Major Developments
Federal Reserve Board
Federal Reserve Board announces the Bank Term Funding Program (BTFP) will cease making new loans as scheduled on March 11
January 24, 2024
The Federal Reserve Board ("FRB") announced that the Bank Term Funding Program, where the FRB purchased government bonds at par, will cease making new loans as scheduled on March 11, 2024, ending a key program implemented after the crises of March 2023.
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Reauthorization of the National Flood Insurance Program: Local Perspectives on Challenges and Solutions
January 25, 2024
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Reauthorization of the National Flood Insurance Program: Local Perspectives on Challenges and Solutions."
Committee on Small Business and Entrepreneurship
Hearing: Succession Planning: Opportunities to Build Wealth and Keep Jobs in Local Communities
January 24, 2024
The U.S. Senate Committee on Small Business and Entrepreneurship held a hearing entitled, "Succession Planning: Opportunities to Build Wealth and Keep Jobs in Local Communities."
Federal Agencies
U.S. Department of the Treasury
Remarks by Secretary Yellen on the State of the U.S. Economy in Chicago, Illinois
January 25, 2024
U.S. Secretary of the Treasury Janet L. Yellen gave remarks on the state of the U.S. economy in Chicago, Illinois.
Article: An Update to "The Purchasing Power of American Households"
January 25, 2024
The U.S. Department of the Treasury published an article entitled, "An Update to 'The Purchasing Power of American Households'"
Securities and Exchange Commission
FINRA
Investor Alert: Artificial Intelligence (AI) and Investment Fraud
January 25, 2024
The Securities and Exchange Commission's Office of Investor Education and Advocacy, the North American Securities Administrators Association, and the Financial Industry Regulatory Authority issued a joint Investor Alert to make investors aware of the increase of investment funds involving the purported use of artificial intelligence and other emerging technologies.
Securities and Exchange Commission
Remarks: Time is Money, Time is Risk
January 25, 2024
Securities and Exchange Commission Chair Gary Gensler gave remarks entitled, "Time is Money, Time is Risk," before the European Commission.
Financial Crimes Enforcement Network
FinCEN Announces Inflation Adjustments to Bank Secrecy Act Civil Monetary Penalties
January 25, 2024
The Financial Crimes Enforcement Network (FinCEN) issued a final rule to reflect annual inflation adjustments to its civil monetary penalties as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended.
FINRA
Cybersecurity Alert - LockBit (Threat Actor)
January 25, 2024
FINRA published a guidance entitled, "Cybersecurity Alert - LockBit (Threat Actor)."
Federal Housing Finance Agency
Foreclosure Prevention, Refinance, and Federal Property Manager's Report - October 2023
January 25, 2024
The Federal Housing Finance Agency published the Foreclosure Prevention, Refinance, and Federal Property Manager's Report for October 2023
Bank Policy Institute
Blog: Clear Recognition of the Discount Window Would Improve Liquidity Rules
January 25, 2024
The Bank Policy Institute (BPI) published a blog post entitled, "Clear Recognition of the Discount Window Would Improve Liquidity Rules."
Blog: 4 Key Fixes to the Banking Agencies' Long-Term Debt Proposal
January 25, 2024
The BPI published a blog post entitled, "4 Key Fixes to the Banking Agencies' Long-Term Debt Proposal."
International
Bank of England
Policy Statement: Bank of England Levy Framework Document
January 25, 2024
The Bank of England published a policy statement entitled, "Bank of England Levy Framework Document."
Bank of England and HM Treasury respond to digital pound consultation
January 25, 2024
The Bank of England and HM Treasury have published their response to the consultation on a digital pound that was launched in February 2023.
Speech: The Real Time Gross Settlement service: an open platform to drive innovation
January 25, 2024
Bank of England Executive Director Victoria Cleland gave a speech entitled, "The Real Time Gross Settlement service: an open platform to drive innovation," at the Payments Regulation and Innovation Summit.
Bank of England Prudential Regulation Authority
Review of ring-fencing rules
January 25, 2024
The Prudential Regulation Authority published a report setting out its conclusions of the review of its rules on ring-fencing, which has been conducted throughout 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.
