PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday October 14
October 14, 2024
By Paul Hastings Professional
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Federal Agencies
U.S. Department of the Treasury
U.S. Department of the Treasury Guarantees $498 Million in Bond Funding for Projects in Low-Income Communities
October 11, 2024
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund announced an agreement to issue three guarantees worth $498 million under the CDFI Bond Guarantee Program, the largest issuance in the program’s history.
Treasury and CFPB Host Roundtable on De-Risking and Consumer Protection
October 11, 2024
The Department of the Treasury and the Consumer Financial Protection Bureau co-hosted a virtual roundtable to discuss federal government efforts to promote access to financial products and services while protecting the U.S. financial system from illicit actors and bolstering national security, as well as ensuring compatibility with consumer protection policies.
Remarks by Under Secretary Shambaugh on the Essential Role of the International Financial Institutions for the Global and U.S. Economies
October 11, 2024
Under Secretary for International Affairs Jay Shambaugh gave remarks at the Atlantic Council on the essential role of the international financial institutions for the global and U.S. economies.
Federal Reserve Board
Speech: Challenges to the Community Banking Model
October 11, 2024
Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled “Challenges to the Community Banking Model,” at the 18th Annual Community Bankers Symposium, Community Banking: Navigating a Changing Landscape, Chicago, Illinois.
Financial Crimes Enforcement Network
FinCEN Provides FBAR Relief to Victims of Hurricane Milton
October 11, 2024
FinCEN announced that victims of Hurricane Milton have until May 1, 2025 to file Reports of Foreign Bank and Financial Accounts (FBARs) for the 2023 calendar year.
International
European Banking Authority
EBA consults on draft technical standards to support the centralised EBA Pillar 3 data hub
October 11, 2024
The European Banking Authority launched a consultation on the Pillar 3 data hub, which will centralize prudential disclosures by institutions through a single electronic access point on the EBA website.
Bank of England
Working Paper: How food prices shape inflation expectations and the monetary policy response
October 11, 2024
The Bank of England published a staff working paper entitled “How food prices shape inflation expectations and the monetary policy response.”
Financial Conduct Authority
Speech: It's good to be different: the new FCA supervisory strategy for the financial advice sector
October 11, 2024
Financial Conduct Authority Department Head Nick Hulme gave a speech entitled “It's good to be different: the new FCA supervisory strategy for the financial advice sector,” at the Consumer Duty Alliance - Future Strategy for Personal Finance Professionals event in Birmingham.
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.