Federal Agencies
U.S. Department of the Treasury
U.S. Exposes Attempted Sanctions Evasion Scheme Connected to Russian Oligarch
May 14, 2024
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated one Russian individual and three Russia-based companies involved in an attempted sanctions evasion scheme in which an opaque and complex supposed divestment could have unfrozen more than $1.5 billion worth of shares belonging to U.S.-designated Russian oligarch Oleg Vladimirovich Deripaska.
Federal Reserve Board
Office of the Comptroller of the Currency
Agencies announce public meeting on proposed acquisition by Capital One of Discover; public comment period extended
May 14, 2024
The Federal Reserve Board and the Office of the Comptroller of the Currency announced a joint public meeting on the proposal by Capital One Financial Corporation, of McLean, Virginia, to acquire Discover Financial Services, of Riverwoods, Illinois.
Federal Reserve Board
Working Paper: Personal Tax Changes and Financial Well-being: Evidence from the Tax Cuts and Jobs Act
May 14, 2024
The Federal Reserve Board published a working paper entitled, “Personal Tax Changes and Financial Well-being: Evidence from the Tax Cuts and Jobs Act.”
Speech: Growth and Change at Community Development Financial Institutions
May 14, 2024
Federal Reserve Board Governor Lisa D. Cook gave a speech entitled, “Growth and Change at Community Development Financial Institutions,” at the Expanding Access to Capital for CDFIs event, hosted by the Federal Reserve Bank of New York, New York, New York.
Federal Reserve Bank of New York
Household Debt Rose by $184 Billion in Q1 2024; Delinquency Transition Rates Increased Across All Debt Types
May 14, 2024
The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit.
Blog: Delinquency Is Increasingly in the Cards for Maxed‑Out Borrowers
May 14, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Delinquency Is Increasingly in the Cards for Maxed‑Out Borrowers.”
Federal Housing Finance Agency
Foreclosure Prevention, Refinance, and Federal Property Manager's Report - February 2024
May 14, 2024
The Federal Housing Finance Agency published the Foreclosure Prevention, Refinance, and Federal Property Manager's Report for February 2024.
Bank Policy Institute
Basel III Endgame: Why a Comprehensive Quantitative Impact Analysis and Reproposal are Essential
May 14, 2024
The Bank Policy Institute published a blog post entitled, “Basel III Endgame: Why a Comprehensive Quantitative Impact Analysis and Re-proposal are Essential.”
International
European Commission
FASTER initiative on withholding tax to boost cross-border investment and help fight tax fraud
May 14, 2024
The European Commission welcomes the general approach announced by the Belgian Presidency of the EU Council on the Commission's proposal for a Directive to make withholding tax procedures in the EU more efficient, secure and simplified for investors, financial intermediaries and Member State tax administrations.
European Commission issues €6 billion in its 5th syndicated transaction of 2024
May 14, 2024
The European Commission has today raised €6 billion of EU-Bonds in its 5th syndicated transaction for 2024.
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) (resigned March 11, 2024, effective March 22, 2024)
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.
