PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday December 4
December 04, 2024
By Paul Hastings Professional
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Major Developments
Consumer Financial Protection Bureau
CFPB Proposes Rule to Stop Data Brokers from Selling Sensitive Personal Data to Scammers, Stalkers, and Spies
December 3, 2024
The Consumer Financial Protection Bureau proposed a rule addressing data brokers that sell Americans' sensitive personal and financial information.
Federal Agencies
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Federal bank regulatory agencies seek further comment on interagency effort to reduce regulatory burden
December 3, 2024
The Federal Reserve Board, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency announced their third notice requesting comment to reduce regulatory burden. The agencies are seeking comments relating to their Rules of Procedure, Safety and Soundness, and Securities.
Federal Reserve Board
Minutes of the Board's discount rate meetings on October 7, October 28, and November 7, 2024
December 3, 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. The minutes cover the Board meetings that occurred on October 7, October 28, and November 7, 2024.
Working Paper: Foreign economic policy uncertainty and U.S. equity returns
December 3, 2024
The Federal Reserve Board published a working paper entitled “Foreign economic policy uncertainty and U.S. equity returns.”
Speech: A Year in Review: A Tale of Two Supply Shocks
December 3, 2024
Federal Reserve Board Governor Adriana D. Kugler gave a speech entitled “A Year in Review: A Tale of Two Supply Shocks,” at the Detroit Economic Club.
Conference of State Bank Supervisors
Blog: Advancing State Laws for Networked Supervision
December 3, 2024
The Conference of State Bank Supervisors published a blog post entitled “Advancing State Laws for Networked Supervision.”
Office of the Comptroller of the Currency
Unfair or Deceptive Acts or Practices and Unfair, Deceptive, or Abusive Acts or Practices: Updated Comptroller’s Handbook Booklet and Rescissions
December 3, 2024
The Office of the Comptroller of the Currency issued version 1.1 of the “Unfair or Deceptive Acts or Practices and Unfair, Deceptive, or Abusive Acts or Practices” booklet of the Comptroller’s Handbook.
Financial Crimes Enforcement Network
FinCEN and IRS-CI Convene Public-Private Sector Meeting in Philadelphia to Discuss Combating Illicit Finance Related to Fentanyl Trafficking
December 3, 2024
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network, in partnership with Treasury’s Internal Revenue Service - Criminal Investigation, held the ninth event of its Promoting Regional Outreach to Educate Communities on the Threat of Fentanyl series of the FinCEN Exchange program.
Bank Policy Institute
Blog: Some Pitfalls in Estimating HQLA from Public Sources
December 3, 2024
The Bank Policy Institute published a blog post entitled “Some Pitfalls in Estimating HQLA from Public Sources.”
International
European Banking Authority
The EBA amends the supervisory reporting framework for investment firms
December 3, 2024
The European Banking Authority published amendments to its final draft ITS on the supervisory reporting and disclosures of investment firms.
Financial Conduct Authority
The FCA sets out next steps for establishing a bond consolidated tape
December 3, 2024
The Financial Conduct Authority is establishing a bond consolidated tape to ensure that data is accessible in a cost-effective way.
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 (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 2024); Marcia Fudge (resigned March 11, 2024, effective March 22, 2024)
Federal Housing Finance Agency – Sandra L. Thompson (effective June 22, 2022)
U.S. Department of Education – Linda McMahon (nominated November 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