left-caret

PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday July 10, 2024

July 10, 2024

By Paul Hastings Professional

PH FedACTion: Financial Regulatory Updates

Wednesday July 10, 2024

 

Subscribe to PH FedACTion: Financial Regulatory Updates

 

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: The Semiannual Monetary Policy Report to the Congress

July 9, 2024

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, “The Semiannual Monetary Policy Report to the Congress.” The Committee heard testimony from The Honorable Jerome H. Powell, Chair, Board of Governors of the Federal Reserve System.

 

U.S. House of Representatives

Committee on Financial Services

Hearing: The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System

July 9, 2024

The U.S. House Committee on Financial Services held a hearing entitled, “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System.” The Committee heard testimony from The Honorable Janet Yellen, Secretary, Department of the Treasury.

 

Federal Agencies

Federal Reserve Board

Minutes of the Board's discount rate meetings on June 3 and June 12, 2024

July 9, 2024

The Federal Reserve Board released the minutes of the Board’s discount rate meetings held June 3 and June 12, 2024

 

Speech: Promoting an Inclusive Financial System

July 9, 2024

Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, “Promoting an Inclusive Financial System,” at Financial Inclusion Practices and Innovations in Washington, D.C.

 

Speech: Financial Inclusion: Past, Present, and Hopes for the Future

July 9, 2024

Federal Reserve Board Vice Chair for Supervision Michael S. Barr gave a speech entitled, “Financial Inclusion: Past, Present, and Hopes for the Future,” at the Financial Inclusion Practices and Innovations Conference in Washington, D.C.

 

Conference of State Bank Supervisors

Community Banker’s Economic Outlook Hovers Below Neutral

July 9, 2024

The second quarter 2024 CSBS Community Bank Sentiment Index (CBSI), ticked up merely 1 point to 99 compared to last quarter’s survey, remaining slightly below the neutral level of 100.

 

Blog: Community Bankers’ Success Hinges on Managing Growing Uncertainties

July 9, 2024

The Conference of State Bank Supervisors published a blog post entitled, “Community Bankers’ Success Hinges on Managing Growing Uncertainties.”

 

Commodity Futures Trading Commission

Dissenting Statement of Commissioner Summer K. Mersinger Regarding CFTC’s Spring 2024 Regulatory Agenda

July 9, 2024

Commodity Futures Trading Commission Commissioner Summer K. Mersinger issued a dissenting statement regarding the Commission’s Spring 2024 regulatory agenda.

 

Bank Policy Institute

BPI Statement on Basel III Endgame Reproposal

July 9, 2024

The Bank Policy Institute issued a statement on the Basel III endgame reproposal.

 

International

European Banking Authority

The EBA updates the supervisory reporting framework

July 9, 2024

The European Banking Authority published its final draft implementing technical standards (ITS) on supervisory reporting requirements implementing the changes necessary to keep the supervisory reporting framework relevant and meaningful and aligned with the amending CRR 3, which implements the latest Basel III reforms.

 

The EBA releases technical package for its 3.5 reporting framework

July 9, 2024

The European Banking Authority published a technical package for version 3.5 of its reporting framework.

 

Bank of England

Minutes of the London FXJSC Operations Sub-committee Meeting – 28 February 2024

July 9, 2024

The Bank of England released the minutes of the London Foreign Exchange Joint Standing Committee Operations Sub-committee meeting held February 28, 2024.

 

Minutes of the London FXJSC Legal Sub-committee Meeting – 5 March 2024

July 9, 2024

The Bank of England released the minutes of the London Foreign Exchange Joint Standing Committee Legal Sub-Committee meeting held March 5, 2024.

 

Minutes of the London FXJSC Main Committee Meeting - 6 March 2024

July 9, 2024

The Bank of England released the minutes of the London Foreign Exchange Joint Standing Committee meeting held March 6, 2024.

 

Speech: A multi-tool for cross-border payments: the power of Legal Entity Identifiers

July 9, 2024

Bank of England Executive Director Victoria Cleland gave a speech entitled, “A multi-tool for cross-border payments: the power of Legal Entity Identifiers,” at the FSB-GLEIF-ROC Global LEI conference.

 

Speech: Solvency UK – time to build

July 9, 2024

Bank of England Executive Director Gareth Truran gave a speech entitled, “Solvency UK – time to build,” at an Insurance Asset Risk Webinar.

 

Financial Conduct Authority

Quarterly Consultation Paper No. 44

July 9, 2024

The Financial Conduct Authority published Quarterly Consultation Paper No. 44.

 

FCA pay gap data 2024

July 9, 2024

The Financial Conduct Authority released pay gap data for 2024 covering the reporting period April 1, 2023 to March 31, 2024.

 

Pay review 2024: Equality Impact Assessment

July 9, 2024

The Financial Conduct Authority published the “Pay review 2024: Equality Impact Assessment.”

 

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.