PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday October 17
October 17, 2024
By Paul Hastings Professional
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Major Developments
New York State Department of Financial Services
DFS Issues New Guidance to Address Cybersecurity Risks Arising from Artificial Intelligence
October 16, 2024
New York State Department of Financial Services (DFS) issued new guidance to assist regulated entities in addressing and combating cybersecurity risks arising from artificial intelligence.
Congress
U.S. House of Representatives
Committee on Financial Services
Committee Chair Sends Letter to FDIC Chair Gruenberg Regarding Compliance with Congressional Oversight, Transcribed Interview
October 16, 2024
U.S. House Committee on Financial Services Chair Patrick McHenry (NC-10) sent a letter to Federal Deposit Insurance Corporation Chair Martin Gruenberg demanding he schedule a transcribed interview with the Committee.
Committee Chair Requests GAO Audit FinCEN’s Beneficial Ownership Secure System
October 15, 2024
U.S. House Committee on Financial Services Chair Patrick McHenry (NC-10) sent a letter requesting the Government Accountability Office (GAO) audit the Financial Crimes Enforcement Network’s (FinCEN) Beneficial Ownership Secure System.
Federal Agencies
Federal Reserve Bank of New York
Business Leaders Survey – October 2024
October 16, 2024
The Federal Reserve Bank of New York released the results of the October 2024 Business Leaders Survey.
Conference of State Bank Supervisors
Blog: Despite Optimism, Community Bankers Aren’t Fully Convinced of an Economic Soft Landing
October 16, 2024
The Conference of State Bank Supervisors published a blog post entitled “Despite Optimism, Community Bankers Aren’t Fully Convinced of an Economic Soft Landing.”
Commodity Futures Trading Commission
Division of Clearing and Risk Holds Staff Roundtable on Existing, New and Emerging Issues in Clearing
October 16, 2024
The Commodity Futures Trading Commission’s Division of Clearing and Risk held a staff roundtable on existing, new, and emerging issues in clearing.
U.S. Small Business Administration
SBA Exhausts Funds for New Disaster Loans
October 16, 2024
The Small Business Administration announced that it has exhausted funds for its disaster loan program after warnings that funding would soon run out following increased demand from Hurricane Helene.
Bank Policy Institute
BPI and TCH Seek to Intervene in Corner Post Case Challenging Debit Interchange Limits
October 16, 2024
The Bank Policy Institute and The Clearing House Association filed a motion to intervene in Corner Post, Inc. v. Board of Governors of the Federal Reserve System.
International
European Banking Authority
ESAs respond to the European Commission’s rejection of the technical standards on registers of information under the Digital Operational Resilience Act and call for swift adoption
October 15, 2024
The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) issued an Opinion on the European Commission’s (EC) rejection of the draft Implementing Technical Standards (ITS) on the registers of information under the Digital Operational Resilience Act.
Bank of England
Market Notice: Confirmation of weekly frequency for Indexed Long-Term Repo Operations
October 16, 2024
The Bank of England released a market notice confirming the weekly frequency for Indexed Long-Term Repo operations.
Bank of England Prudential Regulation Authority
The PRA holds IRB mortgage roundtable
October 16, 2024
The Prudential Regulation Authority held a roundtable meeting on the internal ratings based (IRB) approach for mortgage exposures, for PRA-regulated firms with, or interested in seeking, an IRB permission for mortgage exposures, on 30 September 2024 at UK Finance.
Financial Conduct Authority
FCA launches premium finance market study alongside new Government insurance taskforce
October 16, 2024
The Financial Conduct Authority has announced a package of work in the insurance market amid concerns about rising prices, alongside the launch of the Government motor insurance taskforce.
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.