Federal Agencies
Federal Reserve Board
Minutes of the Board's discount rate meetings from November 13 through December 13, 2023
January 9, 2024
The Federal Reserve Board released the minutes from the recent meetings that occurred on November 13 through December 13, 2023 to review and determine the discount rates provided to depository institutions through the discount window.
Speech: New Year's Resolutions for Bank Regulatory Policymakers
January 8, 2024
Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, "New Year's Resolutions for Bank Regulatory Policymakers," at the South Carolina Bankers Association 2024 Community Bankers Conference in Columbia, South Carolina.
Conference of State Bank Supervisors
Community Bankers' Outlook Still Negative Despite Slight Uptick
January 9, 2024
The Conference of State Bank Supervisors released the latest Community Bank Sentiment Index showing that while community bankers continue to hold a negative view of future economic conditions, their outlook is becoming less pessimistic.
Office of the Comptroller of the Currency
Civil Money Penalties: Notice Adjusting Maximum Civil Money Penalties for 2024
January 9, 2024
The Office of the Comptroller of the Currency published a notice to adjust the maximum amount of each civil money penalty within its jurisdiction pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.
Commodity Futures Trading Commission
Statement of Commissioner Goldsmith Romero on CFTC's Digital Assets and Blockchain Technology Subcommittee Release of Decentralized Finance Report
January 8, 2024
Commodity Futures Trading Commission Commissioner issued a statement on the Committee's Digital Assets and Blockchain Technology Subcommittee of the Technology Advisory Committee report entitled, "Decentralized Finance."
Financial Crimes Enforcement Network
FinCEN Issues Analysis of Identity-Related Suspicious Activity
January 9, 2024
The Financial Crimes Enforcement Network issued a Financial Trend Analysis (FTA) on information linked to identity-related suspicious activity in Bank Secrecy Act (BSA) reports filed in calendar year 2021.
FINRA
FINRA Publishes 2024 Regulatory Oversight Report
January 9, 2024
FINRA published its 2024 FINRA Annual Regulatory Oversight Report, formerly known as the Report on FINRA's Examination and Risk Monitoring Program.
Investor Insights: 5 Steps to Take Control of Your Finances
January 9, 2024
FINRA issued an Investor Insights alert entitled, "5 Steps to Take Control of Your Finances."
Bank Policy Institute
Blog: A Better Way to Assess the Economic Impact of the Basel Proposal
January 9, 2024
The Bank Policy Institute published a blog post entitled, "A Better Way to Assess the Economic Impact of the Basel Proposal."
BPI and TCH Respond to CFPB Proposal to Define Larger Participants for Consumer Payment Apps
January 8, 2024
The Clearing House Association, L.L.C. and the Bank Policy Institute responded to the Consumer Financial Protection Bureau's proposed rulemaking on "Defining Larger Participants of a Market for General-Use Consumer Payment Applications."
International
European Banking Authority
The EBA finds Italian waiver for covered bonds justified
January 9, 2024
The European Banking Authority published an Opinion addressed to the Bank of Italy following the Competent Authority's notification of its decision to introduce a partial waiver of Article 129 (1)(c) of the Capital Requirements Regulation (CRR), which specifies the conditions for the eligibility of covered bonds in relation to risk weight preferential treatments.
The EBA updates technical standards on supervisory colleges
January 9, 2024
The European Banking Authority published final draft Regulatory Technical Standards and final draft Implementing Technical Standards on the functioning of supervisory colleges under the Capital Requirements Directive.
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)
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.
