Major Developments
Federal and State Regulators Release Updates to the BSA/AML Examination Manual
August 2, 2023
The Federal Financial Institutions Examination Council, on behalf of its members, released updates to six sections of the Bank Secrecy Act/Anti-Money Laundering Examination Manual.
Federal Agencies
U.S. Department of the Treasury
Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee
August 2, 2023
The Treasury Borrowing Advisory Committee held a meeting on August 1, 2023, and issued a report to the Secretary of the Treasury Janet L. Yellen.
Quarterly Refunding Statement of Assistant Secretary for Financial Markets Josh Frost
August 2, 2023
The U.S. Department of the Treasury is offering $103 billion of Treasury securities to refund approximately $84 billion of privately-held Treasury notes and bonds maturing on August 15, 2023.
IRS Launches Paperless Processing Initiative
August 2, 2023
The IRS announced the launch of the Paperless Processing Initiative by the 2024 Filing Season.
Statement by Secretary of the Treasury Janet L. Yellen
August 1, 2023
Secretary of the Treasury Janet L. Yellen issued a statement on the recent decision by Fitch Ratings to lower the credit
Federal Reserve Bank of New York
Equitable Growth Indicators (EGIs) – June 2023
August 2, 2023
The Federal Reserve Bank of New York released the June 2023 Equitable Growth Indicators (EGIs).
Blog: Why Do Forecasters Disagree about Their Monetary Policy Expectations?
August 2, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Why Do Forecasters Disagree about Their Monetary Policy Expectations?"
Federal Reserve Bank of Boston
Working Paper: Sustainable Consumption and the Comprehensive Economic Well-Being of American Households
August 2, 2023
The Federal Reserve Bank of Boston Research Department published a working paper entitled, "Sustainable Consumption and the Comprehensive Economic Well-Being of American Households."
International
European Banking Authority
EBA updates guidance on reporting of Financial Soundness Indicators to the International Monetary Fund
August 2, 2023
The European Banking Authority published an updated guidance on how to compile and report to the International Monetary Fund the Financial Soundness Indicators based on EBA data.
Bank of England
Consultation Paper: Ensuring continuity of critical clearing services: the Bank of England's approach to discretionary payments by central counterparties
August 2, 2023
The Bank of England published a consultation paper entitled, "Ensuring continuity of critical clearing services: the Bank of England's approach to discretionary payments by central counterparties."
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)
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)
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)
- SEC announces appointment of Cristina Martin Firvida as Investor Advocate (January 10, 2023)
- Paul Munter named Chief Accountant (January 11, 2023)
- Erik Gerding named Director of Division of Corporation Finance (January 13, 2023)
- Silvestre Fontes named Director of Boston Regional Office (January 25, 2023)
- Cicely LaMothe named Deputy Director, Disclosure Operations, for the Division of Corporation Finance (February 14, 2023)
- SEC appoints Deborah J. Jeffrey as Inspector General (April 17, 2023)
- Eric R. Werner named Director of Fort Worth Regional Office (April 25, 2023)
- Natasha Vij Greiner and Keith E. Cassidy named Interim Acting Co-Directors of the Division of Examinations (July 25, 2023)
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.
