Major Developments
Financial Crimes Enforcement Network
FinCEN Proposes Rule to Combat Illicit Finance and National Security Threats in Investment Adviser Sector
February 13, 2024
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking to keep criminals and foreign adversaries from exploiting the U.S. financial system and assets through investment advisers.
Federal Agencies
Federal Reserve Board
Working Paper: Land development and frictions to housing supply over the business cycle
February 13, 2024
The Federal Reserve Board published a working paper entitled, "Land development and frictions to housing supply over the business cycle."
Federal Reserve Bank of Boston
Employment dropped for all during COVID-19, but who was hurt the most?
February 13, 2024
The Federal Reserve Bank of Boston published a research brief entitled, "COVID-19 amplified gender disparities, hurting employment most for mothers and women of color."
Office of the Comptroller of the Currency
Acting Comptroller Discusses Appraisal Bias
February 13, 2024
Acting Comptroller of the Currency Michael J. Hsu discussed the importance of eliminating appraisal bias in the financial industry in remarks at an Appraisal Subcommittee Hearing.
Commodity Futures Trading Commission
CFTC Holds Energy and Environmental Markets Advisory Committee Meeting
February 13, 2024
The Commodity Futures Trading Commission's Energy and Environmental Markets Advisory Committee held a meeting on February 13, 2024.
Financial Crimes Enforcement Network
FinCEN Sees Increase in BSA Reporting Involving the Use of Convertible Virtual Currency for Online Child Sexual Exploitation and Human Trafficking
February 13, 2024
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis reflecting an increase in Bank Secrecy Act reporting associated with the use of convertible virtual currency and online child sexual exploitation and human trafficking.
Federal Housing Finance Agency
Foreclosure Prevention, Refinance, and Federal Property Manager's Report - November 2023
February 13, 2024
The Federal Housing Finance Agency published the Foreclosure Prevention, Refinance, and Federal Property Manager's Report for November 2023.
International
Bank of England
Minutes of Money Market Committee meeting – December 2023
February 13, 2024
The Bank of England released the minutes of the Money Market Committee meeting held December 6, 2023.
Financial Conduct Authority
Data: FCA Authorisations operating service metrics 2023/24 Q3
February 13, 2024
The Financial Conduct Authority released the authorisations metrics for October to December 2023.
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.
