PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday November 4
November 04, 2024
By Paul Hastings Professional
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Congress
U.S. House of Representatives
Committee on Small Business
Committee on Small Business Releases Staff Report on Investigation into Fraud in the SBA’s COVID-19 Lending Programs
November 1, 2024
U.S. House Committee on Small Business Chair Roger Williams (TX-25) released the staff report on the investigation in fraud in the U.S. Small Business Administration’s COVID Lending Programs.
Federal Agencies
U.S. Department of the Treasury
Treasury Issues Final Rule Expanding CFIUS Coverage of Real Estate Transactions Around More Than 60 Military Installations
November 1, 2024
The U.S. Department of the Treasury, as Chair of the Committee on Foreign Investment in the United States (CFIUS), in close coordination and cooperation with the U.S. Department of Defense, issued a final rule that significantly expands its ability to review certain real estate transactions by foreign persons near more than 60 military bases and installations across 30 states.
U.S. Department of the Treasury’s CDFI Fund and Federal Housing Finance Agency Collaborate to Bolster CDFI Access to Capital
November 1, 2024
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund and the Federal Housing Finance Agency announced the establishment of a Working Group to increase capital for affordable housing lending from the Federal Home Loan Banks.
International
Bank of England Prudential Regulation Authority
Financial Conduct Authority
Policy Statement: Supervisory statement – Prudential assessment of acquisitions and increases in control
November 1, 2024
The Prudential Regulation Authority and Financial Conduct Authority released a joint policy statement entitled “Supervisory statement – Prudential assessment of acquisitions and increases in control.”
Bank of England Prudential Regulation Authority
Supervisory Statement: Prudential assessment of acquisitions and increases in control
November 1, 2024
The Prudential Regulation Authority published a supervisory statement entitled “Prudential assessment of acquisitions and increases in control.”
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.