Major Developments
Federal Agencies
Federal Reserve Board
Working Paper: On the GDP Effects of Severe Physical Hazards
February 9, 2024
The Federal Reserve Board published a working paper entitled, "On the GDP Effects of Severe Physical Hazards."
Conference of State Bank Supervisors
Blog: Why the FDIC Should Withdraw its Corporate Governance & Risk Management Proposal
February 9, 2024
The Conference of State Bank Supervisors published a blog post entitled, "Why the FDIC Should Withdraw its Corporate Governance & Risk Management Proposal."
FINRA
Investor Insights: Subordination Agreements: Understand the Risks
February 9, 2024
FINRA issued an Investor Insights alert entitled, "Subordination Agreements: Understand the Risks."
Bank Policy Institute
To Promote Bank Safety and Effective Governance, Bank Directors Must Be Able to Do Their Jobs
February 9, 2024
The Bank Policy Institute and American Association of Bank Directors sent a comment letter to the Federal Deposit Insurance Corporation regarding proposed corporate and risk governance guidelines.
Blog: Distributed Ledger Technology: Enhancing the Current Regulatory Approach
February 9, 2024
The Bank Policy Institute published a blog post entitled, "Distributed Ledger Technology: Enhancing the Current Regulatory Approach."
International
Bank of England
Working Paper: Across the borders, above the bounds: a non-linear framework for international yield curves
February 9, 2024
The Bank of England published a working paper entitled, "Across the borders, above the bounds: a non-linear framework for international yield curves."
Working Paper: Competing models of the Bank of England's liquidity auctions: truthful bidding is a good approximation
February 9, 2024
The Bank of England published a working paper entitled, "Competing models of the Bank of England's liquidity auctions: truthful bidding is a good approximation."
Working Paper: Global value chains and the dynamics of UK inflation
February 9, 2024
The Bank of England published a working paper entitled, "Global value chains and the dynamics of UK inflation."
Financial Conduct Authority
GAP insurers agree to suspend sales following FCA concerns over fair value
February 9, 2024
The Financial Conduct Authority has announced that multiple insurance firms have agreed to pause sales of Guaranteed Asset Protection insurance, following a request from the FCA.
Blog: Shifting the dial on financial crime requires a collective push
February 9, 2024
The Financial Conduct Authority Director published a blog post entitled, "Shifting the dial on financial crime requires a collective push."
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.
