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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday May 24, 2024

May 24, 2024

By Paul Hastings Professional

PH FedACTion: Financial Regulatory Updates

Friday, May 24, 2024

 

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Congress

U.S. House of Representatives

Committee on Financial Services

House Passes CBDC Anti-Surveillance State Act

May 23, 2024

The U.S. House of Representatives passed H.R. 5403, the CBDC Anti-Surveillance State Act, prohibiting the issuance of a U.S. Central Bank Digital Currency.

 

McHenry Demands Gruenberg Testify at Hearing on FDIC Toxic Workplace Culture

May 23, 2024

U.S. House Financial Services Committee Chairman Patrick McHenry (NC-10), sent letters to Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg, as well as Acting Comptroller of the Currency Michael Hsu and FDIC Director Johnathan McKernan in their capacity as Co-Chairs of the Special Committee of the FDIC.

 

Federal Agencies

U.S. Department of the Treasury

Remarks by Secretary Yellen at Press Conference Ahead of the G7 Finance Ministers and Central Bank Governors Meetings

May 23, 2024

Secretary of the Treasury Janet L. Yellen gave remarks at a press conference ahead of the G7 Finance Ministers and Central Bank Governors meetings.

 

Federal Reserve Bank of Boston

Paper: Buy Now, Pay Later: Who Uses It and Why

May 23, 2024

The Federal Reserve Bank of Boston published a Current Policy Perspectives paper entitled, “Buy Now, Pay Later: Who Uses It and Why.”

 

Conference of State Bank Supervisors

Blog: Networked Supervision “Makes Us All Better”

May 23, 2024

The Conference of State Bank Supervisors published a blog post entitled, “Networked Supervision ‘Makes Us All Better.’”

 

Securities and Exchange Commission

Statement on the Application of IFRS 19, Subsidiaries without Public Accountability: Disclosures, in Filings with the SEC

May 23, 2024

Securities and Exchange Commission Director Eric Gerding and Chief Accountant Paul Munter issued a statement entitled, “Statement on the Application of IFRS 19, Subsidiaries without Public Accountability: Disclosures, in Filings with the SEC.”

 

Commodity Futures Trading Commission

CFTC Staff Announces Updated Part 43 Block and Cap Sizes and Further Extends No-Action Letter Regarding the Block and Cap Implementation Timeline

May 23, 2024

The Commodity Futures Trading Commission’s Division of Data published updated post-initial appropriate minimum block sizes and post-initial cap sizes as determined under CFTC regulations.

 

Statement of Commissioner Caroline D. Pham at the 2024 CFTC Chairman’s Honorary Awards Ceremony

May 23, 2024

Commodity Futures Trading Commission Commissioner Caroline D. Pham issued a statement at the 2024 CFTC Chairman’s Honorary Awards Ceremony.

 

Remarks: “Trends in the CFTC’s Recent Crypto Enforcement Actions”

May 23, 2024

Commodity Futures Trading Commission Enforcement Director Ian McGinley gave remarks entitled, “Trends in the CFTC’s Recent Crypto Enforcement Actions,” at the City Bar White Collar Institute.

 

Consumer Financial Protection Bureau

Blog: The CFPB is protecting the military community and providing relief

May 23, 2024

The Consumer Financial Protection Bureau published a blog post entitled, “The CFPB is protecting the military community and providing relief.”

 

Federal Housing Finance Agency

Advisory Bulletin: Climate-Related Risk Management

May 23, 2024

The Federal Housing Finance Agency published an advisory bulletin entitled, “Climate-Related Risk Management.”

 

International

Bank of England

Policy Statement: The Bank of England's approach to statutory notice decisions for use of its requirements powers - May 2024

May 23, 2024

The Bank of England published a policy statement entitled, “The Bank of England's approach to statutory notice decisions for use of its requirements powers - May 2024.”

 

Market Notice: Updates to eligibility of residential mortgage collateral in the Sterling Monetary Framework to reflect the Domestic Minimum Energy Efficiency Standard (MEES) Regulations

May 23, 2024

The Bank of England issued a market notice entitled, “Updates to eligibility of residential mortgage collateral in the Sterling Monetary Framework to reflect the Domestic Minimum Energy Efficiency Standard (MEES) Regulations.”

 

Speech: A rich vein or fool’s gold? Economic forecasts during large shocks

May 23, 2024

Monetary Policy Committee Member Swati Dhingra gave a speech entitled, “A rich vein or fool’s gold? Economic forecasts during large shocks,” at ECONDAT.

 

Bank of England Prudential Regulation Authority

The PRA’s approach to the authorization and supervision of insurance branches

May 23, 2024

The Prudential Regulation Authority published a policy statement and statement of policy both entitled, “The PRA’s approach to the authorization and supervision of insurance branches.”

 

Financial Conduct Authority

Speech: Our ambitious agenda for UK asset management

May 23, 2024

Financial Conduct Authority Chair Ashley Alder gave a speech entitled, “Our ambitious agenda for UK asset management.”

 

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.