Major Developments
Office of the Comptroller of the Currency
Acting Comptroller Discusses the Evolution of Bank Supervision
September 3, 2024
Acting Comptroller of the Currency Michael J. Hsu discussed the evolution of bank supervision during a presentation at the Joint European Banking Authority and European Central Bank International Conference in Frankfurt, Germany.
Congress
U.S. House of Representatives
Committee on Financial Services
HEARING NOTICE: Subcommittees on Digital Assets, Financial Technology and Inclusion & Oversight and Investigations
September 3, 2024
The U.S. House Committee on Financial Services announced the following hearings:
Digital Assets, Financial Technology and Inclusion Subcommittee Hearing Entitled: “Decoding DeFi: Breaking Down the Future of Decentralized Finance”
Time: 10:00 AM ET
Date: Tuesday, September 10, 2024
Place: 2128 Rayburn House Office Building
Oversight and Investigations Subcommittee Hearing Entitled: “The Fall of ESG: Scrutinizing the Failed Use of Environmental, Social, & Governance Standards and the Influence of Proxy Advisors”
Time: 2:00 PM ET
Date: Tuesday, September 10, 2024
Place: 2128 Rayburn House Office Building
Federal Agencies
U.S. Department of the Treasury
New U.S. Department of the Treasury Analysis Shows Growth of Small Business and Entrepreneurship
September 3, 2024
The U.S. Department of the Treasury published a new analysis on small business and entrepreneurship in the post-COVID economic expansion.
Federal Reserve Bank of New York
R-star Estimates Through 2024:Q2
September 3, 2024
The Federal Reserve Bank of New York released the natural rate of interest estimates through Q2 2024.
Blog: Are Professional Forecasters Overconfident?
September 3, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Are Professional Forecasters Overconfident?”
FINRA
Election Notice: Call for Candidates for Upcoming FINRA Regional Committee Elections
September 3, 2024
FINRA issued an election notice to notify member firms of the upcoming nomination and election process to fill vacancies on FINRA’s Regional Committees.
Ginnie Mae
Blog: Expanding the Footprint of Ginnie Mae’s Global Investor Base
September 3, 2024
Ginnie Mae published a Housing Analysis & Policy Spotlight blog post entitled, “Expanding the Footprint of Ginnie Mae’s Global Investor Base.”
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)
- Chair-Designate Christy Goldsmith Romero (nominated June 13, 2024; nomination hearing July 11, 2024)
- 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 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.
