PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday May 16, 2024
May 16, 2024
By Paul Hastings Professional
PH FedACTion: Financial Regulatory Updates
Thursday, May 16, 2024
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Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: Oversight of Prudential Regulators
May 15, 2024
The U.S. House Committee on Financial Services held a hearing entitled, “Oversight of Prudential Regulators.” The Committee heard testimony from: the Honorable Michael Barr, Vice Chairman for Supervision, Board of Governors of the Federal Reserve System; the Honorable Martin Gruenberg, Chairman, Federal Deposit Insurance Corporation; the Honorable Michael Hsu, Acting Comptroller, Office of the Comptroller of the Currency; and the Honorable Todd Harper, Chairman, National Credit Union Administration.
- Hearing
- Committee Memorandum
- Committee Chair McHenry Statement
- Committee Ranking Member Waters Statement
- Federal Reserve Vice Chair Barr Testimony
- FDIC Chair Gruenberg Testimony
- Acting Comptroller Hsu Testimony
- NCUA Chair Harper Testimony
Committee on Small Business
Committee on Small Business Holds Hearing Reviewing Key SBA Programs
May 15, 2024
The U.S. House Committee on Small Business held a hearing entitled, “Under the Microscope: Reviewing Key SBA Programs with Associate Administrator Frost.” The Committee heard testimony from Ms. Katie Frost, Associate Administrator, Office of Capital Access, Small Business Administration.
- Hearing
- Press Release
- Committee Chair Williams Statement
- Committee Ranking Member Velazquez Statement
Federal Agencies
U.S. Department of the Treasury
Treasury International Capital Data for March
May 15, 2024
The U.S. Department of the Treasury released Treasury International Capital data for March 2024. The next release, which will report on data for April 2024, is scheduled for June 18, 2024.
Federal Reserve Board
Speech: Innovation and the Evolving Financial Landscape
May 15, 2024
Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, “Innovation and the Evolving Financial Landscape,” at the Digital Chamber DC Blockchain Summit 2024 in Washington, D.C.
Federal Reserve Bank of New York
Empire State Manufacturing Survey – May 2024
May 15, 2024
The Federal Reserve Bank of New York published the May 2024 Empire State Manufacturing Survey.
Article: Ten Years of Governance and Culture Reform: Taking Stock
May 15, 2024
The Federal Reserve Bank of New York published a The Teller Window article entitled, “Ten Years of Governance and Culture Reform: Taking Stock.”
Blog: Do Unexpected Inflationary Shocks Raise Workers’ Wages?
May 15, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Do Unexpected Inflationary Shocks Raise Workers’ Wages?”
Federal Reserve Bank of Boston
Working Paper: Managing Risk in Cards Portfolios: Risk Appetite and Limits
May 15, 2024
The Federal Reserve Bank of New York published a working paper entitled, “Managing Risk in Cards Portfolios: Risk Appetite and Limits.”
Conference of State Bank Supervisors
Remarks: The Three C’s for Success: Communicate, Collaborate, and Commit
May 15, 2024
Community of State Bank Supervisors Income Chair Charlie Clark gave remarks at SFSF.
Blog: Advocating for the State Regulatory System
May 15, 2024
The Community of State Bank Supervisors published a blog post entitled, “Advocating for the State Regulatory System.”
Securities and Exchange Commission
SEC Staff Publishes New Investment Adviser Statistics Report
May 15, 2024
The Securities and Exchange Commission staff published a new report of Investment Adviser Statistics, which is based on aggregated data filed by investment advisers on Form ADV.
Statement: Fostering a Healthy “Tone at the Top” at Audit Firms
May 15, 2024
Securities and Exchange Commission Chief Accountant issued a statement entitled, “Fostering a Healthy ‘Tone at the Top’ at Audit Firms.”
Federal Housing Finance Agency
Working Paper: Measuring Price Effects from Disasters Using Public Data: A Case Study of Hurricane Ian
May 15, 2024
The Federal Housing Finance Agency published a working paper entitled, “Measuring Price Effects from Disasters Using Public Data: A Case Study of Hurricane Ian.”
International
European Commission
Spring 2024 Economic Forecast: A gradual expansion amid high geopolitical risks
May 15, 2024
The European Commission's Spring 2024 Forecast projects GDP growth in 2024 at 1.0% in the EU and 0.8% in the euro area.
Bank of England Prudential Regulation Authority
Non-systemic firms’ recovery planning thematic review: Industry feedback
May 15, 2024
The Prudential Regulation Authority sent a letter to chief executive officers on the Authority’s review of non-systemic firms’ recovery planning.
Financial Conduct Authority
Policy Statement: Consumer Credit – Product Sales Data Reporting
May 15, 2024
The Financial Conduct Authority published a policy statement entitled, “Consumer Credit – Product Sales Data Reporting.”
Data: UK MiFID transparency calculations
May 15, 2024
The Financial Conduct Authority published updated data on the UK MiFID transparency calculations.
Data: FCA Authorizations operating service metrics 2023/24 Q4
May 15, 2024
The Financial Conduct Authority published data on FCA authorizations operating services metrics for Q4 2023/2024.
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.