Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: The Annual Report of the Financial Stability Oversight Council
February 6, 2024
The U.S. House Committee on Financial Services held a hearing entitled, "The Annual Report of the Financial Stability Oversight Council." The Committee heard testimony from Secretary of the Treasury Janet L. Yellen.
Represenatives Send Letter to Secretary Yellen On FSOC's Calls to Fill Regulatory Gaps in Spot Market for Non-Security Digital Assets
February 6, 2024
Members of the U.S. House Committee on Financial Services, Subcommittee on Digital Assets, Financial Technology and Inclusion Subcommittee and Commodity Markets, Digital Assets, and Rural Development Subcommittee sent a letter to Secretary of the Treasury Janet L. Yellen regarding the Financial Stability Oversight Council's calls to fill regulatory gaps in the spot market for digital assets that are not securities.
Committee on Small Business
Hearing: Under the Microscope: Reviewing the SBA's Small Business Size Standards
February 6, 2024
The U.S. House Committee on Small Business held a hearing entitled, "Under the Microscope: Reviewing the SBA's Small Business Size Standards."
Federal Agencies
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Federal bank regulatory agencies seek comment on interagency effort to reduce regulatory burden
February 6, 2024
The Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency announced the first of a series of requests for comment to reduce regulatory burdens. The Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Federal Financial Institutions Examination Council and federal bank regulatory agencies to review their regulations every 10 years to identify any outdated or otherwise unnecessary regulatory requirements for their supervised institutions.
Federal Reserve Board
Paper: Reexamining the 'Role of the Community Reinvestment Act in Mortgage Supply and the U.S. Housing Boom'
February 6, 2024
The Federal Reserve Board published a working paper entitled, "Reexamining the 'Role of the Community Reinvestment Act in Mortgage Supply and the U.S. Housing Boom'."
Federal Reserve Bank of New York
Credit Card and Auto Loan Delinquencies Continue Rising; Notably Among Younger Borrowers
February 6, 2024
The Federal Reserve Bank of New York's Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit along with an accompanying Liberty Street Economics analysis blog post.
Federal Reserve Bank of Boston
Opening Remarks for Sessions on Men and Women in the Workforce at the Conference, "Uneven Outcomes in the Labor Market"
February 6, 2024
Federal Reserve Bank of Boston President Susan M. Collins gave opening remarks for sessions on men and women in the workforce at the conference, "Uneven Outcomes in the Labor Market."
Securities and Exchange Commission
SEC Adopts Rules to Include Certain Significant Market Participants as "Dealers" or "Government Securities Dealers"
February 6, 2024
The Securities and Exchange Commission adopted two rules that require market participants who engage in certain dealer roles, in particular those who take on significant liquidity-providing roles in the markets, to register with the SEC, become members of a self-regulatory organization (SRO), and comply with federal securities laws and regulatory obligations.
National Credit Union Administration
NCUA Chairman Todd M. Harper Speaks at the Brookings Institution
February 6, 2024
National Credit Union Administration Chairman Todd M. Harper spoke at the "Agenda for Credit Union Regulation" event, which the Brookings Institution hosted.
International
Bank of England
Asset Purchase Facility Quarterly Report - 2023 Q4
February 6, 2024
The Bank of England published the Asset Purchase Facility Quarterly Report for Q4 2023.
Financial Conduct Authority
Speech: The UK listing regime - developments since the UK Listings Review and next steps for reform
February 6, 2024
Financial Conduct Authority Director of Market Oversight Clare Cole gave a speech entitled, "The UK listing regime - developments since the UK Listings Review and next steps for reform," at the Westminster Business Forum.
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.
