PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday October 23
October 23, 2024
By Paul Hastings Professional
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Major Developments
Consumer Financial Protection Bureau
CFPB Finalizes Personal Financial Data Rights Rule to Boost Competition, Protect Privacy, and Give Families More Choice in Financial Services
October 22, 2024
The Consumer Financial Protection Bureau finalized the Section 1033 Open Banking rule that requires financial institutions, credit card issuers, and other financial providers to unlock an individual’s personal financial data and transfer it to another provider at the consumer’s request for free.
- Final Rule
- Press Release
- Director Chopra Remarks
- House Financial Services Committee Chair McHenry Statement
- BPI Statement
Federal Agencies
U.S. Department of the Treasury
Remarks by Secretary Yellen at Press Conference Ahead of the 2024 Annual Meetings of the International Monetary Fund and World Bank
October 22, 2024
Secretary of the Treasury Janet L. Yellen gave remarks at a press conference ahead of the 2024 Annual Meetings of the International Monetary Fund and World Bank.
Remarks by Secretary Yellen During the 2024 Annual Meetings of the International Monetary Fund and World Bank
October 22, 2024
Secretary of the Treasury Janet L. Yellen gave remarks on multilateral development bank evolution during the 2024 Annual Meetings of the International Monetary Fund and World Bank.
Remarks by Secretary Yellen at the Institute of International Finance Annual Membership Meeting
October 22, 2024
Secretary of the Treasury Janet L. Yellen gave remarks at the Institute of International Finance Annual Membership Meeting.
Office of the Comptroller of the Currency
OCC Guidelines Establishing Standards for Recovery Planning by Certain Large Insured National Banks, Insured Federal Savings Associations, and Insured Federal Branches: Final Guidelines
October 22, 2024
The Office of the Comptroller of the Currency is revising its guidelines establishing standards for recovery planning by certain large insured national banks, federal savings associations, and federal branches at 12 CFR 30, appendix E.
Securities and Exchange Commission
Investor Alert: Natural Disasters and Investment Scams
October 22, 2024
The Securities and Exchange Commission’s Office of Investor Education and Advocacy issued an investor alert entitled “Natural Disasters and Investment Scams.”
Speech: A Feature, Not a Bug: The Important Role of Capital Markets in the U.S.
October 22, 2024
Securities and Exchange Commission Chair Gary Gensler gave remarks entitled “A Feature, Not a Bug: The Important Role of Capital Markets in the U.S.” before the Bloomberg Global Regulatory Forum.
Freddie Mac
Economic, Housing and Mortgage Market Outlook – October 2024 | Spotlight: First-Time Homebuyers
October 22, 2024
Freddie Mac released the Economic, Housing and Mortgage Market Outlook for October 2024, with a spotlight on first-time homebuyers.
State Agencies
California Department of Financial Protection and Innovation
DFPI Announces New Rules to Expand Protections for California Consumers
October 22, 2024
The California Department of Financial Protection and Innovation announced new rules related to the implementation of the California Consumer Financial Protection Law (CCFPL). These rules now require providers of the following financial products and services to register and submit data to the Department:
i) Debt Settlement Services
ii) Student Debt Relief Services
iii) Private Postsecondary Education Financing
iv) Income-Based Advances (also known as “earned wage access”)
International
European Banking Authority
The EBA clarifies the procedure for the classification of asset referenced tokens and e-money tokens as significant and the transfer of supervisory powers between the EBA and competent authorities
October 22, 2024
The European Banking Authority published a Decision setting out the procedural aspects related to the significance assessment of asset-referenced tokens and e-money tokens and the transfer of supervisory responsibilities, including the establishment of supervisory colleges for significant ARTs and significant EMTs.
Bank of England
Speech: Today’s challenges in Financial Stability: the new and the not so new
October 22, 2024
Bank of England Governor Andrew Baily gave a speech entitled “Today’s challenges in Financial Stability: the new and the not so new,” at the Bloomberg Regulatory Forum.
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.