Major Developments
Federal Reserve Board
Speech: The Next Steps on Capital
September 10, 2024
Federal Reserve Board Vice Chair for Supervision Michael S Barr delivered a speech at the Brookings Institution on re-proposal of regulations to implement the Basel III Endgame.
Congress
U.S. House of Representatives
Committee on Financial Services
Hearing Addresses the Future of Decentralized Finance
September 10, 2024
The House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion held a hearing entitled “Decoding DeFi: Breaking Down the Future of Decentralized Finance.”
Federal Agencies
Federal Reserve Board
Speech: The Future of Stress Testing and the Stress Capital Buffer Framework
September 10, 2024
Federal Reserve Board Governor Michelle W. Bowman delivered a speech at the Executive Council of the Banking Law Section of the Federal Bar Association.
Securities and Exchange Commission
Speech: “Pro Bono Publico” Prepared Remarks before the Peterson Institute for International Economics
September 10, 2024
Securities and Exchange Commission Chair Gary Gensler spoke at the Peterson Institute for International Economics.
Securities and Exchange Commission
Speech: “Pro Bono Publico” Prepared Remarks before the Peterson Institute for International Economics
September 10, 2024
Securities and Exchange Commission Chair Gary Gensler spoke at the Peterson Institute for International Economics.
U.S. Small Business Administration
SBA Administrator Guzman Opens Application Window for Lenders Filling Gaps in Credit Markets
September 10, 2024
SBA Administrator Isabel Casillas Guzman opened applications for non-traditional lenders to secure an SBA Small Business Lending Company (SBLC) license. The agency is seeking applicants positioned to fill gaps in small business lending, including small-dollar lending, loans to underserved populations, and green lending.
Bank Policy Institute
4 Key Considerations on ‘Evolving Bank Supervision’
The Bank Policy Institute issued a blog post identifying four aspects of Acting Comptroller Michael Hsu’s September 3 speech describing the OCC’s evolving views on bank supervision that warrant scrutiny and further discussion.
Synthetic Risk Transfer Issue Summary
September 10, 2024
The Bank Policy Institute released an article discussing the growth in banks’ use of synthetic risk transfers (SRTs), sometimes also referred to as credit risk transfers (CRTs), to transfer default risk on credit assets to third parties. The article explains how SRTs work, why banks are incentivized to use them and the factors that mitigate concerns raised about their use.
International
European Banking Authority
ESAs warn of risks from economic and geopolitical events
September 10, 2024
The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) issued their Autumn 2024 Joint Committee Report on risks and vulnerabilities in the EU financial system. The Report underlines ongoing high economic and geopolitical uncertainties. The ESAs warn national supervisors of the financial stability risks stemming from these uncertainties and call for continued vigilance from all financial market participants. For the first time, the Report also includes a cross-sectoral deep dive into credit risks in the financial sector.
Bank of England
Speech: Financial stability at your service
September 10, 2024
Deputy Governor Sarah Breeden made remarks at the Wharton-IMF Transatlantic Dialogue on the Bank of England’s work on financial stability.
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.
