PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday August 28
August 28, 2024
By Paul Hastings Professional
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Federal Agencies
Federal Reserve Board
Minutes of the Federal Reserve Board's discount rate meetings on July 22 and July 31, 2024
August 27, 2024
The Federal Reserve Board released the minutes from its recent meetings to review and determine the discount rates provided to depository institutions through the discount window.
Conference of State Bank Supervisors
CSBS Announces New Economic Research and Policy Scholars Program
August 27, 2024
The Conference of State Bank Supervisors announced the launch of the Economic Research and Policy Scholars Program, designed to advance research on critical issues related to the nation's dual-banking system, community banking, financial services innovation, and economic growth.
Consumer Financial Protection Bureau
CFPB Report Finds Large Retail Chains Charging Cash-back Fees to Customers Using Debit and Prepaid Cards
August 27, 2024
The Consumer Financial Protection Bureau published a new report finding Americans are paying tens of millions of dollars in fees to access their own money when getting “cash back” at large retail stores when making a purchase with a debit or prepaid card.
Blog: Preserving free access to money in your account
August 27, 2024
The Consumer Financial Protection Bureau published a blog post entitled “Preserving free access to money in your account.”
Financial Crimes Enforcement Network
FinCEN Reminds Financial Institutions to Remain Vigilant to Suspicious Transactions Associated with Synthetic Opioids
August 27, 2024
The Financial Crimes Enforcement Network (FinCEN) issued a release to remind financial institutions to monitor for and report suspicious transactional activity related to the illicit fentanyl supply chain and the trafficking of illicit fentanyl and other synthetic opioids.
National Credit Union Administration
Letter: Permissible Loan Interest Rate Ceiling Extended
August 27, 2024
The National Credit Union Administration sent a regulation and supervision letter entitled “Permissible Loan Interest Rate Ceiling Extended.”
Federal Housing Finance Agency
U.S. House Prices Rise 5.7 Percent over the Last Year; Up 0.9 Percent from the First Quarter of 2024
August 27, 2024
U.S. house prices rose 5.7 percent between the second quarter of 2023 and the second quarter of 2024, according to the Federal Housing Finance Agency House Price Index.
International
European Banking Authority
The EBA updates data used for the identification of global systemically important institutions (G-SIIs)
August 27, 2024
The European Banking Authority updated the 13 systemic importance indicators and underlying data for the 33 largest institutions in the EU whose leverage ratio exposure measure exceeds EUR 200 bn.
Bank of England
Paper: Operational resilience in a macroprudential framework
August 27, 2024
The Bank of England published a Financial Stability Paper entitled “Operational resilience in a macroprudential framework.”
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.