Major Developments
Trade Associations Sue Regulators Regarding New Community Reinvestment Act Rules
February 5, 2024
The American Bankers Association, the U.S. Chamber of Commerce, Independent Community Bankers of America, Texas Bankers Association, Independent Bankers Association of Texas, Amarillo Chamber of Commerce and Longview Chamber of Commerce filed a lawsuit in the Northern District of Texas against the Federal Reserve, FDIC and OCC for exceeding their statutory authority and acting arbitrarily and capriciously with their recent amendments to the Community Reinvestment Act rules.
Federal Agencies
U.S. Department of the Treasury
Joint Statement on the U.S.-UK Financial Regulatory Working Group
February 5, 2024
The ninth official meeting of the U.S.-UK Financial Regulatory Working Group took place in London on January 31, 2024.
Federal Reserve Board
Senior Loan Officer Opinion Survey on Bank Lending Practices – January 2024
February 5, 2024
The Federal Reserve Board published the results of the January 2024 Senior Loan Officer Opinion Survey on Bank Lending Practices.
Working Paper: Difference-in-Differences in the Marketplace
February 5, 2024
The Federal Reserve Board published a working paper entitled, "Difference-in-Differences in the Marketplace."
Speech: The Future of Banking
February 2, 2024
Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, "The Future of Banking," at the 157th Assembly for Bank Directors at the Southwestern Graduate School of Banking in Maui, Hawaii.
Federal Reserve Bank of Boston
Article: When foreign geopolitical risk rises, bank impacts can hit close to home
February 5, 2024
The Federal Reserve Bank of Boston published an article entitled, "When foreign geopolitical risk rises, bank impacts can hit close to home."
Freddie Mac
Freddie Mac Expands Assistance for Very Low-Income Purchase Borrowers
February 5, 2024
Freddie Mac continued its longstanding support for low-income families, announcing today that potential homebuyers earning 50% of area median income or less are eligible for a $2,500 credit that may help with down payment and other costs at closing.
International
Bank of England
Results of the Semi-Annual FX Turnover Surveys in October 2023
February 5, 2024
The Bank of England published the results of the semi-annual FX turnover surveys from October 2023.
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.
