Federal Agencies
Federal Reserve Board
Federal Reserve Board announces annual indexing of reserve requirement exemption amount and low reserve tranche for 2024
November 27, 2023
The Federal Reserve Board announced technical details related to reserve requirements for depository institutions, which will remain zero for 2024.
Federal Reserve Bank of New York
Blog: The Nonbank Shadow of Banks
November 27, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The Nonbank Shadow of Banks."
Federal Reserve Bank of Boston
Paper: Informal Work and Official Employment Statistics: What's Missing?
November 27, 2023
The Federal Reserve Bank of Boston Research Department published a working paper entitled, "Informal Work and Official Employment Statistics: What's Missing?"
Securities and Exchange Commission
SEC Adopts Rule to Prohibit Conflicts of Interest in Certain Securitizations
November 27, 2023
The Securities and Exchange Commission adopted Securities Act Rule 192 to implement Section 27B of the Securities Act of 1933, a provision added by Section 621 of the Dodd-Frank Act.
Financial Crimes Enforcement Network
FinCEN Joins Twelve Other Financial Intelligence Units in Issuing Public Statement on Formation of Counter Terrorist Financing Taskforce – Israel (CTFTI)
November 27, 2023
The Financial Crimes Enforcement Network joined twelve financial intelligence units (FIUs) in issuing a public statement recognizing the formation of a task force of like-minded FIUs who aim to strengthen efforts to disrupt international financial flows to Hamas and other terrorist organizations.
Federal Housing Finance Agency
Blog: Understanding the Climate's Impact on Vulnerable Populations
November 27, 2023
The Federal Housing Finance Agency published a blog post entitled, "Understanding the Climate's Impact on Vulnerable Populations."
Ginnie Mae
November 27, 2023
Ginnie Mae published a blog post entitled, "Who Is Ginnie Mae Serving? Providing Access to Homeownership With FHA."
International
European Banking Authority
EBA issues guidance to AML/CFT supervisors of Crypto Asset Service Providers
November 27, 2023
The European Banking Authority extended its risk-based anti-money laundering and countering the financing of terrorism (AML/CFT) supervision guidelines to AML/CFT supervisors of crypto-asset service providers.
Bank of England
Bank of England renews its commitment to adhere to the Global Precious Metals Code
November 27, 2023
The Bank of England has renewed the Statement of Commitment to the Global Precious Metals Code based on the revised Code dated December 2022.
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.
