PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday October 3
October 03, 2024
By Paul Hastings Professional
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Federal Agencies
Federal Reserve Board
Federal Deposit Insurance Corporation
National Credit Union Administration
Office of the Comptroller of the Currency
State Financial Regulators
Federal and state financial regulatory agencies issue interagency statement on supervisory practices regarding financial institutions affected by Hurricane Helene
October 2, 2024
The Federal Deposit Insurance Corporation, the Federal Reserve Board, the National Credit Union Administration, the Office of the Comptroller of the Currency, and state financial regulators, issued a statement on supervisory practices, recognizing the serious impact of Hurricane Helene on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision.
Federal Reserve Board
Speech: Building a Community Banking Framework for the Future
October 2, 2024
Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, “Building a Community Banking Framework for the Future,” at the 2024 Community Banking Research Conference, sponsored by the Federal Reserve System, the Conference of State Bank Supervisors, and the Federal Deposit Insurance Corporation, St. Louis, Missouri.
Federal Reserve Bank of New York
Report Finds That Nearly 1 Million Houses and Multifamily Buildings in New York, New Jersey, and Connecticut are at High Flood Risk
October 2, 2024
The Federal Reserve Bank of New York released “Flood Risk and the Tristate Housing Market.” The report finds that nearly one million houses and multifamily buildings in New York, New Jersey, and Connecticut—one in ten properties in the tristate area—are at high risk of flooding.
Blog: Exposure to Generative AI and Expectations About Inequality
October 2, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Exposure to Generative AI and Expectations About Inequality.”
Conference of State Bank Supervisors
Regulatory Burden Is Top Community Bank Concern in Annual Survey
October 2, 2024
Regulatory burden has risen to the top of community banker concerns, according to the 2024 Conference of State Bank Supervisors (CSBS) Annual Community Bank Survey.
Federal Deposit Insurance Corporation
FDIC Issues 2024 Small Business Lending Survey Report
October 2, 2024
The Federal Deposit Insurance Corporation (FDIC) released the 2024 Small Business Lending Survey Report (SBLS).
Consolidated Reports of Condition and Income for Third Quarter 2024
October 2, 2024
The FDIC released the Consolidated Reports of Condition and Income for the Third Quarter 2024.
FDIC State Profiles – Second Quarter 2024
October 2, 2024
The FDIC released the State Profiles for the second quarter 2024.
Securities and Exchange Commission
SEC Announces Departure of Enforcement Director Gurbir S. Grewal
October 2, 2024
The Securities and Exchange Commission announced that Gurbir S. Grewal, Director of the Division of Enforcement, will depart the agency, effective Oct. 11, 2024. Upon Mr. Grewal’s departure, Sanjay Wadhwa, the Division’s Deputy Director, will serve as Acting Director, and Sam Waldon, the Division’s Chief Counsel, will serve as Acting Deputy Director.
International
European Banking Authority
The EBA publishes its Work Programme for 2025
October 2, 2024
The European Banking Authority published its Work Programme outlining the key priorities and initiatives for 2025.
Bank of England
SIMEX 24 – A major market-wide simulation exercise to test the UK financial sector’s resilience to a major operational disruption
October 2, 2024
The Bank of England, in partnership with UK Finance, the financial sector, and the other UK financial authorities (HM Treasury and the Financial Conduct Authority), has undertaken its latest UK market wide simulation exercise, SIMEX 24.
Systemic Risk Survey Results - 2024 H2
October 2, 2024
The Bank of England released the results of the H2 2024 Systemic Risk Survey.
Financial Policy Committee Record - 2024 Q3
October 2, 2024
The Bank of England released the Financial Policy Committee meeting record for Q3 2024.
Speech: Innovation in Digital Assets in the Financial System and The Bank
October 2, 2024
Bank of England Executive Director Sasha Mills gave a speech entitled, “Innovation in Digital Assets in the Financial System and The Bank,” at Digital Assets Week.
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.