PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday September 25
September 25, 2024
By Paul Hastings Professional
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Major Developments
U.S. House of Representatives
Committee on Financial Services
Hearing: Oversight of the Securities and Exchange Commission
September 24, 2024
The House Financial Services Committee (FSC) held a hearing to conduct oversight of the Securities and Exchange Commission with testimony from all five Commissioners. In preparation of such hearing the FSC Chair and chairs of the FSC’s various subcommittees sent letters demanding regulators provide interagency communications regarding the SEC’s Staff Accounting Bulletin (SAB) 121.
- Hearing
- View Hearing
- Committee Memorandum
- Chairman McHenry’s Opening Remarks
- SEC Commission Joint Testimony
- Press Release
- Letter to Federal Reserve Chair Jerome Powell
- Letter to FDIC Chair Martin Gruenberg
- Letter to Acting Comptroller Michael Hsu
- Letter to SEC Chair Gary Gensler
Federal Agencies
Federal Reserve Board
Speech: Recent Views on Monetary Policy and the Economic Outlook
September 24, 2024
Federal Reserve Governor Michelle Bowman spoke at the Kentucky Bankers Association Annual Convention.
Federal Reserve Bank of New York
Blog: End‑of‑Month Liquidity in the Treasury Market
September 24, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “End‑of‑Month Liquidity in the Treasury Market.”
Office of the Comptroller of the Currency
OCC Reports Second Quarter 2024 Bank Trading Revenue
September 24, 2024
The Office of the Comptroller of the Currency (OCC) reported cumulative trading revenue of U.S. commercial banks and savings associations of $15.8 billion in the second quarter of 2024. The second quarter trading revenue was $218 million, or 1.4 percent, more than in the previous quarter and $2.2 billion, or 16.0 percent, more than a year earlier.
Consumer Financial Protection Bureau
CFPB Report Highlights Challenges Facing Servicemembers and Veterans with Student Loans
September 24, 2024
The Consumer Financial Protection Bureau (CFPB) released its annual report on the top financial concerns facing servicemembers, veterans, and military families.
International
Financial Conduct Authority
Speech: Like London's Roman Wall, financial rules must adapt
September 24, 2024
Executive director Sarah Pritchard gave a speech at the FT Financial Advice Forum.
Speech: Change for the better: the FCA’s evolving approach to enforcement
September 24, 2024
Therese Chambers, joint executive director of enforcement and market oversight, delivered a speech at the AFME Annual European Compliance and Legal Conference.
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 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.