PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday September 10
September 10, 2024
By Paul Hastings Professional
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Major Developments
Securities and Exchange Commission
Remarks before the 2024 AICPA & CIMA Conference on Banks & Savings Institutions: Accounting for Crypto-Asset Safeguarding Obligations—A Facts-Based Analysis
September 9, 2024
Securities and Exchange Commission Chief Accountant Paul Munter made a statement at the 2024 AICPA & CIMA Conference on Banks & Savings Institutions.
Congress
U.S. House of Representatives
Committee on Financial Services
House Passes Bipartisan Financial Services Legislation to Combat the Economic Threat from China
September 9, 2024
The U.S. House of Representatives passed bipartisan financial services legislation to combat the economic threat from China by deterring Chinese Communist Party (CCP) aggression towards Taiwan and preventing the CCP from co-opting international financial institutions, like the International Monetary Fund (IMF).
- Press Release
- H.R. 554 Taiwan Conflict Deterrence Act of 2023
- H.R. 510 Chinese Currency Accountability Act of 2023
Federal Agencies
Federal Reserve Bank of New York
Consumers’ Inflation and Labor Market Expectations Remain Largely Stable
September 9, 2024
The Federal Reserve Bank of New York’s Center for Microeconomic Data released the August 2024 Survey of Consumer Expectations, which shows inflation expectations remained unchanged at the short- and longer-term horizons and rebounded somewhat at the medium-term horizon after a sharp decrease last month. Labor market expectations were mixed, but largely stable.
Securities and Exchange Commission
SEC Approves a New PCAOB Quality Control Standard
September 9, 2024
The Securities and Exchange Commission approved the Public Company Accounting Oversight Board’s (PCAOB) new quality control (QC) standard and related amendments to its standards, rules, and forms.
Consumer Financial Protection Bureau
Speech: Remarks of CFPB Director Rohit Chopra at the National Housing Conference on Mortgage Refinancings
September 9, 2024
Consumer Financial Protection Bureau Director Rohit Chopra prepared remarks to present at the National Housing Conference.
Financial Crimes Enforcement Network
FinCEN Issues In-Depth Analysis of Check Fraud Related to Mail Theft
September 9, 2024
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis (FTA) on mail theft-related check fraud incidents based on Bank Secrecy Act (BSA) data filed in the six months following FinCEN’s issuance of its 2023 alert on this same topic.
Federal Housing Finance Agency
FHFA Releases Mortgage Loan and Natural Disaster Dashboard
September 9, 2024
The Federal Housing Finance Agency (FHFA) released an online risk analysis tool that provides geographic estimates for physical risks from various types of natural disasters as well as nationwide data on housing and the mortgage market.
Bank Policy Institute
BPI and TCH Respond to Financial Stability Board’s Cross-Border Payments Consultation Report
September 9, 2024
The Bank Policy Institute and the Clearing House Association submitted a letter to the Financial Stability Board in response to the Recommendations for Regulating Supervising Bank and Non-bank Payment Service Providers Offering Cross-border Payment Services Consultation Report (“Report”).
International
European Banking Authority
EBA launches 2024 EU-wide transparency exercise
September 9, 2024
The European Banking Authority (EBA) launched the 2024 EU-wide transparency exercise. Ahead of the 2025 stress tests, this year's transparency exercise will offer preliminary and valuable insights into the health and resilience of Europe's banking sector. The results will be published at the end of November, together with the release of the Risk Assessment Report (RAR).
UK Financial Conduct Authority
FCA sets out temporary measures for firms on ‘naming and marketing’ sustainability rules
September 9, 2024
The UK Financial Conduct Authority’s Sustainability Disclosure Requirements (SDR) and investment labels regime (PS23/16) were published on 28 November 2023. The FCA is offering firms temporary flexibility to comply with ‘naming and marketing’ rules under the Sustainability Disclosure Requirements regime until 2 April 2025.
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.