Federal Agencies
Federal Reserve Board
Working Paper: A Field Guide to Monetary Policy Implementation Issues in a New World with CBDC, Stablecoin, and Narrow Banks
January 16, 2024
The Federal Reserve Board published a working paper entitled, "A Field Guide to Monetary Policy Implementation Issues in a New World with CBDC, Stablecoin, and Narrow Banks."
Speech: Almost as Good as It Gets…But Will It Last?
January 16, 2024
Federal Reserve Board Governor Christopher J. Waller gave a speech entitled, "Almost as Good as It Gets…But Will It Last?" at the Brookings Institution in Washington, D.C.
Federal Reserve Bank of New York
Household Survey Shows Reported and Expected Household Spending Growth Continue to Moderate
January 16, 2024
The Federal Reserve Bank of New York's Center for Microeconomic Data today released the December 2023 Survey of Consumer Expectations (SCE) Household Spending Survey, which provides information on individuals' experiences and expectations regarding household spending.
Empire State Manufacturing Survey – January 2024
January 16, 2024
The Federal Reserve Bank of New York released the Empire State Manufacturing Survey for January 2024.
Federal Reserve Bank of Boston
Paper: Is Post-pandemic Wage Growth Fueling Inflation?
January 16, 2024
The Federal Reserve Bank of Boston published a Current Policy Perspectives paper entitled, "Is Post-pandemic Wage Growth Fueling Inflation?"
Federal Deposit Insurance Corporation
National Rates and Rate Caps – January 2024
January 16, 2024
The Federal Deposit Insurance Corporation released the monthly national rates and rate caps as of January 2024.
Consolidated Reports of Condition and Income for Fourth Quarter 2023
January 16, 2024
The Federal Deposit Insurance Corporation released the Consolidated Reports of Condition and instructions for the fourth quarter 2023.
Securities and Exchange Commission
Statement on Unauthorized Access to the SEC's @SECGov X.com Account
January 12, 2024
The Securities and Exchange Commission Chair Gary Gensler issued a statement following unauthorized access to the SEC's @SECGov X.com account.
Consumer Financial Protection Bureau
Beware of new CFPB imposter scams
January 16, 2024
The Consumer Financial Protection Bureau confirmed that scammers are using CFPB employees' names to try to defraud members of the public.
Federal Housing Finance Agency
Blog: Underappraisal Disparities and Time Adjustments
January 16, 2024
The Federal Housing Finance Agency published a blog post entitled, "Underappraisal Disparities and Time Adjustments."
Fannie Mae
Home Price Growth Falls Further in Fourth Quarter
January 16, 2024
Fannie Mae released the latest Home Price Index reading for the fourth quarter 2023.
Bank Policy Institute
Proposed Long-Term Debt Requirement Is Far Costlier than Agencies Say
January 16, 2024
The Bank Policy Institute submitted a comment letter on the federal banking agencies' proposal for regional banks to issue long-term debt which would result in significant costs to the banks and economy as a whole.
Joint BPI, ABA Comment Letter: Basel Proposal's Costs to U.S. Economy Outweigh Any Benefits
January 16, 2024
The Bank Policy Institute and American Bankers Association sent a joint comment letter to the federal banking regulatory agencies arguing that the Basel capital proposal would impose significant costs on the U.S. economy, ranging from small business loans to the pricing of derivatives that allow businesses to hedge their risks.
International
European Banking Authority
EBA consults on targeted amendments to the prudent valuation framework
January 16, 2024
The European Banking Authority published a consultation paper on targeted amendments to the Regulatory Technical Standards (RTS) on prudent valuation, aiming to promote a more harmonised application of the RTS and to reduce the observed variability of additional value adjustments (AVAs) under the core approach, as well as to set the rules for the application of the prudent valuation framework in extraordinary circumstances.
EBA issues guidance to crypto-asset service providers to effectively manage their exposure to ML/TF risks
January 16, 2024
The European Banking Authority extended its Guidelines on money laundering (ML) and terrorist financing (TF) risk factors to crypto-asset service providers (CASPs).
The EBA publishes an analysis of specific aspects of the net stable funding ratio framework
January 16, 2024
The European Banking Authority published its Report about some specific aspects of the net stable funding ratio (NSFR) framework.
Bank of England
Blog: How does the Monetary Policy Committee forecast wage growth?
January 16, 2024
The Bank of England published a Bank Overground blog post entitled, "How does the Monetary Policy Committee forecast wage growth?"
Financial Conduct Authority
FCA establishes industry-led working group for financial advisers
January 16, 2024
The Financial Conduct Authority ("FCA" or "Authority") has appointed Daniel Godfrey as chair and Julia Dreblow as vice-chair of a new working group focused on building capability in sustainable finance across the financial advice sector.
Letter: FCA expectations for Investment-based crowdfunding platforms
January 15, 2024
The FCA sent a letter to Boards outlining the Authority's expectations for investment-based crowdfunding platforms.
Letter: FCA expectations for Loan-based Peer-to-Peer Lending platforms
January 15, 2023
The FCA sent a letter to Boards outlining the Authority's expectations for loan-based peer-to-peer lending platforms.
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.
