PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday November 20
November 20, 2024
By Paul Hastings Professional
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Major Developments
Congress
U.S. Senate
Committee on the Judiciary
Hearing: Breaking the Visa-Mastercard Duopoly: Bringing Competition and Lower Fees to the Credit Card System
The U.S. Senate’s Committee on the Judiciary held an oversight hearing on competition in the credit card industry.
U.S. House of Representatives
Committee on Small Business
Small Business Snapshot: November 2024
November 19, 2024
The U.S. House Committee on Small Business released the Small Business Snapshot for November 2024.
Federal Agencies
U.S. Department of the Treasury
U.S. Department of the Treasury Releases Final Rules to Expand Access to Clean Energy Tax Credits
November 19, 2024
The U.S. Department of the Treasury and the IRS released final regulations that will expand the reach of the Inflation Reduction Act by helping entities that co-own clean energy projects access clean energy tax credits through elective pay – commonly known as direct pay.
Remarks by Assistant Secretary Rosen at the Third Annual CFIUS Conference
November 19, 2024
Assistant Secretary for Investment Security Paul Rosen gave remarks at the Third Annual CFIUS Conference.
Remarks by Assistant Secretary Neiman on the U.S. Cross-Border Payments Agenda
November 19, 2024
Assistant Secretary for International Finance Brent Neiman gave remarks on the U.S. cross-border payments agenda at the Federal Reserve Bank of New York’s FX Market Structure Conference.
Federal Reserve Bank of New York
Speech: Foreign Exchange Market Structure: The Land of a Thousand Lakes
November 19, 2024
The Federal Reserve Bank of New York’s Head of the Markets Group Michelle Neal gave remarks entitled, “Foreign Exchange Market Structure: The Land of a Thousand Lakes,” at the FX Market Structure Conference, Federal Reserve Bank of New York, New York City.
Federal Reserve Bank of Boston
Paper: Manufacturing Gains from Green Energy and Semiconductor Spending since the CHIPS and Inflation Reduction Acts
November 19, 2024
The Federal Reserve Bank of Boston published a Current Policy Perspectives paper entitled, “Manufacturing Gains from Green Energy and Semiconductor Spending since the CHIPS and Inflation Reduction Acts.”
Bank Policy Institute
One-Pager: Bank Supervision is Broken. Here’s How to Fix It.
November 19, 2024
The Bank Policy Institute published a one-page entitled, “Bank Supervision is Broken. Here’s How to Fix It.”
Associations Representing Banks and Credit Unions of All Sizes Call on Congress to Reject New Credit Card Mandates
November 18, 2024
The American Bankers Association, America’s Credit Unions, Bank Policy Institute, Consumer Bankers Association, Electronic Payments Coalition, Independent Community Bankers of America, Mid-Size Bank Coalition of America, and National Bankers Association sent a letter to the Senate Judiciary Committee stating that any legislative initiatives to expand the power of the federal government to intervene in the U.S. credit card market would harm small businesses and consumers across the country.
International
European Banking Authority
Transition risk losses alone unlikely to threaten EU financial stability, “Fit-For-55” climate stress test shows
November 19, 2024
The European Supervisory Authorities (EBA, EIOPA, and ESMA – the ESAs) together with the European Central Bank (ECB), released the results of the one-off “Fit-For-55” climate scenario analysis.
Bank of England
The Bank of England launches consultation on Fundamental Rules for Financial Market Infrastructures and publishes its approach to FMI supervision
November 19, 2024
The Bank of England is consulting on proposals to introduce a set of Fundamental Rules for UK Financial Market Infrastructures (FMIs), which are essential to the smooth and safe operation of the UK financial system and broader economy.
Financial Conduct Authority
A revision of our market cleanliness statistic methodology
November 19, 2024
The Financial Conduct Authority published a research note on improving the accuracy of the market cleanliness statistic (MCS), used in its annual report to measure insider trading.
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.