PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday June 1, 2024
June 01, 2024
By Paul Hastings Professional
PH FedACTion: Financial Regulatory Updates
Saturday, June 1, 2024
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Federal Agencies
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Agencies issue host state loan-to-deposit ratios
May 31, 2024
The Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency jointly issued updated host state loan-to-deposit ratios that are used to evaluate compliance with the Riegle-Neal Interstate Banking and Branching Efficiency Act.
Federal Reserve Board
Federal Reserve Board releases results of survey of senior financial officers at banks about their strategies and practices for managing reserve balances
May 31, 2024
The Federal Reserve Board released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances.
Federal Reserve Bank of New York
Report: The Financial Consequences of Undiagnosed Memory Disorders
May 31, 2024
The Federal Reserve Bank of New York published a staff report entitled, “The Financial Consequences of Undiagnosed Memory Disorders.”
Report: Insurance, Weather, and Financial Stability
May 31, 2024
The Federal Reserve Bank of New York published a staff report entitled, “Insurance, Weather, and Financial Stability.”
Blog: Can Discount Window Stigma Be Cured?
May 31, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Can Discount Window Stigma Be Cured?”
Blog: Thinking of Pursuing a PhD in Economics? Info on Graduate School and Beyond
May 31, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Thinking of Pursuing a PhD in Economics? Info on Graduate School and Beyond.”
Bank Policy Institute
Blog: Is the Subprime Segment of the Credit Card Market Concentrated?
May 31, 2024
The Bank Policy Institute published a blog post entitled, “Is the Subprime Segment of the Credit Card Market Concentrated?”
International
European Commission
Commission amends Guidelines on Regional State aid to allow increased support to Strategic Technologies for Europe Platform projects
May 31, 2024
The European Commission has adopted an amendment to the Guidelines on Regional State aid to allow Member States to grant higher amounts of regional aid for investment projects covered by the Strategic Technologies for Europe Platform.
European Banking Authority
ESAs publish templates and tools for voluntary dry run exercise to support the DORA implementation
May 31, 2024
The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published templates, technical documents and tools for the dry run exercise on the reporting of registers of information in the context of Digital Operation Resilience Act (DORA) announced in April 2024.
Bank of England
Statistics: Money and Credit - April 2024
May 31, 2024
The Bank of England released the Money and Credit and effective interest rates statistics for April 2024.
Financial Conduct Authority
Primary Market Bulletin 49
May 31, 2024
The Financial Conduct Authority published the 49th edition of the Primary Market Bulletin.
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.