PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday November 13
November 13, 2024
By Paul Hastings Professional
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Federal Agencies
Federal Reserve Board
The October 2024 Senior Loan Officer Opinion Survey on Bank Lending Practices
November 12, 2024
The Federal Reserve Board published the results of the Senior Loan Officer Opinion Survey on Bank Lending Practices for October 2024.
Working Paper: Unemployment Insurance and Macro-Financial (In)Stability
November 12, 2024
The Federal Reserve Board published a working paper entitled “Unemployment Insurance and Macro-Financial (In)Stability.”
Speech: What Roles Should the Private Sector and the Federal Reserve Play in Payments?
November 12, 2024
Federal Reserve Board Governor Christopher J. Waller gave a speech entitled “What Roles Should the Private Sector and the Federal Reserve Play in Payments?” at the Clearing House Annual Conference 2024, New York, New York.
Federal Reserve Bank of New York
Inflation Expectations Decline Slightly; Labor Market Expectations Improve
November 12, 2024
The Federal Reserve Bank of New York’s Center for Microeconomic Data released the October 2024 Survey of Consumer Expectations, which shows that households’ inflation expectations declined slightly at the short-, medium-, and longer-term horizons.
Speech: Facing Quarter-End Pressures: Understanding the Repo Market and Federal Reserve Tools
November 12, 2024
Federal Reserve Bank of New York’s System Open Market Account Manager Roberto Perli gave a speech entitled “Facing Quarter-End Pressures: Understanding the Repo Market and Federal Reserve Tools.”
Blog: Banking System Vulnerability: 2024 Update
November 12, 2024
The Federal Reserve Bank of New York published a blog post entitled “Banking System Vulnerability: 2024 Update.”
Federal Reserve Bank of Boston
Research Paper: The Impact of Market Factors on Racial Identity: Evidence from Multiracial Survey Respondents
November 12, 2024
The Federal Reserve Bank of Boston published a research paper entitled “The Impact of Market Factors on Racial Identity: Evidence from Multiracial Survey Respondents.”
Conference of State Bank Supervisors
The Reality of Money Transmission: Secure, Convenient, and Trusted Under State Supervision
November 12, 2024
The Conference of State Bank Supervisors published a blog post entitled “The Reality of Money Transmission: Secure, Convenient, and Trusted Under State Supervision.”
Federal Deposit Insurance Corporation
FDIC Survey Finds 96 Percent of U.S. Households Were Banked in 2023
November 12, 2024
Nearly 96 percent of all U.S. households were banked in 2023, according to a national survey released by the Federal Deposit Insurance Corporation.
Consumer Financial Protection Bureau
CFPB Report Details Carveouts for Financial Institutions in State Data Privacy Laws
November 12, 2024
The Consumer Financial Protection Bureau released a report examining federal and state-level privacy protections for consumers’ financial data.
Financial Crimes Enforcement Network
FinCEN Requests Comments on Proposed Form for Compliance with Residential Real Estate Rule
November 12, 2024
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a 60-day notice in the Federal Register concerning the form that select real estate professionals will use to report information about certain residential real estate transfers under the Residential Real Estate Rule.
FinCEN, Law Enforcement, and Financial Industry Representatives Meet to Discuss Collaborative Efforts to Combat Illicit Finance Related to Fentanyl Trafficking
November 12, 2024
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), in partnership with Treasury’s Internal Revenue Service - Criminal Investigation (CI), held the eighth event of its Promoting Regional Outreach to Educate Communities on the Threat of Fentanyl (PROTECT) series of the FinCEN Exchange program.
Federal Housing Finance Agency
Foreclosure Prevention, Refinance, and Federal Property Manager's Report - August 2024
November 12, 2024
The Federal Housing Finance Agency published the August 2024 Foreclosure Prevention, Refinance, and Federal Property Manager’s Report.
International
European Banking Authority
The EBA publishes methodology, draft templates, and key milestones for its 2025 EU-wide stress test
November 12, 2024
The European Banking Authority released the final methodology, draft templates, and template guidance for the 2025 EU-wide stress test, along with the milestone dates for the exercise.
The EBA consults on Guidelines on proportionate retail diversification methods
November 12, 2024
The European Banking Authority launched a consultation on its draft Guidelines that will specify proportionate retail diversification methods to be eligible for the preferential risk weight under the standardized approach for credit risk.
Bank of England
Prudential Regulation Authority
Financial Conduct Authority
New rules to strengthen resilience of UK’s financial sector
November 12, 2024
The Bank of England, Prudential Regulation Authority, and Financial Conduct Authority published their approach to the oversight of critical third parties.
- Press Release
- Approach
- Policy Statement
- Supervisory Statement
- Joint Foreword
- Enforcement Statement
- HM Treasury’s Approach
Bank of England
Policy Statement: The Bank of England’s approach to enforcement: changes to statements of policy and procedure following the Financial Services and Markets Act 2023
November 12, 2024
The Bank of England published a policy statement entitled “The Bank of England’s approach to enforcement: changes to statements of policy and procedure following the Financial Services and Markets Act 2023.”
Asset Purchase Facility Quarterly Report - 2024 Q3
November 12, 2024
The Bank of England released the Asset Purchase Facility report for Q3 2024.
Bank of England Prudential Regulation Authority
Supervisory Statement: Reports by skilled persons: Critical third parties
November 12, 2024
The Prudential Regulation Authority published a supervisory statement entitled “Reports by skilled persons: Critical third parties.”
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.