Major Developments
US Senate
U.S. House of Representatives
Bipartisan, Bicameral Congressional Review Act resolution addressing Securities and Exchange Commission Staff Accounting Bulletin 121 Introduced
A resolution invoking the Congressional Review Act was introduced to overturn Securities and Exchange Commission's Staff Accounting Bulletin (SAB) 121 requiring publicly traded companies to recognize a liability anda corresponding offset on balance sheets for custodied digital assets.
CRA Resolution
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Examining Scams and Fraud in the Banking System and Their Impact on Consumers
February 1, 2024
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Examining Scams and Fraud in the Banking System and Their Impact on Consumers."
Federal Agencies
U.S. Department of the Treasury
Publication of Price Cap Coalition Alert
February 1, 2024
The U.S. Department of the Treasury's Office of Foreign Assets Control published the Price Cap Coalition Compliance and Enforcement Alert.
Federal Reserve Bank of New York
New York Fed to Release Q4 2023 Household Debt and Credit Report on February 6, 2024
February 1, 2024
The Federal Reserve Bank of New York will release its Q4 2023 Household Debt and Credit Report on Tuesday, February 6 at 11:00 AM.
Federal Financial Institutions Examination Council
FinCEN Issues Alert on Israeli Extremist Settler Violence Against Palestinians in the West Bank
February 1, 2024
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued an alert related to the financing of Israeli extremist settler violence against Palestinians in the West Bank.
National Credit Union Administration
NCUA Releases Addendum to Other Supervisory Committee Audit Guide
February 1, 2024
The National Credit Union Administration released an addendum to its Other Supervisory Committee Audit, Minimum Procedures Guide.
Federal Housing Finance Agency
FHFA Releases Latest Report on Non-Performing Loan Sales
February 1, 2024
The Federal Housing Finance Agency released the latest report on the sale of non-performing loans by Fannie Mae and Freddie Mac.
Ginnie Mae
The Global Markets Analysis Report – January 2024
February 1, 2024
Ginnie Mae published the Global Markets Analysis Report for January 2024.
Bank Policy Institute
Blog: Distributed Ledger Technology: A Case Study of The Regulatory Approach to Banks' Use of New Technology
February 1, 2024
The Bank Policy Institute published a blog post entitled, "Distributed Ledger Technology: A Case Study of The Regulatory Approach to Banks' Use of New Technology."
International
European Commission
First time ever revision of the EU long-term budget will help address the EU's main challenges
February 1, 2024
The European Commission welcomes the historic agreement of the European Council to the first revision of the Multiannual Financial Framework's ceilings.
European Banking Authority
ESAs recommend steps to enhance the monitoring of BigTechs' financial services activities
February 1, 2024
The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published a Report setting out the results of a stocktake of BigTech direct financial services provision in the EU.
The EBA consults on draft technical standards on residual risk add-on hedges under the Fundamental Review of the Trading Book
February 1, 2024
The European Banking Authority launched a public consultation on its draft Regulatory Technical Standards (RTS) on the conditions for determining whether an instrument attracting residual risk acts as a hedge.
Bank of England
Monetary Policy Report - February 2024
February 1, 2024
The Monetary Policy Committee released the Monetary Policy Report for February 2024 following a meeting held February 1, 2024.
Monthly Decision Maker Panel data - January 2024
February 1, 2024
The Bank of England released the data from the Decision Maker Panel survey for January 2024.
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.
