Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: SEC Overreach: Examining the Need for Reform
March 20, 2024
The U.S. House Committee on Financial Services Subcommittee on Capital Markets held a hearing entitled, "SEC Overreach: Examining the Need for Reform."
Hearing: The Characteristics and Challenges of Today's Homebuyers
March 20, 2024
The U.S. House Committee on Financial Services Subcommittee on Housing and Insurance held a hearing entitled, "The Characteristics and Challenges of Today's Homebuyers."
Committee on Small Business
Hearing: Conducting Oversight: Testimony from the Small Business Administrator
March 20, 2024
The U.S. House Committee on Small Business held a hearing entitled, "Conducting Oversight: Testimony from the Small Business Administrator."
Federal Agencies
Federal Reserve Board
Federal Reserve Board and Federal Open Market Committee release economic projections from the March 19-20 FOMC meeting
March 20, 2024
The Federal Reserve and Federal Open Market Committee released tables and charts that summarize the economic projections made by Federal Open Market Committee participants in conjunction with the March 19-20 meeting.
Federal Reserve issues FOMC statement
March 20, 2024
The Federal Reserve announced the Federal Open Market Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent.
Securities and Exchange Commission
Final Management Letter: Evaluation of the SEC's FY 2023 Compliance With the Payment Integrity Information Act of 2019
March 19, 2024
The Office of the Inspector General of the Securities and Exchange Commission published a management letter entitled, "Evaluation of the SEC's FY 2023 Compliance with the Payment Integrity Information Act of 2019."
Financial Crimes Enforcement Network
FinCEN Director Gacki Encourages Transparency in the U.S. Financial System During International Anti-Money Laundering Conference
March 20, 2024
Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki joined public and private sector financial industry leaders this week at the Financial and International Business Association's (FIBA) annual anti-money laundering conference to discuss regulatory expectations and best practices to prevent financial crimes.
National Credit Union Administration
NCUA Releases Q4 2023 State-level Credit Union Data Report
March 20, 2024
According to the latest Quarterly U.S. Map Review released by the National Credit Union Administration, federally insured credit unions experienced growth in loans and the share of credit unions with positive net income increased over the year ending in the fourth quarter of 2023, while delinquencies rose and assets and shares and deposits declined.
U.S. Department of Housing and Urban Development/Federal Housing Administration
One Year In: U.S. Department of Housing and Urban Development Annual Mortgage Insurance Premium Cut Saves Borrowers $600 Million
March 20, 2024
The U.S. Department of Housing and Urban Development issued a release to mark theone-year anniversary of its implementation of a 35 percent cut in the price of the Annual Mortgage Insurance Premium (MIP) paid by borrowers with Federal Housing Administration-insured mortgages.
Federal Housing Finance Agency
FHFA Announces 2024 Generative AI in Housing Finance TechSprint
March 20, 2024
The Federal Housing Finance Agency announced its second TechSprint, an in-person team-based problem-solving event hosted by its Office of Financial Technology.
International
European Banking Authority
EBA updates list of institutions involved in the 2024 supervisory benchmarking exercise
March 20, 2024
The European Banking Authority published an updated list of institutions, which have a reporting obligation for the purpose of the 2024 EU supervisory benchmarking exercise.
Financial Conduct Authority
Thematic review of Retirement Income Advice
March 20, 2024
The Financial Conduct Authority released a thematic review with findings on how the retirement income advice market is working and whether consumers are receiving appropriate advice on meeting their income needs in retirement.
FCA asks Financial Advisers to review their processes in retirement income support
March 20, 2024
The Financial Conduct Authority has written to the Chief Executives of financial advice firms asking them to review their processes when providing retirement income advice.
Portfolio Letter: FCA Strategy For Consumer Lending
March 20, 2024
The Financial Conduct Authority published a portfolio letter entitled, "FCA Strategy For Consumer Lending."
Article: Undertaking cashflow modelling to demonstrate suitability of retirement-related advice
March 20, 2024
The Financial Conduct Authority published an article entitled, "Undertaking cashflow modelling to demonstrate suitability of retirement-related advice."
Paper: OTC market frictions in stressed markets
March 20, 2024
The Financial Conduct Authority published an Occasional Paper entitled, "OTC market frictions in stressed markets."
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) (resigned March 11, 2024, effective March 22, 2024)
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.
