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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday July 9, 2024

July 09, 2024

By Paul Hastings Professional

PH FedACTion: Financial Regulatory Updates

Tuesday July 9, 2024

 

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Major Developments

Financial Crimes Enforcement Network

FinCEN Updates Frequently Asked Questions on Beneficial Ownership Information

July 8, 2024

The Financial Crimes Enforcement Network (FinCEN) has updated its Beneficial Ownership Information Frequently Asked Questions to include responses to questions about entities that have ceased to exist.

 

Federal Agencies

U.S. Department of the Treasury

Treasury Issues Proposed Rule to Expand CFIUS Coverage of Real Estate Transactions Near Military Installations

July 8, 2024

The U.S. Department of the Treasury, as Chair of the Committee on Foreign Investment in the United States, issued a Notice of Proposed Rulemaking that would expand CFIUS’s jurisdiction over certain transactions by foreign persons involving real estate in the United States.

 

Virtual Remarks by Secretary Yellen at the Pacific Banking Forum

July 7, 2024

Secretary of the Treasury Janet L. Yellen gave virtual remarks at the Pacific Banking Forum.

 

Remarks by Under Secretary Nelson at the Pacific Banking Forum

July 8, 2024

Under Secretary for Terrorism and Financial Intelligence Brian Nelson gave remarks at the Pacific Banking Forum.

 

Federal Reserve Board

G.19 Consumer Credit Data – May 2024

July 8, 2024

The Federal Reserve Board released the G.19 consumer credit data for May 2024.

 

Federal Reserve Bank of New York

Consumers Expect Lower Inflation and Slower Home Price Growth Over the Next Year

July 8, 2024

The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the June 2024 Survey of Consumer Expectations, which shows that inflation expectations declined at the short- and longer-term horizons, but increased slightly at the medium-term horizon. 

 

Securities and Exchange Commission

Statement on the Spring 2024 Regulatory Agenda

July 8, 2024

Securities and Exchange Commission Chair Gary Gensler issued a statement on the Spring 2024 Unified Agenda of Regulatory and Deregulatory Actions.

 

Financial Crimes Enforcement Network

FinCEN Updates Frequently Asked Questions on Beneficial Ownership Information

July 8, 2024

The Financial Crimes Enforcement Network (FinCEN) has updated its Beneficial Ownership Information Frequently Asked Questions to include responses to questions about entities that have ceased to exist.

 

Fannie Mae

Housing Sentiment Rebounds, Returns to Likely Plateau

July 8, 2024

The Fannie Mae Home Purchase Sentiment Index increased 3.2 points in June to 72.6, rebounding from last month’s dip and returning the index nearer the plateau it set earlier this year.

 

U.S. Department of Labor

BLS Releases June 2024 Jobs Report

July 8, 2024

The Bureau of Labor Statistics released the Employment Situation Report for June 2024.

 

Bank Policy Institute

Blog: Empty Promises: Revisiting the Reasons to Fix the Supplementary Leverage Ratio

July 8, 2024

The Bank Policy Institute published a blog post entitled, “Empty Promises: Revisiting the Reasons to Fix the Supplementary Leverage Ratio.”

 

International

European Banking Authority

The EBA consults on criteria to assess the materiality of Credit Valuation Adjustment risk exposures arising from securities financing transactions

July 8, 2024

The European Banking Authority launched a consultation on draft Regulatory Technical Standards (RTS) to specify the conditions and the criteria to assess whether the credit valuation adjustment (CVA) risk exposures arising from fair-valued securities financing transactions are material, as well as the frequency of that assessment.

 

EBA identifies key supervisory areas as part of the European Supervisory Examination Programme for 2025

July 8, 2024

The European Banking Authority published the European Supervisory Examination Programme (ESEP) for 2025, which identifies key topics for heightened supervisory attention across the European Union.

 

EBA notes EU-wide consistent implementation of 2023 priorities in supervisory work programmes but highlights need for further consistency in the identification and treatment of risks covered by Pillar 2 requirements

July 8, 2024

The European Banking Authority published its annual Report on convergence of supervisory practices for 2023.

 

Bank of England

The Bank’s data and analytics strategy: a three-year roadmap

July 8, 2024

The Bank of England’s Independent Evaluation Office published “The Bank’s data and analytics strategy: a three-year roadmap.”

 

Speech: UK inflation: What's done and what's to come

July 8, 2024

The Bank of England’s Monetary Policy Committee Member Jonathan Haskel gave a speech entitled, “UK inflation: What's done and what's to come,” at King’s College London with the Economic Statistics Centre of Excellence.

 

Speech: A data revolution: Built together, for everyone

July 8, 2024

Bank of England Executive Director James Benford gave a speech entitled, “A data revolution: Built together, for everyone,” at the Financial Conduct Authority Data Innovation for Future of Regulation conference.

 

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.