PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday July 11, 2024
July 11, 2024
By Paul Hastings Professional
PH FedACTion: Financial Regulatory Updates
Thursday July 11, 2024
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Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: The Federal Reserve’s Semi-Annual Monetary Policy Report
July 10, 2024
The U.S. House Committee on Financial Services held a hearing entitled, “The Federal Reserve’s Semi-Annual Monetary Policy Report.” The Committee heard testimony from The Honorable Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System.
- Hearing
- Committee Memorandum
- FRB Chair Powell Testimony
- Committee Chair McHenry Statement
- Committee Ranking Member Waters Statement
Committee on Small Business
Hearing: Main Street Realities: Examining the Current Economic Landscape in America
July 10, 2024
The U.S. House Committee on Small Business held a hearing entitled, “Main Street Realities: Examining the Current Economic Landscape in America.”
Federal Agencies
U.S. Department of the Treasury
U.S. Department of the Treasury Hosts Roundtable with Consumer Groups and Industry Representatives on Title Insurance
July 10, 2024
The Federal Insurance Office (FIO) at the U.S. Department of the Treasury hosted a roundtable discussion with representatives from the financial services sector and consumer groups to discuss the title insurance industry and analyze potential reforms.
Remarks by Under Secretary Shambaugh on Chinese Overcapacity and the Global Economy
July 10, 2024
Under Secretary for International Affairs Jay Shambaugh gave remarks on Chinese overcapacity and the global economy at the Council on Foreign Relations.
Federal Reserve Board
Opening Remarks at Fed Listens: Exploring Challenges Facing the Childcare Industry, Working Parents, and Employers
July 10, 2024
Federal Reserve Board Governor Michelle W. Bowman gave the opening remarks at the “Fed Listens: Exploring Challenges Facing the Childcare Industry, Working Parents, and Employers” event in Chicago, Illinois.
Office of the Comptroller of the Currency
Acting Comptroller Discusses Importance of Addressing Financial Fraud
July 10, 2024
Acting Comptroller of the Currency Michael J. Hsu discussed ways banks can assist their customers in avoiding fraud and scams in remarks during the Financial Literacy and Education Commission’s Public Meeting.
Securities and Exchange Commission
Speech: What’s Past is Prologue: Enforcing the Federal Securities Laws in the Age of Crypto
July 10, 2024
Securities and Exchange Commission’s Division of Enforcement Director Gurbir S. Grewal gave a speech entitled, “What’s Past is Prologue: Enforcing the Federal Securities Laws in the Age of Crypto,” at the William & Mary Business Law Review’s Third Annual Symposium.
Commodity Futures Trading Commission
Testimony of Chairman Behnam Before the U.S. Senate Committee on Agriculture, Nutrition and Forestry’s Hearing on the Oversight of Digital Commodities
July 10, 2024
Commodity Futures Trading Commission Chair Rostin Behnam testified before the U.S. Senate Committee on Agriculture, Nutrition and Forestry during a hearing on the oversight of digital commodities.
Consumer Financial Protection Bureau
CFPB Proposes Rules to Help Homeowners Avoid Foreclosure
July 10, 2024
The Consumer Financial Protection Bureau proposed new rules to make it easier for homeowners to get help when they are struggling to pay their mortgage.
National Credit Union Administration
NCUA Chairman Harper’s Remarks at the 2024 Diversity, Equity, & Inclusion Summit
July 10, 2024
National Credit Union Administration Chair Todd M. Harper gave remarks at the 2024 Diversity, Equity & Inclusion Summit.
Bank Policy Institute
The Public Deserves to Know More About the FDIC’s Actions Following 2023 Bank Failures
July 10, 2024
The Bank Policy Institute sent a letter to the Federal Deposit Insurance Corporation regarding its financial management choices leading up to the 2023 bank failures.
International
Bank of England
Policy Statement: The Bank of England’s fees regime for UK financial market infrastructures
July 10, 2024
The Bank of England published a policy statement entitled, “The Bank of England’s fees regime for UK financial market infrastructures.”
Report: Your voice 2024: insights from the Bank of England’s outreach programmes
July 10, 2024
The Bank of England published a report entitled, “Your voice 2024: insights from the Bank of England’s outreach programmes.”
Speech: Empower executive role model
July 10, 2024
Bank of England Chief Financial Officer Afua Kyei gave a speech entitled, “Empower executive role model,” at the Google UK Headquarters.
Remarks: Transformation and conjuncture
July 10, 2024
Bank of England Chief Economist Huw Pill gave remarks entitled, “Transformation and conjuncture,” at the Asia House in London, UK.
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.