PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday July 10, 2024
July 10, 2024
By Paul Hastings Professional
PH FedACTion: Financial Regulatory Updates
Wednesday July 10, 2024
Subscribe to PH FedACTion: Financial Regulatory Updates
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: The Semiannual Monetary Policy Report to the Congress
July 9, 2024
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, “The Semiannual Monetary Policy Report to the Congress.” The Committee heard testimony from The Honorable Jerome H. Powell, Chair, Board of Governors of the Federal Reserve System.
- Hearing
- Committee Chair Brown Statement
- Committee Ranking Member Scott Statement
- FRB Chair Powell Testimony
U.S. House of Representatives
Committee on Financial Services
Hearing: The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System
July 9, 2024
The U.S. House Committee on Financial Services held a hearing entitled, “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System.” The Committee heard testimony from The Honorable Janet Yellen, Secretary, Department of the Treasury.
- Hearing
- Committee Memorandum
- Secretary Yellen Testimony
- Chair McHenry Statement
- Ranking Member Waters Statement
Federal Agencies
Federal Reserve Board
Minutes of the Board's discount rate meetings on June 3 and June 12, 2024
July 9, 2024
The Federal Reserve Board released the minutes of the Board’s discount rate meetings held June 3 and June 12, 2024
Speech: Promoting an Inclusive Financial System
July 9, 2024
Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, “Promoting an Inclusive Financial System,” at Financial Inclusion Practices and Innovations in Washington, D.C.
Speech: Financial Inclusion: Past, Present, and Hopes for the Future
July 9, 2024
Federal Reserve Board Vice Chair for Supervision Michael S. Barr gave a speech entitled, “Financial Inclusion: Past, Present, and Hopes for the Future,” at the Financial Inclusion Practices and Innovations Conference in Washington, D.C.
Conference of State Bank Supervisors
Community Banker’s Economic Outlook Hovers Below Neutral
July 9, 2024
The second quarter 2024 CSBS Community Bank Sentiment Index (CBSI), ticked up merely 1 point to 99 compared to last quarter’s survey, remaining slightly below the neutral level of 100.
Blog: Community Bankers’ Success Hinges on Managing Growing Uncertainties
July 9, 2024
The Conference of State Bank Supervisors published a blog post entitled, “Community Bankers’ Success Hinges on Managing Growing Uncertainties.”
Commodity Futures Trading Commission
Dissenting Statement of Commissioner Summer K. Mersinger Regarding CFTC’s Spring 2024 Regulatory Agenda
July 9, 2024
Commodity Futures Trading Commission Commissioner Summer K. Mersinger issued a dissenting statement regarding the Commission’s Spring 2024 regulatory agenda.
Bank Policy Institute
BPI Statement on Basel III Endgame Reproposal
July 9, 2024
The Bank Policy Institute issued a statement on the Basel III endgame reproposal.
International
European Banking Authority
The EBA updates the supervisory reporting framework
July 9, 2024
The European Banking Authority published its final draft implementing technical standards (ITS) on supervisory reporting requirements implementing the changes necessary to keep the supervisory reporting framework relevant and meaningful and aligned with the amending CRR 3, which implements the latest Basel III reforms.
The EBA releases technical package for its 3.5 reporting framework
July 9, 2024
The European Banking Authority published a technical package for version 3.5 of its reporting framework.
Bank of England
Minutes of the London FXJSC Operations Sub-committee Meeting – 28 February 2024
July 9, 2024
The Bank of England released the minutes of the London Foreign Exchange Joint Standing Committee Operations Sub-committee meeting held February 28, 2024.
Minutes of the London FXJSC Legal Sub-committee Meeting – 5 March 2024
July 9, 2024
The Bank of England released the minutes of the London Foreign Exchange Joint Standing Committee Legal Sub-Committee meeting held March 5, 2024.
Minutes of the London FXJSC Main Committee Meeting - 6 March 2024
July 9, 2024
The Bank of England released the minutes of the London Foreign Exchange Joint Standing Committee meeting held March 6, 2024.
Speech: A multi-tool for cross-border payments: the power of Legal Entity Identifiers
July 9, 2024
Bank of England Executive Director Victoria Cleland gave a speech entitled, “A multi-tool for cross-border payments: the power of Legal Entity Identifiers,” at the FSB-GLEIF-ROC Global LEI conference.
Speech: Solvency UK – time to build
July 9, 2024
Bank of England Executive Director Gareth Truran gave a speech entitled, “Solvency UK – time to build,” at an Insurance Asset Risk Webinar.
Financial Conduct Authority
Quarterly Consultation Paper No. 44
July 9, 2024
The Financial Conduct Authority published Quarterly Consultation Paper No. 44.
FCA pay gap data 2024
July 9, 2024
The Financial Conduct Authority released pay gap data for 2024 covering the reporting period April 1, 2023 to March 31, 2024.
Pay review 2024: Equality Impact Assessment
July 9, 2024
The Financial Conduct Authority published the “Pay review 2024: Equality Impact Assessment.”
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.