Federal Agencies
Federal Reserve Bank of New York
Paper: Economic Sanctions and the Law of Central Bank Immunity in the United States
September 5, 2023
The Federal Reserve Bank of New York General Counsel Richard Ostrander authored a paper prepared for a panel discussion on Central Bank Immunities and International Sanctions at the ECB Legal Conference 2023 in Frankfurt am Main, Germany entitled, "Economic Sanctions and the Law of Central Bank Immunity in the United States."
Consumer Financial Protection Bureau
Blog: As payments on federal student loans resume, federal student loan borrowers may be eligible for cancellation or lower payments
September 5, 2023
The Consumer Financial Protection Bureau published a blog post entitled, "As payments on federal student loans resume, federal student loan borrowers may be eligible for cancellation or lower payments."
Bank Policy Institute
New BPI Ad Campaign Encourages Americans to Demand Accountability from Regulators for Higher Loan Prices
September 5, 2023
The Bank Policy Institute launched a major advertising campaign today called "Stop Basel Endgame" warning about the costly consequences that higher capital requirements would have on small businesses and working families.
International
Bank of England
UK International Reserves - August 2023
September 5, 2023
The Bank of England released the UK international reserves for August 2023.
UK Financial Conduct Authority
FCA launches review of treatment of Politically Exposed Persons
September 5, 2023
The Financial Conduct Authority set out issues it will consider as part of a review of the treatment of domestic Politically Exposed Persons (PEPs) by financial services firms.
Consultation Paper: Future Regulatory Framework - The Insurance Distribution Directive
September 5, 2023
The Financial Conduct Authority published a consultation paper entitled, "Future Regulatory Framework - The Insurance Distribution Directive."
Administration Changes
Vacancies
Board of Governors of the Federal Reserve System
- Vice Chair – Vacant (Vice Chair Leal Brainard resigned effective on or around February 20, 2023)
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 (nominated May 12, 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 May 23, 2022)
- Governor Adriana Kugler (nominated May 12, 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.
