Major Developments
Minutes of the Federal Open Market Committee, November 6-7, 2024
November 26, 2024
The Federal Reserve on Tuesday released the minutes of the Federal Open Market Committee meeting that was held on November 6–7, 2024.
Federal Agencies
U.S. Department of the Treasury
OFR Brief: Crypto Exposure and Household Financial Conditions
November 26, 2024
The Office of Financial Research published a brief entitled, “Crypto Exposure and Household Financial Conditions.”
Federal Reserve Board
Working Paper: Revisiting Risky Money
November 26, 2024
The Federal Reserve Board published a working paper entitled, “Revisiting Risky Money.”
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Federal Reserve Bank of New York
Report: The Long-Term Rise of Labor Market Detachment: Evidence from Local Labor Markets
November 26, 2024
The Federal Reserve Bank of New York published a blog post entitled, “The Long-Term Rise of Labor Market Detachment: Evidence from Local Labor Markets.”
Statement Regarding Updated Indicative Data for the Secured Overnight Financing Rate (SOFR)
November 26, 2024
The Federal Reserve Bank of New York (New York Fed) released an extension of its time series of indicative SOFR rates and volumes through November 21, 2024.
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Federal Deposit Insurance Corporation
Working Paper: Agricultural Lending, Insurance, and Implications of Climate Change
November 26, 2024
The Federal Deposit Insurance Corporation published a working paper entitled, “Agricultural Lending, Insurance, and Implications of Climate Change.”
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Consumer Financial Protection Bureau
Report: An analysis of the first seven months of the federal student loan return to repayment
November 26, 2024
The Consumer Financial Protection Bureau’s Office of Research published a report entitled, “An analysis of the first seven months of the federal student loan return to repayment.”
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Fannie Mae
Fannie Mae Releases October 2024 Monthly Summary
November 26, 2024
Fannie Mae’s October 2024 Monthly Summary is now available.
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Freddie Mac
Freddie Mac Issues Monthly Volume Summary for October 2024
November 26, 2024
Freddie Mac posted to its website its Monthly Volume Summary for October 2024, which provides information on Freddie Mac’s mortgage-related portfolios, securities issuance, risk management, delinquencies, debt activities and other investments.
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Bank Policy Institute
Blog: A Challenge for the Next Treasury Secretary: Liquidity in U.S. Fixed Income Markets and Particularly the Treasury Market
November 26, 2024
The Bank Policy Institute published a blog post entitled, “A Challenge for the Next Treasury Secretary: Liquidity in U.S. Fixed Income Markets and Particularly the Treasury Market.”
One-Pager: Screen Scraping: What Is It and How Does It Work?
November 26, 2024
The Bank Policy Institute published a one-page entitled, “Screen Scraping: What Is It and How Does It Work?”
International
European Commission
First European Semester Autumn Package under new economic governance framework sets out path for sound public finances and sustainable and inclusive growth
November 25, 2024
The Commission has presented the first European Semester Autumn Package since the ambitious and comprehensive reform of the EU's new economic governance framework entered into force in April 2024.
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Bank of England Prudential Regulation Authority
Financial Conduct Authority
PRA and FCA publish consultation on pay for senior bankers
November 26, 2024
The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have set out plans to reduce the restrictions on bonuses of senior bankers.
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Financial Conduct Authority
FCA finds crypto ownership continues to rise as it delivers plans to regulate crypto
November 26, 2024
According to the Financial Conduct Authority’s latest research on consumer attitudes and behaviors towards crypto, 12% of UK adults now own crypto, up from 10% in previous findings. The FCA also published guidance on cryptoasset financial promotions and fiat-to-crypto on/off ramp services along with a blog post on its crypto policy development.
Speech: Setting the foundations for our future strategy
November 26, 2024
Financial Conduct Authority Chief Operating Officer Emily Shepperd gave a speech entitled, “Setting the foundations for our future strategy,” at the TheCityUK National Conference in Birmingham.
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 (resigning effective January 19, 2025)
- 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 (resigning January 20, 2025)
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 – Scott Turner (nominated); Marcia Fudge (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
