PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday September 23
September 23, 2024
By Paul Hastings Professional
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Federal Agencies
U.S. Department of the Treasury
Inter-Agency Working Group Releases New Report on Treasury Market Resilience Efforts
September 20, 2024
The Inter-Agency Working Group on Treasury Market Surveillance (IAWG)—which is composed of staff from the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the U.S. Securities and Exchange Commission, and the U.S. Commodity Futures Trading Commission—issued a staff progress report to highlight the wide range of significant steps its members have taken to enhance the resilience of the U.S. Treasury market.
Financial Stability Oversight Council Meeting on September 20, 2024
September 20, 2024
The Financial Stability Oversight Council held a meeting on September 20, 2024, in which the Council received an update from Treasury staff on key themes in an upcoming staff progress report by the Inter-Agency Working Group on Treasury Market Surveillance. The Council also received an update from the Council’s Climate-related Financial Risk Committee on progress over the last year on the development of risk indicators and narrative analyses to monitor climate-related financial risks as well as an update on the presentation of the Council’s 2024 Annual Report.
Fifth Meeting of the Economic Working Group Between the United States and the People’s Republic of China
September 20, 2024
The United States and the People’s Republic of China held the fifth meeting of the Economic Working Group (EWG) on September 19-20 in Beijing.
Federal Reserve Board
Statement by Governor Michelle W. Bowman
September 20, 2024
Federal Reserve Board Governor Michelle W. Bowman issued a statement dissenting from the Federal Open Market Committee's decision to lower the target range for the federal funds rate by 1/2 percentage point to 4-3/4 to 5 percent.
Working Paper: Nonlinear Effects of Loan-to-Value Constraints
September 20, 2024
The Board of Governors of the Federal Reserve System (“Federal Reserve”) published a working paper entitled “Nonlinear Effects of Loan-to-Value Constraints.”
Working Paper: Who is Minding the Store? Order Routing and Competition in Retail Trade Execution
September 20, 2024
The Federal Reserve Board published a working paper entitled “Who is Minding the Store? Order Routing and Competition in Retail Trade Execution.”
Working Paper: Social Security and High-Frequency Labor Supply: Evidence from Uber Drivers
September 20, 2024
The Federal Reserve Board published a working paper entitled “Social Security and High-Frequency Labor Supply: Evidence from Uber Drivers.”
Working Paper: The Inflation Accelerator
September 20, 2024
The Federal Reserve Board published a working paper entitled “The Inflation Accelerator.”
Working Paper: Nonlinear Dynamics in Menu Cost Economies? Evidence from U.S. Data
September 20, 2024
The Federal Reserve Board published a working paper entitled “Nonlinear Dynamics in Menu Cost Economies? Evidence from U.S. Data.”
Working Paper: Explaining Machine Learning by Bootstrapping Partial Marginal Effects and Shapley Values
September 20, 2024
The Federal Reserve Board published a working paper entitled “Explaining Machine Learning by Bootstrapping Partial Marginal Effects and Shapley Values.”
Working Paper: High-Growth Firms in the United States: Key Trends and New Data Opportunities
September 20, 2024
The Federal Reserve Board published a working paper entitled “High-Growth Firms in the United States: Key Trends and New Data Opportunities.”
Working Paper: What Does the Beveridge Curve Tell Us about the Likelihood of Soft Landings?
September 20, 2024
The Federal Reserve Board published a working paper entitled “What Does the Beveridge Curve Tell Us about the Likelihood of Soft Landings?”
Working Paper: Mortgage Design, Repayment Schedules, and Household Borrowing
September 20, 2024
The Federal Reserve Board published a working paper entitled “Mortgage Design, Repayment Schedules, and Household Borrowing.”
Federal Reserve Bank of New York
Blog: The New York Fed’s Dynamic Stochastic General Equilibrium Model Forecast—September 2024
September 20, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “The New York Fed DSGE Model Forecast—September 2024.”
Federal Reserve Bank of Boston
Working Paper: Defining Households That Are Underserved in Digital Payment Services
September 20, 2024
The Federal Reserve Bank of Boston’s Research Department published a working paper entitled “Defining Households That Are Underserved in Digital Payment Services.”
Federal Deposit Insurance Corporation
FDIC Releases Results of Summary of Deposits Annual Survey
September 20, 2024
The Federal Deposit Insurance Corporation released results of its annual survey of branch office deposits for all FDIC-insured institutions as of June 30, 2024.
Commodity Futures Trading Commission
CFTC Approves Final Guidance Regarding the Listing of Voluntary Carbon Credit Derivative Contracts
September 20, 2024
The Commodity Futures Trading Commission (“CFTC”) approved final guidance regarding the listing for trading of voluntary carbon credit derivative contracts.
- Guidance
- Press Release
- Chair Behnam Statement
- Commissioner Mersinger Statement
- Treasury Secretary Yellen Statement
CFTC Staff Extends Temporary No-Action Letter Regarding Capital and Financial Reporting for Certain Non-U.S. Nonbank Swap Dealers Domiciled in the EU and the UK
September 20, 2024
The CFTC’s Market Participants Division announced it issued a temporary no-action letter extending CFTC Staff Letters No. 21-20 and 22-10 to certain nonbank swap dealers (SDs) domiciled in the European Union (EU) and the United Kingdom (UK) that are the subject of pending CFTC reviews for comparability determinations regarding capital and financial reporting requirements.
Consumer Financial Protection Bureau
CFPB Proposes Amendment to Remittance Transfer Rule
September 20, 2024
The Consumer Financial Protection Bureau issued a proposed rule with a narrow amendment to disclosure requirements for certain international money transfers, or remittances.
Bank Policy Institute
Blog: Regulators Aren’t Enabling Risk by Reproposing Basel – They’re Following the Law.
September 20, 2024
The Bank Policy Institute published a blog post entitled “Regulators Aren’t Enabling Risk by Reproposing Basel – They’re Following the Law.”
International
Bank of England
Speech: Policy spillovers when external shocks persist and domestic activity diverges
September 20, 2024
Monetary Policy Committee Member Catherine L. Mann gave a speech entitled “Policy spillovers when external shocks persist and domestic activity diverges,” at the Central Bank Research Association, National Bank of Poland and Bank of Lithuania 5th biennial conference ‘Macroeconomic adjustments after large global shocks’ in Vilnius, Lithuania.
Speech: Strong and Simple – completing the picture
September 20, 2024
Bank of England Executive Director David Bailey gave a speech entitled “Strong and Simple – completing the picture,” at the Building Societies Association.
Market Participants Survey results - September 2024
September 20, 2024
The Bank of England published the results of the Market Participants Survey for September 2024.
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.