Major Developments
Congress
U.S. House of Representatives
Committee on Financial Services
Chairman McHenry Reintroduces Legislation to Foster Greater Innovation in Financial Services
February 27, 2024
U.S. House Committee on Financial Services Chair Patrick McHenry (NC-10) reintroduced the Financial Services Innovation Act. This legislation establishes federal regulatory "sandboxes" through Financial Services Innovation Offices (FSIOs) at federal financial regulators, allowing entrepreneurs to test new products and services without sacrificing critical consumer protections.
Federal Agencies
U.S. Department of the Treasury
Remarks by Secretary Yellen at Press Conference Ahead of G20 Finance Ministers and Central Bank Governors Meetings
February 27, 2024
Secretary of the Treasury Janet L. Yellen gave remarks at a press conference ahead of the G20 Finance Ministers and Central Bank Governors meetings in São Paulo, Brazil.
Remarks by Secretary Yellen Ahead of Bilateral Meeting with Commissioner Muchanga of the African Union Commission
February 27, 2024
Secretary of the Treasury Janet L. Yellen gave remarks ahead of a bilateral meeting with Commissioner for Economic Development, Tourism, Trade, Industry, Mining, Albert M. Muchanga of the African Union Commission.
Remarks by Secretary Yellen at an American Chamber of Commerce Event in São Paulo, Brazil
February 27, 2024
Secretary of the Treasury Janet L. Yellen gave remarks at an American Chamber of Commerce event in São Paulo, Brazil.
Regional Banking Roundtable on Countering Russian Sanctions Evasion
February 27, 2024
Acting Assistant Secretary of the Treasury for Terrorist Financing Anna Morris chaired a roundtable with U.S. regional financial institutions who may have higher exposure to financing and payments for U.S. exports of sensitive goods.
U.S. Department of the Treasury Hosts Roundtable with Consumer and Climate Groups on Climate-Related Risks and U.S. Insurance Markets
February 26, 2024
The U.S. Department of the Treasury hosted a roundtable discussion with experts and representatives from climate and consumer groups to discuss how the increased risks from climate change are affecting U.S. insurance markets.
Federal Reserve Board
Minutes of the Board's discount rate meetings on January 22 and January 31, 2024
February 27, 2024
The Federal Reserve Board released the minutes from its recent meetings on January 22 and January 31, 2024 to review and determine the discount rates provided to depository institutions through the discount window.
Speech: Reflections on the Economy and Bank Regulation
February 27, 2024
Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, "Reflections on the Economy and Bank Regulation," at the Florida Bankers Association Leadership Luncheon, Miami, Florida.
Speech: The Importance of Counterparty Credit Risk Management
February 27, 2024
Federal Reserve Board Vice Chair for Supervision Michael S. Barr gave a speech entitled, "The Importance of Counterparty Credit Risk Management," at the Basel Committee on Banking Supervision-Federal Reserve Counterparty Credit Risk Conference, New York, New York.
Securities and Exchange Commission
SEC Holds Small Business Capital Formation Advisory Committee Meeting
February 27, 2024
The Securities and Exchange Commission's Small Business Capital Formation Advisory Committee held a meeting on February 27, 2024. Chair Gary Gensler, Commissioners Hester M. Peirce, Mark T. Uyeda, and Jaime Lizárraga gave remarks.
Federal Housing Finance Agency
U.S. House Prices Rise 6.5 Percent over the Last Year; Up 1.5 Percent from the Third Quarter
February 27, 2024
U.S. house prices rose 6.5 percent between the fourth quarter of 2022 and the fourth quarter of 2023, according to the Federal Housing Finance Agency House Price Index report for Q4 2023.
Blog: Fannie Mae and Freddie Mac Support for Manufactured Housing
February 27, 2024
The Federal Housing Finance Agency published a blog post entitled, "Fannie Mae and Freddie Mac Support for Manufactured Housing."
International
Bank of England
Capital Issuance - January 2024
February 27, 2024
The Bank of England released the capital issuance statistics for January 2024.
Speech: Bond trading, innovation and evolution: a Bank of England Perspective
February 27, 2024
Bank of England Deputy Governor Dave Ramsden gave a speech entitled, "Bond trading, innovation and evolution: a Bank of England Perspective," at Glaziers Hall, AFME Bond Trading, Innovation and Evolution Forum.
Financial Conduct Authority
FCA to improve pace and transparency around enforcement cases
February 27, 2024
The Financial Conduct Authority has committed to carrying out enforcement cases more quickly as the organisation seeks to increase the deterrent impact of its enforcement actions. As part of the new approach the FCA has begun a consultation on plans to be more transparent when an enforcement investigation is opened.
Speech: Evolving our enforcement approach to protect and grow our markets
February 27, 2024
Financial Conduct Authority Joint Executive Director of Enforcement and Market Oversight Therese Chambers gave a speech entitled, "Evolving our enforcement approach to protect and grow our markets," at The Market Abuse and Market Manipulation Summit.
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.
