PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday November 14
November 14, 2024
By Paul Hastings Professional
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Congress
U.S. House of Representatives
Committee on Financial Services
HEARING NOTICE: Oversight of Prudential Regulators
November 13, 2024
The U.S. House Committee on Financial Services announced the following hearing:
Full Committee Hearing Entitled: “Oversight of Prudential Regulators”
Time: 10:00 AM ET
Date: Wednesday, November 20, 2024
Federal Agencies
U.S. Department of the Treasury
Remarks by Assistant Secretary Van Nostrand on U.S. Business Investment in the Post-COVID Expansion
November 13, 2024
Assistant Secretary for Economic Policy Eric Van Nostrand gave remarks on U.S. business investment in the post-COVID expansion.
Brief: A Spread-Based Measure of Household Financial Stress
November 13, 2024
The Office of Financial Research published a brief entitled “A Spread-Based Measure of Household Financial Stress.”
Brief: The Cyberattack on Change Healthcare: Lessons for Financial Stability
November 13, 2024
The Office of Financial Research published a brief entitled “The Cyberattack on Change Healthcare: Lessons for Financial Stability.”
Federal Reserve Board
Federal Reserve Board invites comment on a report, as prescribed by law, that discusses the impact of a proposed international capital standard
November 13, 2024
The Federal Reserve Board invited comment on a report, as prescribed by law, that discusses the impact of a proposed international capital standard for large, internationally active insurance groups on U.S. consumers and markets.
Working Paper: New Evidence on the US Excess Return on Foreign Portfolios
November 13, 2024
The Federal Reserve Board published a working paper entitled “New Evidence on the US Excess Return on Foreign Portfolios.”
Federal Reserve Bank of New York
Household Debt Rose Modestly; Delinquency Rates Remain Elevated
November 13, 2024
The Federal Reserve Bank of New York’s Center for Microeconomic Data issued its Quarterly Report on Household Debt and Credit. The report shows total household debt increased by $147 billion (0.8%) in Q3 2024, to $17.94 trillion. The New York Fed also issued an accompanying Liberty Street Economics blog post examining the evolution in aggregate debt to income ratios and what that suggests about Americans’ ability to manage their debt obligations.
Federal Reserve Bank of Boston
Working Paper: Self-reinforcing Glass Ceilings
November 13, 2024
The Federal Reserve Bank of Boston published a working paper entitled “Self-reinforcing Glass Ceilings.”
Conference of State Bank Supervisors
Blog: CSBS Maintains Focus on Continuing Education for Mortgage Loan Originators
November 13, 2024
The Conference of State Bank Supervisors published a blog post entitled “CSBS Maintains Focus on Continuing Education for Mortgage Loan Originators.”
Securities and Exchange Commission
Remarks Before the Small Business Capital Formation Advisory Committee
November 13, 2024
Securities and Exchange Committee Chair Gary Gensler, Commissioner Hester M. Peirce and Commissioner Mark T Uyeda gave remarks entitled “Generally Soliciting Comments without Checking Accreditation,” before the Small Business Capital Formation Advisory Committee.
Consumer Financial Protection Bureau
CFPB Pilot Study of Small Business Lending Markets
November 13, 2024
The Consumer Financial Protection Bureau released a study of results from matched-pair testing of Black and white small business owners seeking loans.
CFPB Survey Reveals Impacts of Student Loan Debt Relief and Repayment Challenges
November 13, 2024
The Consumer Financial Protection Bureau issued its first results from its Student Loan Borrower Survey, providing insights into the effects of student loan debt relief programs and the challenges borrowers face in navigating repayment options.
Financial Crimes Enforcement Network
FinCEN Issues Alert on Fraud Schemes Involving Deepfake Media Targeting Financial Institutions
November 13, 2024
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an alert to help financial institutions identify fraud schemes associated with the use of deepfake media created with generative artificial intelligence (GenAI) tools.
Federal Housing Finance Agency
Paper: Banking on Buffers: Balance Sheet Responses to Household Demand, Macroeconomic Conditions, and Monetary Policy
November 13, 2024
The Federal Housing Finance Agency published a paper entitled “Banking on Buffers: Balance Sheet Responses to Household Demand, Macroeconomic Conditions, and Monetary Policy.”
Bank Policy Institute
Blog: Potential Unintended Consequences of a Capital Charge on Unused Credit Card Lines: Curtailed Access to Backup Liquidity and Lower Credit Scores
November 13, 2024
The Bank Policy Institute published a blog post entitled “Potential Unintended Consequences of a Capital Charge on Unused Credit Card Lines: Curtailed Access to Backup Liquidity and Lower Credit Scores.”
International
European Banking Authority
The EBA updated list of third-country groups and branches operating in the European Union and the European Economic Area
November 13, 2024
The European Banking Authority released an updated list of third-country groups and third-country branches operating across the European Union and European Economic Area.
Financial Conduct Authority
FCA to consult on extending the time motor finance firms have to handle commission complaints
November 13, 2024
The Financial Conduct Authority will consult on extending the time firms have to respond to consumer complaints about motor finance where a non-discretionary commission was involved, and for consumers to refer them to the Financial Ombudsman Service.
FCA Authorizations operating service metrics 2024/25 Q2
November 13, 2024
The Financial Conduct Authority issued a report of data from July to September 2024 on its quarterly authorizations metrics to provide greater transparency of performance.
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.