PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday October 16
October 16, 2024
By Paul Hastings Professional
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Major Developments
Federal Reserve Board
Minutes of the Board's discount rate meetings on September 9 and 18, 2024
October 15, 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 September 9 and 18, 2024.
Federal Agencies
Federal Reserve Board
Federal Deposit Insurance Corporation
Florida Office of Financial Regulation
National Credit Union Administration
Office of the Comptroller of the Currency
Federal and state financial regulatory agencies issue interagency statement on supervisory practices regarding financial institutions affected by Hurricane Milton
October 15, 2024
The Federal Deposit Insurance Corporation, the Federal Reserve Board, the Florida Office of Financial Regulation, the National Credit Union Administration, and the Office of the Comptroller of the Currency recognize the serious impact of Hurricane Milton on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision.
Federal Reserve Bank of New York
Delinquency Expectations Continue to Deteriorate; Inflation Expectations Tick Up at the Medium- and Longer-Term Horizons
October 15, 2024
The Federal Reserve Bank of New York’s Center for Microeconomic Data released the September 2024 Survey of Consumer Expectations, which shows that inflation expectations remained unchanged at the short-term horizon while increasing slightly at the medium- and longer-term horizons.
Empire State Manufacturing Survey – October 2024
October 15, 2024
The Federal Reserve Bank of New York released the October 2024 Empire State Manufacturing Survey.
Speech: Central Clearing in the U.S. Treasury Market: The Why and the How
October 15, 2024
Federal Reserve Bank of New York Head of the Marketing Group Michelle Neal gave a speech entitled “Central Clearing in the U.S. Treasury Market: The Why and the How,” at the Treasury Clearing Forum: The Evolution of Agency Clearing, presented by the Futures Industry Association in New York City, NY.
Conference of State Bank Supervisors
State Financial Regulators Update Nonbank Ransomware Self-Assessment Tool
October 15, 2024
The Conference of State Bank Supervisors, partnering with the U.S. Secret Service and the Bankers Electronic Crimes Task Force, issued an updated self-assessment tool to help nonbank financial institutions assess their efforts to mitigate risks associated with ransomware and identify security gaps.
Financial Crimes Enforcement Network
FinCEN Renews Real Estate Geographic Targeting Orders
October 15, 2024
The Financial Crimes Enforcement Network announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in non-financed purchases of residential real estate.
Fannie Mae
Fannie Mae’s ‘Expanded Housing Choice’ Initiative Extends to All Eligible Jurisdictions Nationwide, Includes New Enhancements
October 15, 2024
Fannie Mae announced enhancements to its Expanded Housing Choice (EHC) initiative, including that it is now available in all jurisdictions without source of income protections, for new loans to multifamily property owners who accept U.S. Department of Housing and Urban Development (HUD) Housing Choice Vouchers (HCVs).
Home Price Growth Slows but Remains Robust
October 15, 2024
Single-family home prices increased 5.9 percent from Q3 2023 to Q3 2024, a deceleration compared to the previous quarter’s downwardly revised annual growth rate of 6.4 percent, according to the latest reading of the Fannie Mae Home Price Index (FNM-HPI).
Bank Policy Institute
Open Banker: Some Thoughts on Reforming the FDIC
October 15, 2024
The Bank Policy Institute published an op-ed in Open Banker entitled “Open Banker: Some Thoughts on Reforming the FDIC.”
International
Bank of England
Consultation Paper: Amendments to the Bank of England’s approach to setting a minimum requirement for own funds and eligible liabilities (MREL)
The Bank of England published a consultation paper entitled “Amendments to the Bank of England’s approach to setting a minimum requirement for own funds and eligible liabilities (MREL).”
Interim update of the Financial Services Regulatory Initiatives Grid
October 15, 2024
The Bank of England released the 2024 Q4 interim update following postponement of the eighth edition of the Financial Services Regulatory Initiatives Grid.
Bank of England Prudential Regulation Authority
Consultation Paper: Remainder of CRR: Restatement of assimilated law
October 15, 2024
The Prudential Regulation Authority published a consultation paper entitled “Remainder of CRR: Restatement of assimilated law.”
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.