Major Developments
U.S. Department of the Treasury
Treasury Publishes 2024 National Risk Assessments for Money Laundering, Terrorist Financing, and Proliferation Financing
February 7, 2024
The U.S. Department of the Treasury published the 2024 National Risk Assessments on Money Laundering, Terrorist Financing, and Proliferation Financing.
Federal Agencies
Federal Reserve Board
Speech: Supporting Entrepreneurship & Small Businesses
February 7, 2024
Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, "Supporting Entrepreneurship & Small Businesses," at the Uneven Outcomes in the Labor Market Conference, in Washington, D.C.
Speech: The Outlook for the Economy and Monetary Policy
February 7, 2024
Federal Reserve Board Governor Adriana D. Kugler gave a speech entitled, "The Outlook for the Economy and Monetary Policy," at the Brookings Institute in Washington, D.C.
Federal Reserve Bank of New York
Blog: Racial and Ethnic Wealth Inequality in the Post-Pandemic Era
February 7, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Racial and Ethnic Wealth Inequality in the Post-Pandemic Era."
Blog: Wealth Inequality by Age in the Post-Pandemic Era
February 7, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Wealth Inequality by Age in the Post-Pandemic Era."
Speech: Balance Sheet Basics, Progress, and Future State
February 7, 2024
Federal Reserve Bank of New York Deputy SOMA Manager Julie Remache gave a speech entitled, "Balance Sheet Basics, Progress, and Future State," at the Fixed Income Analysts Society, Inc. Women in Fixed Income Conference at the Federal Reserve Bank of New York in New York City.
Federal Deposit Insurance Corporation
Working Paper: Explaining the Life Cycle of Bank-Sponsored Money Market Funds: An Application of the Regulatory Dialectic
February 7, 2024
The Federal Deposit Insurance Corporation published a working paper entitled, "Working Paper: Explaining the Life Cycle of Bank-Sponsored Money Market Funds: An Application of the Regulatory Dialectic."
Financial Crimes Enforcement Network
FinCEN Proposes Rule to Combat Money Laundering and Promote Transparency in Residential Real Estate
February 7, 2024
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking to combat and deter money laundering in the U.S. residential real estate sector by increasing transparency.
Fannie Mae
Mortgage Rate Optimism Hits Survey High
February 7, 2024
The Fannie Mae Home Purchase Sentiment Index® (HPSI) increased 3.5 points in January to 70.7, its highest level since March 2022, due primarily to increased consumer confidence in job security and another significant jump in the share of consumers expecting mortgage rates to decrease.
The Low-Income Housing Tax Credit Program: A Comprehensive Review
February 7, 2024
Fannie Mae published a research publication entitled, "The Low-Income Housing Tax Credit Program: A Comprehensive Review."
Bank Policy Institute
Report: How the Federal Reserve Got So Huge, and Why and How It Can Shrink
February 7, 2024
The Bank Policy Institute published a report entitled, "How the Federal Reserve Got So Huge, and Why and How It Can Shrink."
International
Bank of England
Speech: Engineering revisited
February 7, 2024
Bank of England Deputy Governor Sarah Breeden gave a speech entitled, "Engineering revisited," at the UK Women in Economics Annual Networking Event.
Financial Conduct Authority
Credit reporting: Interim Working Group Update
February 7, 2024
The Financial Conduct Authority released an update on the Interim Working Group's recommendations on the new Credit Reporting Governance Body.
Cryptoasset AML / CTF regime: feedback on good and poor quality applications
February 7, 2024
The Financial Conduct Authority published feedback on good and poor quality applications made to under money laundering regulations.
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.
