PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday October 31
October 31, 2024
By Paul Hastings Professional
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Federal Agencies
U.S. Department of the Treasury
Quarterly Refunding Statement of Assistant Secretary for Financial Markets Josh Frost
October 30, 2024
Assistant Secretary for Financial Markets Josh Frost issued the Quarterly Refunding Statement announcing that the U.S. Department of the Treasury is offering $125 billion of Treasury securities to refund approximately $116.4 billion of privately-held Treasury notes and bonds maturing on November 15, 2024.
OFR Working Paper: The Who and How of Hedge Fund Risk Shifting
October 30, 2024
The Office of Financial Research published a working paper entitled “The Who and How of Hedge Fund Risk Shifting.”
Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee
October 30, 2024
The Treasury Borrowing Advisory Committee sent a report to Secretary of the Treasury Janet L. Yellen following its meeting held October 29, 2024.
Minutes of the Meeting of the Treasury Borrowing Advisory Committee October 29, 2024
October 30, 2024
The U.S. Department of the Treasury released the minutes of the Treasury Borrowing Advisory Committee meeting on October 29, 2024.
Federal Reserve Bank of New York
Article: The Future of New York City: Building on the Post‑Pandemic Jobs Rebound
October 30, 2024
The Federal Reserve Bank of New York published a The Teller Window article entitled “The Future of New York City: Building on the Post‑Pandemic Jobs Rebound.”
Financial Crimes Enforcement Network
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Finance Deficiencies
October 30, 2024
The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), updated its lists of jurisdictions with strategic AML/CFT/CPF deficiencies at the conclusion of its plenary meeting this month.
FINRA
Regulation Notice: FINRA Requests Comment on the Effectiveness and Efficiency of its Requirements Relating to Day Trading
October 29, 2024
FINRA is conducting a retrospective review of its requirements governing day trading to assess their effectiveness and efficiency. This Notice outlines the general retrospective rule review process and seeks comment on all aspects of these requirements, from members, investors and other interested parties.
Bank Policy Institute
BPI Comments on Prudential Regulation Authority’s Supervision of Foreign Banks Operating in the U.K.
October 30, 2024
The Bank Policy Institute (BPI) commented on the Prudential Regulation Authority’s consultation paper on targeted updates to its approach to supervising international banks with activities in the U.K., branch reporting, and clarifications to the expectations of firms’ booking arrangements and extending their formal application to U.K. trading banks.
International
European Commission
Commission adopts 2024 Enlargement Package
October 29, 2024
The European Commission adopted its annual Enlargement Package, providing a detailed assessment of the state of play and the progress made by Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, Serbia, Georgia, the Republic of Moldova, Ukraine and Türkiye, on their respective paths towards EU accession.
European Banking Authority
ESAs publish 2024 Joint Report on principal adverse impacts disclosures under the Sustainable Finance Disclosure Regulation
October 30, 2024
The European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have published their third annual Report on disclosures of principal adverse impacts under the Sustainable Finance Disclosure Regulation (SFDR).
Financial Conduct Authority
Rising to the occasion on private markets
October 29, 2024
Financial Conduct Authority CEO Nikhil Rathi gave a speech entitled “Rising to the occasion on private markets,” at the Investment Association Annual Dinner.
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.