PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday August 13
August 13, 2024
By Paul Hastings Professional
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Major Developments
Consumer Financial Protection Bureau
CFPB Comment on Request for Information on Uses, Opportunities, and Risks of Artificial Intelligence in the Financial Services Sector
August 12, 2024
The Consumer Financial Protection Bureau sent a comment letter to the U.S. Department of the Treasury in response to the Treasury’s Request for Information on Uses, Opportunities, and Risks of Artificial Intelligence in the Financial Services Sector.
Federal Agencies
Federal Reserve Board
Speech: Update on the Economic Outlook, and Perspective on Bank Culture, M&A, and Liquidity
August 10, 2024
Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, “Update on the Economic Outlook, and Perspective on Bank Culture, M&A, and Liquidity,” at the 2024 CEO and Senior Management Summit and Annual Meeting, sponsored by the Kansas Bankers Association, Colorado Springs, Colorado.
Federal Reserve Bank of New York
Medium-Term Inflation Expectations Decline; Short and Longer-Term Inflation Expectations Unchanged
August 12, 2024
The Federal Reserve Bank of New York’s Center for Microeconomic Data released the July 2024 Survey of Consumer Expectations, which shows that inflation expectations were stable at the short- and longer-term horizons, but fell sharply at the medium-term horizon to a new series low.
Article: Examining the Global Reach of the U.S. Dollar
August 12, 2024
The Federal Reserve Bank of New York published a The Teller Window article entitled, “Examining the Global Reach of the U.S. Dollar.”
Blog: Reallocating Liquidity to Resolve a Crisis
August 12, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Reallocating Liquidity to Resolve a Crisis.”
International
European Banking Authority
The EBA responds to the European Commission’s Delegated Act postponing the application of the market risk framework in the EU
August 12, 2024
Following the European Commission’s adoption of a Delegated Act postponing the application of the revised market risk framework in the EU, the so-called Fundamental Review of the Trading Book (FRTB), the European Banking Authority (EBA) published a no-action letter on the boundary between the banking book and the trading book and shared its considerations on technical questions and issues arising from the postponement.
Bank of England
King Charles III banknote auctions raise £914,127 for charity
August 12, 2024
Following the issuance of the new King Charles III banknotes in June 2024, low serial number banknotes were auctioned for charity alongside a public ballot.
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.