Major Developments
Federal Financial Institutions Examination Council
U.S. Beneficial Ownership Information Registry Now Accepting Reports
January 1, 2024
The U.S. Department of the Treasury's Financial Crimes Enforcement Network began accepting beneficial ownership information reports.
Federal Agencies
Office of the Comptroller of the Currency
OCC Releases CRA Evaluations for 25 National Banks and Federal Savings Associations
January 2, 2024
The Office of the Comptroller of the Currency released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of December 1, 2023, through December 31, 2023.
Consumer Financial Protection Bureau
Blog: Holding debt collectors responsible for false statements
January 2, 2024
The Consumer Financial Protection Bureau published a blog post entitled, "Holding debt collectors responsible for false statements."
Bank Policy Institute
BPI and TCH Call for Stronger Consumer Financial Data Rules for Aggregators and Big Tech
January 2, 2024
The Bank Policy Institute and The Clearing House Association submitted recommendations to the Consumer Financial Protection Bureau on Friday in response to a proposed rule establishing how banks, data aggregators and other third parties can safely share consumer financial data.
State Agencies
New York State Department of Financial Services
Governor Hochul Unveils Proposal Of 2024 State Of The State: The Consumer Protection & Affordability Agenda
January 2, 2024
Governor Kathy Hochul today unveiled a sweeping consumer protection and affordability agenda, the first plank of her 2024 State of the State.
California Department of Financial Protection and Innovation
Mandatory DFPI filing beginning Jan. 1, 2024 for Digital Financial Asset Transaction Kiosk Operators
January 1, 2024
Effective January 1, 2024, Senate Bill 401 (which, alongside AB 39, constitutes the "Digital Financial Assets Law") requires a digital financial asset transaction kiosk operator to provide the Department of Financial Protection and Innovation with a list of all locations of kiosks that the operator owns, operates, or manages in California.
International
European Commission
New rules to combat fraud on cross-border payments in the EU in force from 1 January
January 1, 2024
The European Commission announced new transparency rules came into force that will help EU Member States to crack down on Value-Added Tax (VAT) Fraud.
A new era for corporate taxation in the EU enters into force today
January 1, 2024
The European Commission announced new EU rules came into effect introducing a minimum rate of effective taxation of 15% for multinational companies active in EU Member States.
Bank of England
Consolidated balance sheet - 30 September 2022
January 2, 2024
The Bank of England published its quarterly consolidated balance sheet with data from the quarter ending September 30, 2022.
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.
