PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday October 4
October 04, 2024
By Paul Hastings Professional
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Federal Agencies
Federal Reserve Bank of New York
Report: Need for Speed: Quality of Innovations and the Allocation of Inventors
October 3, 2024
The Federal Reserve Bank of New York published a staff report entitled “Need for Speed: Quality of Innovations and the Allocation of Inventors.”
Report: Do Cost-of-Living Shocks Pass Through to Wages?
October 3, 2024
The Federal Reserve Bank of New York published a staff report entitled “Do Cost-of-Living Shocks Pass Through to Wages?”
Conference of State Bank Supervisors
John W. Ryan Community Banking Research Award Announced
October 3, 2024
A paper on regulatory risk perception earned the John W. Ryan Award for Most Significant Contribution to 2024 Community Banking Research at the Community Banking Research Conference.
Office of the Comptroller of the Currency
Commercial Lending: Refinance Risk
October 3, 2024
The Office of the Comptroller of the Currency issued a bulletin to provide banks with guidance for managing credit risk associated with refinance risk.
Financial Crimes Enforcement Network
FinCEN Updates Frequently Asked Questions on Beneficial Ownership Information
October 3, 2024
The Financial Crimes Enforcement Network updated certain Beneficial Ownership Information Frequently Asked Questions and issued several additional ones.
International
European Commission
The EBA responds to the European Commission on the eligibility and use of credit insurance
October 3, 2024
The European Banking Authority published a report on eligibility and use of credit insurance, in response to the European Commission’s request under the Capital Requirements Regulation.
Bank of England
Monthly Decision Maker Panel data - September 2024
October 3, 2024
The Bank of England released the results of the monthly Decisions Maker Panel survey data for September 2024.
Response to the discussion paper exploring extended RTGS hours
October 3, 2024
The Bank of England published responses to its February 2024 discussion paper exploring extended Real-Time Gross Settlement (RTGS) hours.
Minutes of the Meeting of the Court of Directors held on July 5, 2024
October 3, 2024
The Bank of England released the minutes of the Court of Directors meeting held on July 5, 2024.
Speech: Enhancing our national asset: Maximising the value of data collections across the financial sector
October 3, 2024
Bank of England Executive Director James Benford gave a speech entitled “Enhancing our national asset: Maximising the value of data collections across the financial sector,” at RegTech Summit London.
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.