PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday September 26
September 26, 2024
By Paul Hastings Professional
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Congress
U.S. House of Representatives
Committee on Financial Services
Hearing Entitled: Regulatory Recipe for Economic Uncertainty: The Endless Basel Endgame and an Onslaught of Hurried Rulemaking Undertaken by the Administration
September 25, 2024
The U.S. House Committee on Financial Services Subcommittee on Financial Institutions and Monetary Policy held a hearing entitled “Regulatory Recipe for Economic Uncertainty: The Endless Basel Endgame and an Onslaught of Hurried Rulemaking Undertaken by the Administration.”
Committee on Small Business
Hearing: Avenues to Success: Examining Workforce Training Programs for Employees
September 25, 2024
The U.S. House Committee on Small Business Subcommittee on Innovation, Entrepreneurship, and Workforce Development held a hearing entitled “Avenues to Success: Examining Workforce Training Programs for Employees.”
Federal Agencies
U.S. Department of the Treasury
Remarks on Voluntary Carbon Markets
September 25, 2024
Deputy Secretary of the Treasury Wally Adeyemo and Under Secretary for Domestic Finance Nellie Liang gave remarks on voluntary carbon markets at the Global Carbon Market Utility, Integrity Council for the Voluntary Carbon Market (IC-VCM), and the Voluntary Carbon Markets Integrity Initiative.
Remarks by Deputy Secretary Adeyemo at the 2024 Partnership for Global Infrastructure and Investment Investor Forum
September 25, 2024
Deputy Secretary of the Treasury Wally Adeyemo gave remarks at the 2024 Partnership for Global Infrastructure and Investment Investor Forum.
G7 Cyber Expert Group Recommends Action to Combat Financial Sector Risks from Quantum Computing
September 25, 2024
The G7 Cyber Expert Group (CEG)—chaired by the U.S. Department of the Treasury and the Bank of England—released a public statement highlighting the potential cybersecurity risks associated with developments in quantum computing and recommending steps for financial authorities and institutions to take to address those risks.
Federal Reserve Board
Speech: How We Got Here: A Perspective on Inflation and the Labor Market
September 25, 2024
Federal Reserve Board Governor Adriana D. Kugler gave a speech entitled “How We Got Here: A Perspective on Inflation and the Labor Market,” at the Mossavar-Rahmani Center for Business and Government, Harvard Kennedy School, Cambridge, Massachusetts.
Federal Reserve Bank of Boston
Working Paper: Dealer Risk Limits and Currency Returns
September 25, 2024
The Federal Reserve Bank of Boston’s Research Department published a working paper entitled “Dealer Risk Limits and Currency Returns.”
Office of the Comptroller of the Currency
Acting Comptroller Discusses Financial Inclusion
September 25, 2024
Acting Comptroller of the Currency Michael J. Hsu discussed the importance of financial inclusion in remarks at the Inclusive Finance for Development: 15 Years of Impact event in New York City hosted by United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development.
Commodity Futures Trading Commission
CFTC Staff Extends No-Action Position for Certain Reporting Obligations Under the Ownership and Control Reports Final Rule
September 25, 2024
The Commodity Futures Trading Commission’s Division of Market Oversight issued a no-action letter that extends the current no-action position for reporting obligations under the ownership and control reports final rule.
Federal Housing Finance Agency
FHFA Re-Proposes Rule on Suspended Counterparty Program
September 25, 2024
The Federal Housing Finance Agency announced that it has revised the Agency’s proposal to amend the Suspended Counterparty Program.
Freddie Mac
U.S. Economic, Housing and Mortgage Market Outlook – September 2024 | Spotlight: Natural Disaster Threat
September 25, 2024
Freddie Mac released the U.S. Economic, Housing and Mortgage Market Outlook for September 2024.
Freddie Mac Issues Monthly Volume Summary for August 2024
September 25, 2024
Freddie Mac posted to its website its Monthly Volume Summary for August 2024, which provides information on Freddie Mac’s mortgage-related portfolios, securities issuance, risk management, delinquencies, debt activities and other investments.
International
Bank of England
Quarterly Bulletin: The contribution of the Financial Policy Committee to UK financial stability
September 25, 2024
The Bank of England published the Quarterly Bulletin entitled “The contribution of the Financial Policy Committee to UK financial stability.”
Speech: Who’s buying? The outlook for consumption in a rate cutting cycle
September 25, 2024
Monetary Policy Committee Member Megan Greene gave a speech entitled “Who’s buying? The outlook for consumption in a rate cutting cycle,” at the North East Chambers of Commerce in Newcastle.
Speech: TRUSTED AI: Ethical, safe, and effective application of artificial intelligence at the Bank of England
September 25, 2024
Bank of England Executive Director James Benford gave a speech entitled “TRUSTED AI: Ethical, safe, and effective application of artificial intelligence at the Bank of England,” at the Central Bank AI Conference.
Bank of England Prudential Regulation Authority
Review of Solvency II – PRA statement on existing Solvency II rule waivers and modifications
September 25, 2024
The Prudential Regulation Authority issued a statement to provide an update to firms that hold existing PRA directions in respect of waivers or modifications of PRA rules.
Financial Conduct Authority
Proposed new rules to better protect customers of payments firms
September 25, 2024
The Financial Conduct Authority proposed new rules to better protect customers when payments and e-money firms go out of business.
Speech: Like London's Roman Wall, financial rules must adapt
September 25, 2024
Financial Conduct Authority Executive Director Sarah Pritchard gave a speech entitled “Like London's Roman Wall, financial rules must adapt,” at the FT Financial Advice Forum, London.
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.