Major Developments
Bank Policy Institute
Joint Comment Letter: Basel Proposal Violates the Law
January 12, 2024
The Bank Policy Institute, Financial Services Forum, Securities Industry and Financial Markets Association, and U.S. Chamber of Commerce submitted a joint letter to the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency alleging that the Basel capital proposal violates both the substantive and procedural requirements of the law that governs all federal agency rulemaking.
Federal Agencies
U.S. Department of the Treasury
Treasury Targets Commodity Shipments Financing Iran's Qods Force and Houthis
January 12, 2024
The Department of the Treasury's Office of Foreign Assets Control (OFAC) designated two companies in Hong Kong (PRC) and the United Arab Emirates for shipping Iranian commodities on behalf of the network of Iran-based, Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF)-backed Houthi financial facilitator Sa'id al-Jamal.
FACT SHEET: IRS Ramps Up New Initiatives Using Inflation Reduction Act Funding to Ensure Complex Partnerships, Large Corporations Pay Taxes Owed, Continues to Close Millionaire Tax Debt Cases
January 12, 2024
The U.S. Department of the Treasury published a fact sheet entitled, "IRS Ramps Up New Initiatives Using Inflation Reduction Act Funding to Ensure Complex Partnerships, Large Corporations Pay Taxes Owed, Continues to Close Millionaire Tax Debt Cases."
Federal Reserve Board
Federal Reserve Board announces preliminary financial information for the Federal Reserve Banks' income and expenses in 2023
January 12, 2024
The Federal Reserve Board on Friday released preliminary financial information for the Federal Reserve Banks' income and expenses in 2023.
Federal Deposit Insurance Corporation
Money Smart Newsletter – January 2024
January 12, 2024
The Federal Deposit Insurance Corporation published the Money Smart Newsletter for January 2024.
Securities and Exchange Commission
Update: Confidential Treatment Applications Submitted Pursuant to Rules 406 and 24b-2
January 8, 2023
The Securities and Exchange Commission Division of Corporation Finance updated the CF Disclosure Guidance on the confidential treatment of applications submitted pursuant to Rules 406 and 24b-2.
Financial Crimes Enforcement Network
FinCEN Updates Paycheck Protection Program Frequently Asked Questions
January 12, 2024
The Financial Crimes Enforcement Network published updated Paycheck Protection Program (PPP) frequently asked questions (FAQs) with one additional question and answer clarifying that a PPP lender may reveal the existence of a suspicious activity report (SAR) to the Small Business Administration (SBA) when requesting a guaranty purchase (without charge-off).
FinCEN Updates Frequently Asked Questions on Beneficial Ownership Information
January 12, 2024
The Financial Crimes Enforcement Network has updated its Beneficial Ownership Information Frequently Asked Questions to include new information about reporting companies, beneficial owners, company applicants, reporting requirements, and reporting company exemptions, as well as updated information about FinCEN identifiers.
Federal Housing Finance Agency
Notice of Annual Adjustment of the Cap on Average Total Assets that Defines Community Financial Institutions
January 12, 2024
The Federal Housing Finance Agency published a notice that it has adjusted the cap on average total assets that is used in determining whether a Federal Home Loan Bank (Bank) member qualifies as a "community financial institution" (CFI) to $1,461,000,000, based on the annual percentage increase in the Consumer Price Index for all urban consumers (CPI-U), as published by the Department of Labor (DOL). These changes are effective as of January 1, 2024.
International
Banks remain robust but higher interest rates could impact their asset quality, the EBA finds
January 12, 2024
The European Banking Authority published its Q3 2023 quarterly Risk Dashboard together with the Risk Assessment Questionnaire.
Bank of England
Paper: Behavioral lock-in: aggregate implications of reference dependence in the housing market
January 12, 2024
The Bank of England published a staff working paper entitled, "Behavioral lock-in: aggregate implications of reference dependence in the housing market."
Bank of England Prudential Regulation Authority
Three members reappointed to the Prudential Regulation Committee
January 12, 2024
John Taylor, Antony Jenkins, and Tanya Castell have been reappointed by the government as external members of the Prudential Regulation Committee.
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.
