PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday August 6, 2024
August 06, 2024
By Paul Hastings Professional
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Federal Agencies
Federal Reserve Board
Senior Loan Officer Opinion Survey on Bank Lending Practices
August 5, 2024
The Federal Reserve Board released the results of the July 2024 Senior Loan Officer Opinion Survey on Banking Practices.
Federal Reserve Bank of New York
Article: The Federal Reserve and its Monetary Policy Implementation Framework
August 5, 2024
The Federal Reserve Bank of New York published a The Teller Window article entitled, “The Federal Reserve and its Monetary Policy Implementation Framework.”
Blog: The DeFi Intermediation Chain
August 5, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “The DeFi Intermediation Chain.”
Federal Reserve Bank of Boston
Explaining the Great Moderation Exchange Rate Volatility Puzzle
August 5, 2024
The Federal Reserve Bank of Boston’s Research Department published a working paper entitled, “Explaining the Great Moderation Exchange Rate Volatility Puzzle.”
U.S. Small Business Administration
SBA Announces Working Capital Pilot Now Accepting Applications at Participating SBA Lenders
August 5, 2024
The U.S. Small Business Administration announced that SBA 7(a) lenders may now accept applications for the SBA’s newly-announced 7(a) Working Capital Pilot (WCP) Program.
Ginnie Mae
Low to Moderate Borrower Income (LMI) charts added
August 5, 2024
Ginnie Mae is providing investors and the public with Single-Family Low to Moderate Income (LMI) Borrower charts.
Global Markets Analysis Report – July 2024
August 2, 2024
Ginnie Mae published the Global Markets Analysis Report for July 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.