Major Developments
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Combating the Networks of Illicit Finance and Terrorism
October 26, 2023
The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing entitled, "Combating the Networks of Illicit Finance and Terrorism."
U.S. House of Representatives
Committee on Financial Services
Hearing: Moving the Money: Understanding the Iranian Regime's Access to Money Around the World and How They Use It to Support Terrorism
October 26, 2023
The U.S. House Committee on Financial Services Subcommittee on Oversight and Investigations held a hearing entitled, "Moving the Money: Understanding the Iranian Regime's Access to Money Around the World and How They Use It to Support Terrorism."
Federal Agencies
Federal Reserve Board
Welcome Remarks at Economics of Payments XII Conference
October 26, 2023
Federal Reserve Board Governor Christopher J. Waller gave remarks at the Economics of Payments XII Conference in Washington, DC.
International
European Commission
Positive preliminary assessment of Croatia's request for a €700 million disbursement under the Recovery and Resilience Facility
October 26, 2023
The European Commission has endorsed a positive preliminary assessment of Croatia's payment request for €700 million of grants under the Recovery and Resilience Facility (RRF), the key instrument at the heart of NextGenerationEU.
European Banking Authority
The EBA issues Opinion on a measure to address macroprudential risk following a notification by the Swedish Financial Supervisory Authority
October 26, 2023
The European Banking Authority published an Opinion following the notification by the Swedish Financial Supervisory Authority, Finansinspektionen, of its intention to extend for another two-year period a measure originally introduced in 2018 to ensure that banks remain resilient and can withstand a potentially severe downturn in the housing market without restricting the supply of credit.
Bank of England
Capital Issuance - September 2023
October 26, 2023
The Bank of England released the capital issuance statistics for September 2023.
Speech: Money and payments: a 'black ships' moment?
October 26, 2023
Bank of England Deputy Governor for Financial Stability Sir Jon Cunliffe gave a speech entitled, "Money and payments: a 'black ships' moment?" at the Economics of Payments XII Conference at the Federal Reserve Board in Washington DC.
Bank of England Prudential Regulation Authority
UK Financial Conduct Authority
Feedback Statement: Artificial Intelligence and Machine Learning
October 26, 2023
The Prudential Regulation Authority and Financial Conduct Authority published a feedback statement entitled, "Artificial Intelligence and Machine Learning."
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.
