PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday November 26
November 26, 2024
By Paul Hastings Professional
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Federal Agencies
U.S. Department of the Treasury
U.S. Department of the Treasury Releases New Report Showing State Small Business Credit Initiative Has Supported $3.1 Billion in New Financing for Small Businesses
November 25, 2024
The U.S. Department of the Treasury released a new report summarizing data from the State Small Business Credit Initiative (SSBCI) for the first two years of the program, from the first transaction on August 5, 2022 through December 31, 2023.
Treasury Hosts Third Annual Conference on the Work of the Committee on Foreign Investment in the United States
November 25, 2024
The Treasury Department hosted the third annual conference on the Committee on Foreign Investment in the United States (CFIUS) in Washington, DC.
Federal Reserve Board
Working Paper: The Global (Mis)Allocation of Capital
November 25, 2024
The Federal Reserve Board published a working paper entitled, “The Global (Mis)Allocation of Capital.”
Working Paper: How Does Fiscal Policy affect the Transmission of Monetary Policy into Cross-border Bank Lending? Cross-country Evidence
November 25, 2024
The Federal Reserve Board published a working paper entitled, “How Does Fiscal Policy affect the Transmission of Monetary Policy into Cross-border Bank Lending? Cross-country Evidence.”
Speech: Artificial Intelligence in the Financial System
November 22, 2024
Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, “Artificial Intelligence in the Financial System,” at the 27th Annual Symposium on Building the Financial System of the 21st Century: An Agenda for Japan and the United States, Washington, D.C.
Federal Reserve Bank of New York
Statement on the Implementation of Modifications to the Secured Overnight Financing Rate (SOFR)
November 25, 2024
The Federal Reserve Bank of New York (New York Fed), as administrator of the Secured Overnight Financing Rate (SOFR), began publishing SOFR with two modifications to its calculation methodology.
Blog: Why Do Banks Fail? Bank Runs Versus Solvency
November 25, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Why Do Banks Fail? Bank Runs Versus Solvency.”
Securities and Exchange Commission
Statement on Fixed Income Clearing Corporation Rules
November 25, 2024
Securities and Exchange Commission Chair Gary Gensler issued a statement on fixed income clearing corporation rules.
Remarks at the Program on Corporate Compliance and Enforcement Annual Fall Conference
November 25, 2024
Securities and Exchange Commission’s Division of Enforcement Acting Director Sanjay Wadhwa gave remarks at the Program on Corporate Compliance and Enforcement Annual Fall Conference.
Financial Crimes Enforcement Network
FinCEN Joins Public-Private Partnership to Combat Fraud and Scams Impacting Innocent Americans
November 25, 2024
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has joined a multi-sector national task force dedicated to the prevention of fraud and scams. The National Task Force on Fraud and Scam Prevention, convened by the Aspen Institute’s Financial Security Program, brings together key stakeholders including the financial services sector, technology companies, consumer advocacy groups, information sharing and analysis centers, and federal government agencies to develop a comprehensive national strategy for combating fraud and scams.
Ginnie Mae
Ginnie Mae Finalizes HMBS 2.0 Term Sheet
November 25, 2024
Ginnie Mae announced the finalized term sheet for its Home Equity Conversion Mortgage (HECM) Mortgage-Backed Securities (HMBS) 2.0 program.
International
Bank of England
Speech: Managing the present, shaping the future
November 25, 2024
Bank of England Deputy Governor Clare Lombardelli gave a speech entitled, “Managing the present, shaping the future,” at the Bank of England Watchers Conference.
Speech: Inflation dynamics
November 25, 2024
Monetary Policy Committee Member Swati Dhingra gave a speech entitled, “Inflation dynamics,” at the Bank of England Watchers Conference.
Financial Conduct Authority
FCA launches first research competition to help drive UK economic growth
November 25, 2024
The Financial Conduct Authority is launching its first competition to fund research into how regulation can support national growth.
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 – Scott Bessent (nominated November 22, 2024); 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 (resigning effective January 19, 2025)
- 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 (resigning January 20, 2025)
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 – Scott Turner (nominated November 22, 2024)
Federal Housing Finance Agency – Sandra L. Thompson (effective June 22, 2022)
U.S. Department of Education – Linda McMahon (nominated November 19, 2024); 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.