PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday August 12
August 12, 2024
By Paul Hastings Professional
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Federal Agencies
U.S. Department of the Treasury
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Securities and Exchange Commission
Commodity Futures Trading Commission
Consumer Financial Protection Bureau
National Credit Union Admininstration
Federal Housing Finance Agency
Joint Rule Proposal to Establish Technical Data Reporting Standards
August 9, 2024
The U.S. Department of the Treasury, Federal Reserve Board, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Securities and Exchange Commission, Commodity Futures Trading Commission, National Credit Union Administration, and Federal Housing Finance Agency are proposing a joint rule to establish uniform data standards for data collected from these financial regulatory agencies on behalf of the Financial Stability Oversight Council.
- Proposed Rule
- FDIC Financial Institution Letter
- CFTC Press Release
- CFTC Commissioner Pham Statement
- NCUA Press Release
U.S. Department of the Treasury
Statement by Secretary Yellen on the Disbursement of U.S. Direct Budget Support for Ukraine
August 8, 2024
Secretary of the Treasury Janet L. Yellen issued a statement on the disbursement of $3.9 billion in direct budget support for Ukraine.
Statement of the Group of Creditors of Ukraine
August 9, 2024
The Group of Creditors of Ukraine (GCU) welcomes the agreement in principle reached between Ukraine and its bondholders (ad hoc creditor committee) on Eurobond Debt Restructuring Terms.
Federal Reserve Board
Working Paper: Limited (Energy) Supply, Monetary Policy, and Sunspots
August 9, 2024
The Federal Reserve Board published a working paper entitled, “Limited (Energy) Supply, Monetary Policy, and Sunspots.”
Working Paper: The Effect of Export Market Access on Labor Market Power: Firm-level Evidence from Vietnam
August 9, 2024
The Federal Reserve Board published a working paper entitled, “The Effect of Export Market Access on Labor Market Power: Firm-level Evidence from Vietnam.”
Working Paper: Inflation Expectations with Finite Horizon Planning
August 9, 2024
The Federal Reserve Board published a working paper entitled, “Inflation Expectations with Finite Horizon Planning.”
Working Paper: The Macroeconomic Effects of Excess Savings
August 9, 2024
The Federal Reserve Board published a working paper entitled, “The Macroeconomic Effects of Excess Savings.”
Federal Open Market Committee announces its tentative meeting schedule for 2025 and 2026
August 9, 2024
The Federal Open Market Committee announced its tentative meeting schedule for 2025 and 2026.
Federal Reserve Bank of New York
Staff Report: Consumer Credit Reporting Data
August 9, 2024
The Federal Reserve Bank of New York published a staff report entitled, “Consumer Credit Reporting Data.”
Staff Report: OLS Limit Theory for Drifting Sequences of Parameters on the Explosive Side of Unity
August 9, 2024
The Federal Reserve Bank of New York published a staff report entitled, “OLS Limit Theory for Drifting Sequences of Parameters on the Explosive Side of Unity.”
Consumer Financial Protection Bureau
2023 Financial Literacy Annual Report
August 9, 2024
The Consumer Financial Protection Bureau published the 2023 Financial Literacy Annual Report.
FINRA
Regulatory Notice: FINRA Announces Publication of Updated Interpretations of FINRA’s Margin Rule With Guide to the Updates
August 9, 2024
FINRA issued a regulatory notice announcing it is updating the set of interpretations of the margin rule and issued a guide to the updated interpretations that includes a text comparison with the previous interpretations and other information about the updates.
International
European Banking Authority
The EBA amends technical standards specifying the data collection for the 2025 benchmarking exercise
August 9, 2024
The European Banking Authority published its final draft Implementing Technical Standards (ITS), amending the Implementing Regulation on the benchmarking of credit risk, market risk and IFRS9 models for the 2025 exercise.
Bank of England
Working Paper: Quantitative easing and quantitative tightening: the money channel
August 9, 2024
The Bank of England published a staff working paper entitled, “Quantitative easing and quantitative tightening: the money channel.”
Financial Conduct Authority
Consultation Paper: Enhancing the National Storage Mechanism
August 9, 2024
The Financial Conduct Authority published a consultation paper entitled, “Enhancing the National Storage Mechanism.”
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.