PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday August 26
August 26, 2024
By Paul Hastings Professional
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Major Developments
Federal Reserve Board
Speech: Review and Outlook
August 23, 2024
Federal Reserve Board Chair Jerome H. Powell gave a speech entitled, “Review and Outlook,” at “Reassessing the Effectiveness and Transmission of Monetary Policy,” an economic symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming.
Federal Agencies
Federal Reserve Board
Working Paper: Inframarginal Borrowers and the Mortgage Payment Channel of Monetary Policy
August 23, 2024
The Federal Reserve Board published a working paper entitled, “Inframarginal Borrowers and the Mortgage Payment Channel of Monetary Policy.”
Working Paper: The COVID-19 Pandemic and Family Economic Well-being: Evidence from the Survey of Consumer Finances
August 23, 2024
The Federal Reserve Board published a working paper entitled, “The COVID-19 Pandemic and Family Economic Well-being: Evidence from the Survey of Consumer Finances.”
Commodity Futures Trading Commission
CFTC Staff Issues No-Action Letter for EU-Based and UK-Based DCOs Regarding Certain Requirements Applicable to Derivative Clearing Organizations
August 23, 2024
The Commodity Futures Trading Commission’s Division of Clearing and Risk issued a no-action letter to address the applicability of certain CFTC regulations to registered derivatives clearing organizations based in either the European Union or the United Kingdom.
Financial Crimes Enforcement Network
Monthly Roundup of Beneficial Ownership Reporting Outreach Activities and Preview of Upcoming Events
August 23, 2024
FinCEN released the list of its July 2024 beneficial ownership reporting outreach activities.
International
Bank of England
Speech: Reflecting on recent times
August 23, 2024
Bank of England Governor Andrew Bailey gave a speech entitled, “Reflecting on recent times,” at the Federal Reserve Bank of Kansas 2024 Economic Symposium, Jackson Hole, Wyoming.
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 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.