Congress
U.S. House of Representatives
Committee on Financial Services
McHenry, Waters Announce Creation of Bipartisan AI Working Group
January 11, 2024
U.S. House Committee on Financial Services Chair Patrick McHenry (NC-10) and Ranking Member Maxine Waters (CA-43) announced the formation of the Committee's bipartisan Working Group on Artificial Intelligence (AI), led by Digital Assets, Financial Technology and Inclusion Subcommittee Chairman French Hill (AR-02) and Subcommittee Ranking Member Stephen F. Lynch (MA-08).
Hearing: Oversight of the Department of Housing and Urban Development and the Federal Housing Administration
January 11, 2024
The U.S. House Committee on Financial Services held a hearing entitled, "Oversight of the Department of Housing and Urban Development and the Federal Housing Administration."
Federal Agencies
Federal Reserve Board
OIG Report: The Board Should Provide Staff With Guidance on Controlled Unclassified Information
January 8, 2024
The Office of Inspector General of the Board of Governors of the Federal Reserve System published a report entitled, "The Board Should Provide Staff With Guidance on Controlled Unclassified Information."
Federal Reserve Bank of New York
Report: The New York Fed DSGE Model: A Post-Covid Assessment
January 11, 2024
The Federal Reserve Bank of New York published a staff report entitled, "The New York Fed DSGE Model: A Post-Covid Assessment."
Blog: Towards Increasing Complexity: The Evolution of the FX Market
January 11, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Towards Increasing Complexity: The Evolution of the FX Market."
Federal Reserve Bank of Boston
Report: Credit Access and the College-persistence Decision of Working Students: Policy Implications for New England
January 11, 2024
The Federal Reserve Bank of Boston published a report entitled, "Credit Access and the College-persistence Decision of Working Students: Policy Implications for New England."
Consumer Financial Protection Bureau
CFPB Addresses Inaccurate Background Check Reports and Credit File Sharing Practices
January 11, 2024
The Consumer Financial Protection Bureau issued two advisory opinions for consumer reporting companies to address inaccurate background check reports, as well as credit file sharing practices.
OIG Report: The CFPB Can Enhance Certain Aspects of Its Enforcement Investigations Process
January 8, 2024
The Consumer Financial Protection Bureau's Office of Inspector General published a report entitled, "The CFPB Can Enhance Certain Aspects of Its Enforcement Investigations Process."
FINRA
Investor Insights: Social Media 'Investment Group' Imposter Scams on the Rise
January 11, 2024
FINRA issued an Investor Insights alert entitled, "Social Media 'Investment Group' Imposter Scams on the Rise."
Federal Housing Finance Agency
FHFA Publishes 2023Q3 UAD Aggregate Statistics
January 11, 2024
The Federal Housing Finance Agency published the update of the Uniform Appraisal Dataset Aggregate Statistics for Q3 2023, along with an analysis blog post.
Bank Policy Institute
Blog: Comment on the New G30 Report
January 11, 2024
The Bank Policy Institute published a blog post entitled, "Comment on the New G30 Report."
International
European Banking Authority
The EBA revises reporting requirements for market risk
January 11, 2024
The European Banking Authority published amendments to the reporting requirements for market risk.
Bank of England
Statement on enhancing the UK bank resolution regime
January 11, 2024
The Bank of England issued a statement welcoming the consultation paper on Enhancing the Special Resolution Regime by HM Treasury and supports measures to continue to enhance the UK bank resolution regime.
Bank of England Prudential Regulation Authority
Financial Conduct Authority
Consultation Paper: Financial Services Compensation Scheme – Management Expenses Levy Limit (MELL) 2024/25
January 11, 2024
The Prudential Regulation Authority and the Financial Conduct Authority published a consultation paper entitled, "Financial Services Compensation Scheme – Management Expenses Levy Limit (MELL) 2024/25."
Bank of England Prudential Regulation Authority
Letter: Insurance Supervision: 2024 priorities
January 11, 2024
Prudential Regulation Authority Executive Director Charlotte Gerken and Executive Director Shoib Khan sent a letter to CEOs of PRA-regulated insurance firms on Insurance Supervisions' 2024 priorities.
Letter: International banks Supervision: 2024 priorities
January 11, 2024
Prudential Regulation Authority Executive Director Rebecca Jackson sent a letter to CEOs of PRA-regulated international banks active in the UK on the PRA's 2024 priorities for international banks and designated investment firms.
Letter: UK Deposit Takers Supervision: 2024 priorities
January 11, 2024
Prudential Regulation Authority Executive Director David Bailey and Direct Laura Wallis sent a letter to CEOs of PRA-regulated UK deposit takers setting out PRA's 2024 priorities.
Financial Conduct Authority
FCA to undertake work in the motor finance market
January 11, 2024
The Financial Conduct Authority announced it will review historical motor finance commission arrangements and sales across several firms following consumer claims for compensation for discretionary commission arrangements prior to the 2021 ban.
Policy Statement: Temporary changes to handling rules for motor finance complaints
January 11, 2024
The Financial Conduct Authority published a policy statement entitled, "Temporary changes to handling rules for motor finance complaints."
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.
