PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday November 18
November 18, 2024
By Paul Hastings Professional
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Federal Agencies
Federal Reserve Board
Federal Reserve Supervision and Regulation Report – November 2024
November 15, 2024
The Federal Reserve Board published the November 2024 Supervision and Regulation Report.
G.17 Industrial Production and Capacity Utilization – November 2024
November 15, 2024
The Federal Reserve Board released the G.17 industrial production and capacity utilization data through October 2024.
Federal Reserve Bank of New York
Empire State Manufacturing Survey – November 2024
November 15, 2024
The Federal Reserve Bank of New York published the November 2024 Empire State Manufacturing Survey.
Speech: 100 Years at 33 Liberty Street
November 15, 2024
Federal Reserve Bank of New York President and CEO John C. Williams gave a speech entitled “100 Years at 33 Liberty Street,” at New York Fed Alumni: Celebrating 100 Years of Making Our Mission Possible, Federal Reserve Bank of New York, New York City.
Blog: To Whom It May Concern: Demographic Differences in Letters of Recommendation
November 14, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “To Whom It May Concern: Demographic Differences in Letters of Recommendation.”
Speech: X Marks the Spot: Making Missing Markets
November 15, 2024
Federal Reserve Bank of New York President and CEO John C. Williams gave a speech entitled “X Marks the Spot: Making Missing Markets,” at Intermediating Impact: Making Missing Markets, Federal Reserve Bank of New York, New York City.
Federal Reserve Bank of Boston
Remarks at “The Future of Finance: Implications of Innovation”
November 15, 2024
Federal Reserve Bank of Boston CEO Susan M. Collins gave opening remarks at the Bank’s 68th Economic Conference, “The Future of Finance: Implications and Innovations.”
Securities and Exchange Commission
Remarks at PLI’s 56th Annual Institute on Securities Regulation
November 15, 2024
Securities and Exchange Commission’s Division of Enforcement Acting Director Sanjay Wadhwa gave remarks at PLI’s 56th Annual Institute on Securities Regulation.
Consumer Financial Protection Bureau
CFPB Report Details Student Borrower Harms from Servicing Failures and Program Disruptions
November 15, 2024
The Consumer Financial Protection Bureau released the annual report of the CFPB Student Loan Ombudsman, highlighting the severe difficulties reported by student borrowers due to persistent loan servicing failures and program disruptions.
Federal Housing Finance Agency
FHFA Releases FY 2024 Performance and Accountability Report
November 15, 2024
The Federal Housing Finance Agency released its annual Performance and Accountability Report, which details FHFA’s activities as regulator of the Federal Home Loan Bank System and as regulator and conservator of Fannie Mae and Freddie Mac during fiscal year 2024.
International
European Commission
Autumn 2024 Economic Forecast: A gradual rebound in an adverse environment
November 14, 2024
After a prolonged period of stagnation, the EU economy is returning to modest growth, while the disinflation process continues. The European Commission's Autumn Forecast projects GDP growth in 2024 at 0.9% in the EU and 0.8% in the euro area.
European Banking Authority
The ESAs announce timeline to collect information for the designation of critical ICT third-party service providers under the Digital Operational Resilience Act
November 15, 2024
The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published a Decision on the information that competent authorities must report to them for the designation of critical ICT third-party service providers under the Digital Operational Resilience Act.
Bank of England
Remit and recommendations for the Financial Policy Committee – November 2024
November 15, 2024
Chancellor of the Exchequer Rachel Reeves sent a letter to Bank of England Governor Andrew Baily on remit and recommendations for the Financial Policy Committee.
Remit and recommendations for the Prudential Regulation Committee – November 2024
November 15, 2024
Chancellor of the Exchequer Rachel Reeves sent a letter to Bank of England Governor Andrew Baily on remit and recommendations for the Prudential Regulation Committee.
Remit for the Monetary Policy Committee - November 2024
November 15, 2024
Chancellor of the Exchequer Rachel Reeves sent a letter to Bank of England Governor Andrew Bailey on remit and recommendations for the Monetary Policy Committee.
Working Paper: The Decision Maker Panel: a user’s guide
November 15, 2024
The Bank of England published a staff working paper entitled “The Decision Maker Panel: a user’s guide.”
Working Paper: The yield curve impact of government debt issuance surprises and the implications for QT
November 15, 2024
The Bank of England published a staff working paper entitled “The yield curve impact of government debt issuance surprises and the implications for QT.”
Bank of England Prudential Regulation Authority
The PRA consults on reforms to the UK Insurance Special Purpose Vehicle regulatory framework
November 15, 2024
The Prudential Regulation Authority published consultation paper (CP) 15/24 proposing reforms to the UK Insurance Special Purpose Vehicle (UK ISPV) regulatory framework, through a combination of changes to the finalized PRA rules and policy materials also published in policy statement (PS) 15/24 that will replace Solvency II assimilated law.
Conclusion of the Solvency II Review
November 15, 2024
The Prudential Regulation Authority published Policy Statement 15/24 finalizing PRA rules and policy materials that will replace Solvency II assimilated law.
Statement of Policy: Solvency II: The PRA’s approach to Standard Formula adaptations
November 15, 2024
The Prudential Regulation Authority published a statement of policy entitled “Solvency II: The PRA’s approach to Standard Formula adaptations.”
Statement of Policy: Solvency II: The PRA’s approach to the permissible recovery period for insurers to restore full cover for their SCR
November 15, 2024
The Prudential Regulation Authority published a statement of policy entitled “Solvency II: The PRA’s approach to the permissible recovery period for insurers to restore full cover for their SCR.”
Statement of Policy: Solvency II: The PRA’s approach to insurance own funds permissions
November 15, 2024
The Prudential Regulation Authority published a statement of policy entitled “Solvency II: The PRA’s approach to insurance own funds permissions.”
Supervisory Statement: Solvency II: Calculation of technical provisions
November 15, 2024
The Prudential Regulation Authority published a supervisory statement entitled “Solvency II: Calculation of technical provisions.”
Financial Conduct Authority
Advice Guidance Boundary Review: November 2024 update
November 15, 2024
The Financial Conduct Authority set out next steps in its work on closing the advice gap, following feedback on its Discussion Paper DP23/5.
FCA welcomes move to bring ESG ratings providers into regulation
November 15, 2024
The Financial Conduct Authority welcomes the Government’s publication of their consultation response and the draft legislation on bringing environmental, social and governance (ESG) ratings providers into regulation.
FCA statement on the Chancellor’s Mansion House speech
November 15, 2024
The Financial Conduct Authority issued a statement following Chancellor of the Exchequer Rachel Reeves’ speech at the Mansion House.
Statement: Modernizing the redress system
November 15, 2024
The Financial Conduct Authority (FCA) and Financial Ombudsman Service have published a joint call for input to seek views on how to modernize the redress system, so it better serves consumers and provides greater stability for firms to invest and innovate.
FCA welcomes the Treasury’s national payment vision
November 15, 2024
The Financial Conduct Authority issued a statement welcoming the HM Treasury’s national payment vision.
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.