federal Agencies
Federal Reserve Board
Financial Stability Report – November 2024
November 22, 2024
The Federal Reserve Board published the Financial Stability Report for November 2024.
Federal Reserve announces additional information about the periodic review of its monetary policy strategy, tools, and communications
November 22, 2024
The Federal Reserve announced additional information about the periodic review of its monetary policy strategy, tools, and communications—the framework it uses to pursue its congressionally-assigned goals of maximum employment and price stability.
Federal Reserve Board announces pricing, effective January 1, 2025, for payment services the Federal Reserve Banks provide to banks and credit unions
November 22, 2024
The Federal Reserve Board announced pricing, effective January 1, 2025, for payment services the Federal Reserve Banks provide to banks and credit unions, such as the clearing of checks, automated clearing house (ACH) transactions, instant payments, and wholesale payment and settlement services.
Federal Reserve Bank of New York
Blog: Why Do Banks Fail? The Predictability of Bank Failures
November 22, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Why Do Banks Fail? The Predictability of Bank Failures.”
Conference of State Bank Supervisors
Comment Letter: FDIC Should Rescind Brokered Deposits Proposal
November 22, 2024
The Conference of State Bank supervisors filed a comment letter with the Federal Deposit Insurance Corporation stating the agency should rescind its brokered deposits proposal.
Securities and Exchange Commission
Commissioner Lizárraga Announces His Planned Departure from the Commission
November 22, 2024
Securities and Exchange Commissioner Jaime Lizarraga issued a statement announcing his intent to step down as Commissioner, effective January 17, 2025.
SEC Announces Enforcement Results for Fiscal Year 2024
November 22, 2024
The Securities and Exchange Commission announced that it filed 583 total enforcement actions in fiscal year 2024 while obtaining orders for $8.2 billion in financial remedies, the highest amount in SEC history.
International
Financial Conduct Authority
FCA calls for firms to improve bereavement handling times and shares best practice
November 22, 2024
The Financial Conduct Authority has published a multi-firm review which found that while life insurers provide good service to bereaved customers, they need to settle claims quicker and improve how they measure customer experience.
Guidance for firms that enables a risk-based approach to payments
November 22, 2024
The Financial Conduct Authority published the finalized guidance for firms on changes to its Payment Services and Electronic Money Approach Document to support new legislation tackling authorized push payment fraud.
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 – Scott Bessent (nominated) to replace 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 – 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.