Major Developments
Financial Crimes Enforcement Network
FinCEN Issues Small Entity Compliance Guide for Beneficial Ownership Information Access and Safeguards Requirements
February 20, 2024
The Financial Crimes Enforcement Network (FinCEN) published a small entity compliance guide today that provides an overview of the requirements regarding access to beneficial ownership information (BOI) by small entities – in particular, small financial institutions authorized to access BOI.
Federal Agencies
U.S. Department of the Treasury
United States Sanctions Affiliates of Russia-Based LockBit Ransomware Group
February 20, 2024
The United States is designating two individuals who are affiliates of the Russia-based ransomware group LockBit.
Article: A Clean Energy Future for America's Colleges and Universities
February 20, 2024
The U.S. Department of the Treasury published an article entitled, "A Clean Energy Future for America's Colleges and Universities."
Federal Deposit Insurance Corporation
National Rates and Rate Caps – February 2024
February 20, 2024
The Federal Deposition Insurance Corporation released the monthly national rates and rate caps as of February 20, 2024.
Freddie Mac
Perspectives: Freddie Mac Economists Share Expectations for 2024
February 20, 2024
Freddie Mac published a Perspectives article entitled, "Freddie Mac Economists Share Expectations for 2024."
International
European Banking Authority
The EBA consults on the new framework for the business indicator for operational risk as part of the implementation of the EU Banking Package
February 20, 2024
The European Banking Authority launched a consultation on two set of draft Regulatory Technical Standards and one Implementing Technical Standard aiming to clarify the composition of the new business indicator at the heart of the operational risk capital requirements calculation, mapping the business indicator items to financial reporting items and highlighting possible adjustments to the business indicator in case of specific operations.
The EBA consults on amendments to the operational risk Pillar 3 and supervisory reporting requirements to implement the Basel III reforms in the EU
February 20, 2024
The European Banking Authority launched a public consultation on two draft Implementing Technical Standards (ITS) amending Pillar 3 disclosures and supervisory reporting requirements for operational risk.
Bank of England
Ben Broadbent's Annual Report for the Treasury Select Committee
February 20, 2024
Bank of England Deputy Governor Monetary Policy Ben Broadbent gave the annual report to the Treasury Select Committee.
Financial Conduct Authority
Consumer Duty firm survey – Autumn 2023
February 20, 2024
The Financial Conduct Authority released the results of the Consumer Duty firm survey for Autumn 2023.
Consumer Duty implementation: good practice and areas for improvement
February 20, 2024
The Financial Conduct Authority released guidance on good and poor practice in Consumer Duty implementation.
Speech: Consumer Duty: the art of the possible in a year
February 20, 2024
Financial Conduct Authority Executive Director Sheldon Mills gave a speech entitled, "Consumer Duty: the art of the possible in a year," at KPMG.
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.
