PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday June 7, 2024
June 07, 2024
By Paul Hastings Professional
PH FedACTion: Financial Regulatory Updates
Friday, June 7, 2024
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Federal Agencies
U.S. Department of the Treasury
U.S. Department of Treasury Releases Request for Information on Uses, Opportunities, and Risks of Artificial Intelligence in the Financial Services Sector
June 6, 2024
The U.S. Department of the Treasury released a request for information on the Uses, Opportunities, and Risks of Artificial Intelligence (AI) in the Financial Services Sector.
Remarks by Secretary Yellen at the Financial Stability Oversight Council Conference on Artificial Intelligence and Financial Stability
June 6, 2024
Secretary of the Treasury Janet L. Yellen gave remarks at the Financial Stability Oversight Council Conference on Artificial Intelligence and Financial Stability.
Federal Reserve Board
Federal Reserve Board announces that results from its annual bank stress tests will be released on Wednesday, June 26, at 4:30 p.m. EDT
June 6, 2024
The Federal Reserve Board announced on Thursday that results from its annual bank stress tests will be released on Wednesday, June 26, at 4:30 p.m. EDT.
Conference of State Bank Supervisors
Blog: Community Banks’ Product Pricing Influence in Local Markets
June 6, 2024
The Conference of State Bank Supervisors published a blog post entitled, “Community Banks’ Product Pricing Influence in Local Markets.”
Office of the Comptroller of the Currency
Acting Comptroller Discusses Artificial Intelligence and Financial Stability
June 6, 2024
Acting Comptroller of the Currency Michael J. Hsu discussed systemic risk implications of artificial intelligence (AI) in banking and finance via livestream at the Financial Stability Oversight Council’s AI Conference.
Acting Comptroller Discusses Improving Consumer Financial Health
June 6, 2024
Acting Comptroller of the Currency Michael J. Hsu discussed improving customer financial health during a presentation at the Emerge Financial Health conference in Chicago.
Securities and Exchange Commission
Remarks at the 90th anniversary of the US Securities and Exchange Commission celebration
June 6, 2024
Securities and Exchange Commission Chair Gary Gensler, Commissioner Jaime Lizarraga, and Commissioner Mark T. Uyeda gave remarks at the 90th anniversary of the SEC celebration.
Remarks at Investor Advisory Committee Meeting
June 6, 2024
Securities and Exchange Commission Chair Gary Gensler, Commissioner Hester M. Peirce, Commissioner Lizarraga, and Commissioner Mark T. Uyeda gave remarks at the Investor Advisory Committee meeting.
- Chair Gensler Remarks
- Commissioner Peirce Remarks
- Commissioner Lizarraga Remarks
- Commissioner Uyeda Remarks
Remarks at the Harvard Law School Program on International Financial Systems, 2024 U.S.-China Symposium
June 6, 2024
Securities and Exchange Commission Commissioner Mark T. Uyeda gave remarks at the Harvard Law School Program on International Financial Systems, 2024 U.S.-China Symposium.
U.S. Small Business Administration
SBA Launches Working Capital Pilot Program
June 6, 2024
The U.S. Small Business Administration announced the 7(a) Working Capital Pilot (WCP) Program. The WCP offers a newly structured line of credit, made by 7(a) lenders and backed by the SBA, designed to give greater flexibility than a traditional term loan.
Fannie Mae
Expert Panel Sees Home Price Growth Easing in 2024 and 2025 as Home Listings Trend Upward
June 6, 2024
Following home price growth of 6.6% in 2023, a panel of housing experts forecasts annual national home price growth of 4.3% in 2024 and 3.2% in 2025, according to the Q2 2024 Fannie Mae Home Price Expectations Survey (HPES), produced in partnership with Pulsenomics, LLC.
Ginnie Mae
Blog: Taking a closer look at recent prepayment activity
June 6, 2024
Ginnie Mae published a Housing Analysis & Policy Spotlight blog post entitled, “Taking a closer look at recent prepayment activity.”
International
European Banking Authority
The EBA consults on the new framework for the operational risk loss as part of the implementation of the EU Banking Package
June 6, 2024
The European Banking Authority launched a consultation on three sets of draft Regulatory Technical Standards (RTS) aiming to standardize the collection and the record of operational risk losses and to provide clarity on the exemptions for the calculation of the annual operational risk loss and on the adjustments to the loss data set that banks must perform in case of merged or acquired entities or activities.
The EBA publishes governance regulatory products under the Markets in Crypto-Assets Regulation
June 6, 2024
The European Banking Authority has been actively working on shaping the regulatory landscape for crypto assets by publishing three regulatory products on governance, conflicts of interest and remuneration under MiCAR.
- Guidelines Final Report
- Governance Arrangements Draft RTS Final Report
- Conflicts of Interest Draft RTS Final Report
Bank of England
Monthly Decision Maker Panel data - May 2024
June 6, 2024
The Bank of England released the results of the Decision Maker Panel survey for May 2024.
Bank of England Prudential Regulation Authority
Policy Statement: Review of Solvency II: Reform of the Matching Adjustment
June 6, 2024
The Prudential Regulation Authority published a policy statement entitled, “Review of Solvency II: Reform of the Matching Adjustment.”
Statement of Policy: Solvency II: Matching Adjustment Permissions
June 6, 2024
The Prudential Regulation Authority published a statement of policy entitled, “Solvency II: Matching Adjustment Permissions.”
Financial Conduct Authority
FCA Publishes Cryptoasset Resources
June 6, 2024
The Financial Conduct Authority published a page with resources and guidance on cryptoassets.
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.