PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday October 21
October 21, 2024
By Paul Hastings Professional
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Federal Agencies
U.S. Department of the Treasury
Financial Stability Oversight Council Meeting on October 18, 2024
October 18, 2024
U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of the Financial Stability Oversight Council in executive session at the U.S. Department of the Treasury.
Joint Statement of Secretary Yellen and OMB Director Young on Budget Results for Fiscal Year 2024
October 18, 2024
U.S. Secretary of the Treasury Janet L. Yellen and Office of Management and Budget (OMB) Director Shalanda D. Young released the final budget results for fiscal year (FY) 2024.
Federal Reserve Board
Speech: Centralized and Decentralized Finance: Substitutes or Complements?
October 18, 2024
Federal Reserve Board Governor Christopher Waller gave a speech entitled “Centralized and Decentralized Finance: Substitutes or Complements?” at the Vienna Macroeconomics Workshop, Institute of Advanced Studies, Vienna, Austria
Financial Crimes Enforcement Network
FinCEN Issues Spanish Translation of Notice on Timeshare Fraud Associated with Mexico-Based Transnational Criminal Organizations
October 18, 2024
The Financial Crimes Enforcement Network issued a Spanish translation of its July 16, 2024 notice to financial institutions on the methodologies, financial typologies, and red flag indicators associated with timeshare fraud orchestrated by Mexico-based transnational criminal organizations.
International
Bank of England
Consultation Paper: The Bank of England’s fees regime for financial market infrastructure supervision 2024/25
October 18, 2024
The Bank of England published a consultation paper entitled “The Bank of England’s fees regime for financial market infrastructure supervision 2024/25.”
Working Paper: Firm climate investment: a glass half-full
October 18, 2024
The Bank of England published a staff working paper entitled “Firm climate investment: a glass half-full.”
Bank of England Prudential Regulation Authority
Consultation Paper: Large Exposures Framework
October 18, 2024
The Prudential Regulation Authority published a consultation paper entitled “Large Exposures Framework.”
Speech: Competing for growth
October 17, 2024
Prudential Regulation Authority CEO Sam woods gave a speech entitled “Competing for growth,” at the Annual City Banquet.
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.