PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday December 5
December 05, 2024
By Paul Hastings Professional
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Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: Innovation Revolution: How Technology is Shaping the Future of Finance
December 4, 2024
The U.S. House Committee on Financial Services held a hearing entitled “Innovation Revolution: How Technology is Shaping the Future of Finance.”
Federal Agencies
U.S. Department of the Treasury
U.S. Department of the Treasury Releases Final Rules on Investment Tax Credit to Produce Clean Power, Strengthen Clean Energy Economy
December 4, 2024
The U.S. Department of the Treasury and the IRS released final rules for the Section 48 Energy Credit–also known as the Investment Tax Credit, that will give clean energy project developers clarity and certainty to undertake major investments to produce more clean power and further strengthen America’s clean energy economy.
Treasury Exposes Money Laundering Network Using Digital Assets to Evade Sanctions
December 4, 2024
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning five individuals and four entities that are associated with or leverage the TGR Group, an international network of businesses and employees that have facilitated significant sanctions circumvention on behalf of Russian elites.
Federal Reserve Board
Consumer Financial Protection Bureau
Federal Deposit Insurance Corporation
Financial Crimes Enforcement Network
National Credit Union Administration
Office of the Comptroller of the Currency
State Financial Regulators
Agencies issue statement on elder financial exploitation
December 4, 2024
The Federal Reserve Board, Consumer Financial Protection Bureau, Financial Crimes Enforcement Network, National Credit Union Administration, Office of the Comptroller of the Currency, and state financial regulators issued a statement to provide supervised institutions with examples of risk management and other practices that may be effective in combatting elder financial exploitation.
Federal Reserve Board
Beige Book – November 2024
December 4, 2024
The Federal Reserve Board published the Beige Book for November 2024.
Federal Reserve Bank of New York
Ideas in Focus at the 2024 U.S. Treasury Market Conference
December 4, 2024
The Federal Reserve Bank of New York published a The Teller Window article entitled “Ideas in Focus at the 2024 U.S. Treasury Market Conference.”
Blog: Using Stock Returns to Assess the Aggregate Effect of the U.S.‑China Trade War
December 4, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “Using Stock Returns to Assess the Aggregate Effect of the U.S.‑China Trade War.”
Commodity Futures Trading Commission
CFTC Releases FY 2024 Enforcement Results
December 4, 2024
The Commodity Futures Trading Commission today announced record monetary relief of over $17.1 billion for fiscal year 2024.
Freddie Mac
Freddie Mac Study Finds Cost Barriers May Prevent Usage of Housing Choice Vouchers
December 4, 2024
Freddie Mac Multifamily published the results of an analysis that examined challenges facing low-income renters as they seek to use Housing Choice Vouchers.
International
European Banking Authority
EBA proposes criteria to appoint a central contact point for crypto-asset service providers to strengthen the fight against money-laundering and terrorism financing in host Member States
December 4, 2024
The European Banking Authority (EBA) launched a public consultation on draft Regulatory Technical Standards (RTS) specifying the criteria according to which crypto-asset service providers (CASPs) should appoint a central contact point to ensure compliance with local anti-money laundering and countering the financing of terrorism obligations of the host Member State. This consultation runs until 4 February 2025.
Bank of England Prudential Regulation Authority
Deep, liquid, and transparent (DLT) assessment for January 2025 implementation
December 4, 2024
The Prudential Regulation Authority (PRA) carried out the deep, liquid and transparent assessment for January 2025 in accordance with its statement of policy, “The PRA’s approach to the publication of Solvency II technical information.”
Administration Changes
Vacancies
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Scott Bessent (nominated November 2024); 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 (resigning effective January 19, 2025)
- 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 – Paul Atkins (nominated December 2024); Gary Gensler (resigning January 20, 2025)
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 – Kelly Loeffler (nominated December 2024); Isabella Casillas Guzman (effective March 16, 2021)
U.S. Department of Housing and Urban Development – Scott Turner (nominated November 2024); Marcia Fudge (resigned March 11, 2024, effective March 22, 2024)
Federal Housing Finance Agency – Sandra L. Thompson (effective June 22, 2022)
U.S. Department of Education – Linda McMahon (nominated November 2024); 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