PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday July 16, 2024
July 16, 2024
By Paul Hastings Professional
PH FedACTion: Financial Regulatory Updates
Tuesday, July 16, 2024
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Federal Agencies
Federal Reserve Bank of New York
Empire State Manufacturing Survey
July 15, 2024
The Federal Reserve Bank of New York released the findings from the July 2024 Empire State Manufacturing Survey.
Survey of Consumer Expectations Credit Access Survey – June 2024
July 15, 2024
The Federal Reserve Bank of New York released the findings from the June 2024 Survey of Consumer Expectations Credit Access Survey.
Conference of State Bank Supervisors
Federal Housing Finance Agency Should Maintain Focus on Liquidity that Funds Local Communities
July 15, 2024
The Conference of State Bank Supervisors and the National Association of State Credit Union Supervisors submitted a joint comment letter stating that the Federal Housing Finance Agency should not make any changes to the Federal Home Loan Bank System that would undermine the ability of institutions to access essential funding.
Federal Deposit Insurance Corporation
National Rates and Rate Caps – July 2024
July 15, 2024
The Federal Deposit Insurance Corporation issued the national rate and rate caps as of July 15, 2024.
Financial Crimes Enforcement Network
Prepared Remarks of FinCEN Deputy Director Jimmy Kirby During Beneficial Ownership Information Reporting Event in Lakewood, Colorado
July 15, 2024
Financial Crimes Enforcement Network (FinCEN) Deputy Director Jimmy Kirby participated in a beneficial ownership reporting outreach event coordinated with the office of Rep. Brittany Pettersen, a member of the House Financial Services Committee.
U.S. Small Business Administration
Small Business Administration Announces $3 Million in New Grant Funding to Strengthen Cybersecurity Infrastructure for Emerging Small Businesses
July 15, 2024
The U.S. Small Business Administration announced $3 million in new funding under the Cybersecurity for Small Businesses Pilot Program.
Freddie Mac
Executive Perspective: Focusing Our Efforts on Affordable Housing
July 15, 2024
Freddie Mac SVP Danny Gardner published an Executive Perspective entitled, “Focusing Our Efforts on Affordable Housing.”
Bank Policy Institute
Bank Policy Institute Comments on the Basel Committee on Banking Supervision’s Climate-Risk Discussion Paper
July 15, 2024
The Bank Policy Institute sent a comment letter to the Basel Committee on Banking Supervision in response to the Committee’s climate-risk discussion paper.
International
European Banking Authority
The European Banking Authority consults on guidelines on reporting of data to assist authorities in their supervisory duties and significance assessment under Markets in Crypto Regulation (“MiCAR”)
July 15, 2024
The European Banking Authority launched a consultation on draft Guidelines on reporting requirements to assist competent authorities and the EBA in performing their duties under MICAR
EBA reflects on EU stacking orders and provides insight into EU institutions’ management buffers
July 15, 2024
The European Banking Authority published a Report on the stacking orders of capital, leverage and MREL/TLAC requirements and related capital buffers, as well as on reflections about management buffers practices in the European Union.
Bank of England Prudential Regulation Authority
Prudential Regulation Authority (PRA) statement on the design of the dynamic general insurance stress test (DyGIST) 2025
July 15, 2024
The Prudential Regulation Authority issued a statement providing further information on the dynamic general insurance stress test that the PRA intends to run in 2025.
Financial Conduct Authority
Payments System Regulator and Financial Conduct Authority launch joint call for information on big tech and digital wallets
July 15, 2024
The Payments Systems Regulator and Financial Conduct Authority are seeking views on the benefits and risks digital wallets bring to people and businesses.
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.