PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday August 5, 2024
August 05, 2024
By Paul Hastings Professional
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Federal Agencies
Federal Reserve Board
Federal Reserve Board requests comment on a proposed rule that would establish data standards for certain information collections
August 2, 2024
The Federal Reserve Board requested comment on a proposed rule that would establish data standards for certain information collections submitted to financial regulatory agencies.
Working Paper: Quantities and Covered-Interest Parity
August 2, 2024
The Federal Reserve Board published a working paper entitled, “Quantities and Covered-Interest Parity.”
Working Paper: Spectral backtests unbounded and folded
August 2, 2024
The Federal Reserve Board published a working paper entitled, “Spectral backtests unbounded and folded.”
Working Paper: Optimal Monetary Policy with Uncertain Private Sector Foresight
August 2, 2024
The Federal Reserve Board published a working paper entitled, “Optimal Monetary Policy with Uncertain Private Sector Foresight.”
Federal Reserve Bank of New York
Report: Nonlinear Binscatter Methods
August 2, 2024
The Federal Reserve Bank of New York published a staff report entitled, “Nonlinear Binscatter Methods.”
Report: Financing Private Credit
August 2, 2024
The Federal Reserve Bank of New York published a staff report entitled, “Financing Private Credit.”
Securities and Exchange Commission
SEC Proposes Joint Data Standards Under the Financial Data Transparency Act of 2022
August 2, 2024
Securities and Exchange Commission proposed joint data standards under the Financial Data Transparency Act of 2022 that would establish technical standards for data submitted to certain financial regulatory agencies.
Commodity Futures Trading Commission
CFTC Exempts Additional Singapore Recognized Market Operators from SEF Registration Requirements
August 2, 2024
The Commodity Futures Trading Commission announced it unanimously approved an amended order that exempts two recognized market operators (RMOs) authorized within Singapore from CFTC swap execution facility (SEF) registration requirements.
OIG: 2024 Annual Report of the Council of the Inspectors General on Financial Oversight
August 2, 2024
The Office of Inspector General of the Commodity Futures Trading Commission published the 2024 Annual Report of the Council of the Inspectors General on Financial Oversight.
Consumer Financial Protection Bureau
CFPB Joins Federal Regulators to Propose Rule to Standardize Data Submitted to Federal Financial Agencies
August 2, 2024
The Consumer Financial Protection Bureau joined several other federal financial regulatory agencies in announcing a proposed rule to establish data standards for certain information collections submitted to financial regulatory agencies.
Fannie Mae
Fannie Mae Updates Demographic Projections
August 2, 2024
Fannie Mae updated its projections of total households and households-by-tenure (own or rent) through the year 2032.
Bank Policy Institute
OCC’s Proposed Recovery Plan Changes Should Reflect Tailored Approach
August 2, 2024
The Bank Policy Institute and American Bankers Association filed a letter with the Office of the Comptroller of the Currency (OCC) recommending that, as the OCC considers changes to banks’ recovery planning requirements, they should tailor such requirements to banks’ distinctive business models and risk profiles.
International
Bank of England
Market Participants Survey results – August 2024
August 2, 2024
The Bank of England released the results of the August 2024 Market Participants Survey.
Financial Conduct Authority
Dormant Assets Scheme expansion: Investment assets and client money
August 2, 2024
The Financial Conduct Authority has amended its rules and guidance to enable dormant investment assets and client money to be available to the Dormant Assets Scheme.
The retail intermediary market data 2023
August 2, 2024
The Financial Conduct Authority released its analysis of the intermediary sector based on data drawn from the Retail Mediation Activities Return (RMAR) for 2023.
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.