PH FedACTion: Financial Regulatory Updates
Monday, July 29, 2024
Federal Agencies
Financial Crimes Enforcement Network
FinCEN Issues Notice to Financial Institution Customers on Beneficial Ownership Information Requirements
July 26, 2024
The Financial Crimes Enforcement Network (FinCEN) issued a notice to customers of financial institutions about reporting beneficial ownership information.
International
European Commission
Europeans see democracy and economic power as key strengths of the EU, Eurobarometer shows
July 26, 2024
A new Eurobarometer survey published today shows that Europeans identify respect for democracy, human rights, and the rule of law (38%) and economic, industrial, and trading power (34%) as the main strengths of the EU, followed by the good relationships and solidarity between the EU Member States (28%).
Commission welcomes text of global E-Commerce Agreement negotiated at the WTO
July 26, 2024
The European Commission welcomes the publication of the text of an E-commerce Agreement negotiated in the World Trade Organization.
European Banking Authority
ESAs published joint final Report on the draft technical standards on subcontracting under DORA
July 26, 2024
The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published their joint Final report on the draft Regulatory Technical Standards specifying how to determine and assess the conditions for subcontracting information and communication technology services that support critical or important functions under the Digital Operational Resilience Act.
Bank of England
Working Paper: Fire sales of safe assets
July 26, 2024
The Bank of England published a staff working paper entitled, “Fire sales of safe assets.”
Working Paper: Whose asset sales matter?
July 26, 2024
The Bank of England published a staff working paper entitled, “Whose asset sales matter?”
Working Paper: Firms’ sales expectations and marginal propensity to invest
July 26, 2024
The Bank of England published a staff working paper entitled, “Firms’ sales expectations and marginal propensity to invest.”
Working Paper: Housing-consumption channel of mortgage demand
July 26, 2024
The Bank of England published a staff working paper entitled, “Housing-consumption channel of mortgage demand.”
Bank of England Prudential Regulation Authority
PRA Publishes Statements and Letter on Funded Reinsurance
July 26, 2024
The Prudential Regulation Authority (PRA) published a supervisory statement, policy statement, and Dear CEO letter on funded reinsurance.
Financial Conduct Authority
FCA sets out rules and proposals to build up UK wholesale markets
July 26, 2024
The Financial Conduct Authority (FCA) has set out a package of measures designed to help strengthen the UK’s capital markets and position as a global and vibrant financial center.
Policy Statement: Payment optionality for investment research
July 26, 2024
The FCA published a policy statement setting out final rules for a new option to pay for investment research.
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.
