PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday October 24
October 24, 2024
By Paul Hastings Professional
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Federal Agencies
U.S. Department of the Treasury
U.S. Department of the Treasury Announces Awards to Support Development of 26,400 Affordable Housing Units
October 23, 2024
The U.S. Department of the Treasury's Community Development Financial Institutions Fund awarded 48 organizations $246.4 million for the development of affordable housing and community facilities serving low-income families and communities that need additional investment.
Remarks by Secretary Yellen at a Signing Ceremony with Minister of Finance Marchenko of Ukraine
October 23, 2024
Secretary of the Treasury Janet L. Yellen gave remarks at a signing ceremony with Minister of Finance Sergii Marchenko of Ukraine.
Federal Reserve Board
Beige Book – October 2024
October 23, 2024
The Federal Reserve Board published the Beige Book for October 2024.
Speech: Opening Remarks
October 23, 2024
Federal Reserve Board Governor Michelle W. Bowman gave opening remarks at the Eighth Annual Fintech Conference in Philadelphia, Pennsylvania.
Federal Reserve Bank of New York
Report: A Jackknife Variance Estimator for Panel Regressions
October 23, 2024
The Federal Reserve Bank of New York published a staff report entitled “A Jackknife Variance Estimator for Panel Regressions.”
Report: A Simple Diagnostic for Time-Series and Panel-Data Regressions
October 23, 2024
The Federal Reserve Bank of New York published a staff report entitled “A Simple Diagnostic for Time-Series and Panel-Data Regressions.”
Report: Financial Education and Household Financial Decisions During the Pandemic
October 23, 2024
The Federal Reserve Bank of New York published a staff report entitled “Financial Education and Household Financial Decisions During the Pandemic.”
Report: Extend-and-Pretend in the U.S. CRE Market
October 23, 2024
The Federal Reserve Bank of New York published a staff report entitled “Extend-and-Pretend in the U.S. CRE Market.”
Statement Regarding Modifications to the Secured Overnight Financing Rate (SOFR) Methodology
October 23, 2024
The Federal Reserve Bank of New York published a statement regarding modifications to the Secured Overnight Financing Rate methodology.
Conference of State Bank Supervisors
State Regulators Urge Licensees to Complete New NMLS Login Process Before Nov. 1
October 23, 2024
The Nationwide Multistate Licensing System (NMLS) has a new login process that requires users to update their username and password and establish account recovery details.
Consumer Financial Protection Bureau
Prepared Remarks of CFPB Director Chopra at Georgetown University’s DC Fintech Week
October 23, 2024
Consumer Financial Protection Bureau Director Rohit Chopra gave remarks at Georgetown University’s DC Fintech Week.
FINRA
FINRA Adopts Amendments to Rule 3240
October 23, 2024
FINRA has adopted amendments to Rule 3240 (Borrowing From or Lending to Customers) to strengthen the rule’s general prohibition against borrowing and lending arrangements between registered persons and their customers, narrow some existing exceptions to the general prohibition, modernize the “immediate family” definition, and enhance the notice and approval requirements related to permissible arrangements. The amendments will become effective on April 28, 2025.
International
European Banking Authority
The EBA released a first draft of the technical package for its 4.0 reporting framework
October 23, 2024
The European Banking Authority published a draft technical package for version 4.0 of its reporting framework.
Bank of England Prudential Regulation Authority
PRA statement on proposed permission requirement for the calculation of loss-absorbing capacity of deferred taxes under the standard formula
October 23, 2024
The Prudential Regulation Authority issued a statement regarding proposed permission requirements for the calculation of the loss-absorbing capacity of deferred taxes.
Financial Conduct Authority
The FCA and Practitioner Panel 2023/24 survey findings
October 23, 2024
The Financial Conduct Authority and Practitioner Panel have published a report from their 2023/24 joint survey of FCA regulated firms.
Multi-firm review of consumer credit firms and non-bank mortgage lenders
October 23, 2024
The Financial Conduct Authority published a multi-firm review of the financial resilience of consumer credit firms and non-bank lenders.
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.