Congress
U.S. House of Representatives
Committee on Financial Services
FDIC Questioned on Lack of Guidance for FinTech Firms and Financial Innovation
February 2, 2024
Members of the U.S. House Committee on Financial Services and Chair of the Digital Assets, Financial Technology and Inclusion Subcommittee French Hill (AR-02) sent a letter to Federal Deposit Insurance Corporation regarding engagement with the public on financial technology and innovation and requesting responses to a series of questions about FinTechs.
Federal Agencies
U.S. Department of the Treasury
Treasury Sanctions Actors Responsible for Malicious Cyber Activities on Critical Infrastructure
February 2, 2024
The Department of the Treasury's Office of Foreign Assets Control sanctioned six officials in the Iranian Islamic Revolutionary Guard Corps Cyber-Electronic Command (IRGC-CEC), an Iranian government organization responsible for a series of malicious cyber activities against critical infrastructure in the United States and other countries.
Federal Reserve Board
Working Paper: Has Intergenerational Progress Stalled? Income Growth Over Five Generations of Americans
February 2, 2024
The Federal Reserve Board published a working paper entitled, "Has Intergenerational Progress Stalled? Income Growth Over Five Generations of Americans."
Working Paper: The Informational Centrality of Banks
February 2, 2024
The Federal Reserve Board published a working paper entitled, "The Informational Centrality of Banks."
Working Paper: Nonlinear Inflation Dynamics in Menu Cost Economies
February 2, 2024
The Federal Reserve Board published a working paper entitled, "Nonlinear Inflation Dynamics in Menu Cost Economies."
Working Paper: What makes a job better? Survey evidence from job changers
February 2, 2024
The Federal Reserve Board published a working paper entitled, "What makes a job better? Survey evidence from job changers."
Working Paper: Reasons Behind Words: OPEC Narratives and the Oil Market
February 2, 2024
The Federal Reserve Board published a working paper entitled, "Reasons Behind Words: OPEC Narratives and the Oil Market."
Federal Reserve Bank of New York
New York Fed to Host Symposium on U.S. Productivity Growth
February 2, 2024
On Friday, February 16, the Federal Reserve Bank of New York will host a hybrid symposium titled "U.S. Productivity Growth: Looking Ahead."
Latest Quarterly Vendor Costs Report Available for the CPFF, MLF, PMCCF, SMCCF and TALF
February 2, 2024
The New York Fed has posted the quarterly vendor costs report for the Commercial Paper Funding Facility (CPFF), the Municipal Liquidity Facility (MLF), the Primary Market Corporate Credit Facility (PMCCF), the Secondary Market Corporate Credit Facility (SMCCF), and the Term Asset-Backed Securities Loan Facility (TALF).
Federal Deposit Insurance Corporation
FDIC Issues List of Banks Examined for CRA Compliance
February 2, 2024
The Federal Deposit Insurance Corporation issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act.
Commodity Futures Trading Commission
CFTC Extends Public Comment Period on Proposed Rule on Protection of Clearing Member Funds
February 2, 2024
The Commodity Futures Trading Commission is extending the deadline for the public comment period on a proposed rule to address protecting clearing member funds held by derivatives clearing organizations. The deadline is being extended to March 18, 2024.
U.S. Department of Labor
BLS Releases January 2024 Jobs Report
February 2, 2024
The U.S. Bureau of Labor Statistics released the Employment Situation Report for January 2024.
International
Bank of England
Working Paper: Customer data access and fintech entry: early evidence from open banking
February 2, 2024
The Bank of England published a staff working paper entitled, "Customer data access and fintech entry: early evidence from open banking."
Working Paper: Asymmetric expectations of monetary policy
February 2, 2024
The Bank of England published a staff working paper entitled, "Asymmetric expectations of monetary policy."
Working Paper: Screening using a menu of contracts: a structural model of lending markets
February 2, 2024
The Bank of England published a staff working paper entitled, "Screening using a menu of contracts: a structural model of lending markets."
Market Participants Survey results - February 2024
February 2, 2024
The Bank of England released the Market Participants Survey results for February 2024.
Financial Conduct Authority
Research Note: Review of Maximal Extractable Value and Blockchain Oracles
February 2, 2024
The Financial Conduct Authority published a research note entitled, "Review of Maximal Extractable Value and Blockchain Oracles."
Guidance: Sustainability disclosure and labelling regime
February 2, 2024
The Financial Conduct Authority published guidance on the sustainability disclosure and labelling regime.
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.
