Major Developments
Federal Agencies
U.S. Department of the Treasury
Remarks by Secretary Yellen at the Financial Crimes Enforcement Network
January 8, 2024
Secretary of the Treasury Janet L. Yellen gave remarks at the Financial Crimes Enforcement Network.
Federal Reserve Board
Data: G.19 Consumer Credit – November 2023
January 8, 2024
The Federal Reserve Board released the G.19 consumer credit data for November 2023.
Federal Reserve Bank of New York
Inflation Expectations Decline Across All Horizons
January 8, 2024
The Federal Reserve Bank of New York's Center for Microeconomic Data released the December 2023 Survey of Consumer Expectations, which shows that inflation expectations declined at the short-, medium- and longer-term horizons.
Article: What Would It Take to Create a More Robust Secondary Market for CDFI Loans?
January 8, 2024
The Federal Reserve Bank of New York published a The Teller Window article entitled, "What Would It Take to Create a More Robust Secondary Market for CDFI Loans?"
Blog: Measuring Price Inflation and Growth in Economic Well-Being with Income-Dependent Preferences
January 8, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Measuring Price Inflation and Growth in Economic Well-Being with Income-Dependent Preferences."
Federal Deposit Insurance Corporation
Jennifer L. Fain Appointed FDIC Inspector General
January 8, 2024
The Federal Deposit Insurance Corporation Office of Inspector General announced that Jennifer L. Fain has been appointed as Inspector General.
Office of the Comptroller of the Currency
Community Reinvestment Act: Frequently Asked Questions Regarding the State Small Business Credit Initiative 2.0
January 8, 2024
The Office of the Comptroller of the Currency published answers to frequently asked questions about the State Small Business Credit Initiative 2.0 based on the facts and circumstances presented in the questions.
Commodity Futures Trading Commission
Technology Advisory Committee Holds Meeting
The Commodity Futures Trading Commission Technology Advisory Committee held a meeting on January 8, 2024.
Consumer Financial Protection Bureau
CFPB Issues Civil Penalty Inflation Adjustments Final Rule
January 8, 2024
The Consumer Financial Protection Bureau announced the annual adjustments for inflation to the CFPB's civil penalty amounts, as required by the Federal Civil Penalties Inflation Adjustment Act, as amended. This final rule is effective on January 15, 2024.
National Credit Union Administration
Otsuka Sworn in as 25th NCUA Board Member
January 8, 2024
The Honorable Tanya Otsuka became the 25th Board Member of the National Credit Union Administration following a private swearing-in ceremony held at the agency's Alexandria, Virginia, headquarters.
U.S. Small Business Administration
SBA Growth Accelerator Fund Competition Opens
January 8, 2024
The U.S. Small Business Administration announced the opening of the 2024 Growth Accelerator Fund Competition.
Federal Housing Finance Agency
Blog: Underutilization of Appraisal Time Adjustments
January 8, 2024
The Federal Housing Finance Agency published a blog post entitled, "Underutilization of Appraisal Time Adjustments."
Fannie Mae
Consumer Optimism About Mortgage Rates Jumps Significantly
January 8, 2024
The Fannie Mae Home Purchase Sentiment Index (HPSI) increased 2.9 points in December to 67.2, due primarily to a significant jump in the share of consumers expecting mortgage rates to go down over the next 12 months.
International
European Commission
The Commission approved a €2.9 billion French State aid scheme for supporting investment in green industries to foster the transition towards a net-zero economy
January 8, 2024
The European Commission has approved a €2.9 billion French scheme for supporting investment in green industries (tax credit for investment in green industries) to foster the transition towards a net-zero economy, in line with the Green Deal Industrial Plan.
Commission approves €902 million German State aid measure to support Northvolt in the construction of an electric vehicle battery production plant to foster the transition to a net-zero economy
January 8, 2024
The European Commission has approved a €902 million German measure to support Northvolt in the construction of a plant for the production of batteries for electric vehicles to foster the transition towards a net-zero economy, in line with the Green Deal Industrial Plan.
European Banking Authority
ESAs consult on draft implementing technical standards specifying certain tasks of collection bodies and certain functionalities of the European Single Access Point
January 8, 2024
The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published a Consultation Paper on the draft implementing technical standards (ITSs) regarding the tasks of the collection bodies and the functionalities of the European Single Access Point.
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.
