Federal Agencies
U.S. Department of the Treasury
U.S. Department of the Treasury, Consumer Financial Protection Bureau, and Federal Trade Commission Announce Steps to Protect Residential Solar Consumers, Ensure Access to Credit
August 7, 2024
The U.S. Department of the Treasury, the Consumer Financial Protection Bureau, and the Federal Trade Commission announced actions to address unfair and deceptive consumer acts and practices in the residential solar power sector.
U.S. Department of the Treasury Releases New Data on American Consumer Energy Savings Under Inflation Reduction Act
August 7, 2024
The U.S. Department of the Treasury released new data from the IRS and new analysis by the Office of Economic Policy showing that more than 3.4 million American families benefitted from $8.4 billion in tax credits to lower the costs of clean energy and energy efficiency upgrades to their homes during 2023.
Deputy Secretary Adeyemo Meets with the Leadership of the Federal Home Loan Banks and Federal Housing Finance Agency to Address Housing Supply and Affordability
August 6, 2024
Deputy Secretary of the Treasury Wally Adeyemo met with the leadership of the 11 Federal Home Loan Banks (FHLBs) and the Director of the Federal Housing Finance Agency (FHFA), Sandra Thompson, to discuss what steps the FHLBs can take to better support the development of affordable housing.
Federal Reserve Board
G.19 Consumer Credit – Q2 2024
August 7, 2024
The Federal Reserve Board released the G.19 consumer credit data for Q2 2024.
Federal Reserve Bank of New York
Regulating Decentralized Systems: Evidence from Sanctions on Tornado Cash
August 7, 2024
The Federal Reserve Bank of New York published a staff report entitled, “Regulating Decentralized Systems: Evidence from Sanctions on Tornado Cash.”
Article: The Federal Reserve’s Standing Liquidity Facilities
August 7, 2024
The Federal Reserve Bank of New York published a The Teller Window article entitled, “The Federal Reserve’s Standing Liquidity Facilities.”
Blog: The Anatomy of Labor Demand Pre‑ and Post‑COVID
August 7, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “The Anatomy of Labor Demand Pre‑ and Post‑COVID.”
Consumer Financial Protection Bureau
CFPB Report on Solar Energy Loans
August 7, 2024
The Consumer Financial Protection Bureau (CFPB) issued an issue spotlight discussing residential solar lending practices related to terms and costs of loans, statements related to energy savings, and charging fees.
Fannie Mae
Frustration Evident in Consumer Housing Sentiment
August 7, 2024
The Fannie Mae Home Purchase Sentiment Index® (HPSI) decreased 1.1 points in July to 71.5, as an overall lack of affordability continues to hamstring consumer sentiment toward the housing market.
International
European Banking Authority
The EBA publishes results from its first fact finding exercise on creditworthiness assessment practices of non-bank lenders
August 7, 2024
The European Banking Authority published the results of a fact finding exercise on the creditworthiness assessment practices of non-bank lenders.
ESAs' Joint Board of Appeal dismisses appeal by Euroins Insurance Group AD against the European Insurance and Occupational Pensions Authority
August 7, 2024
The Joint Board of Appeal (“The Board”) of the European Supervisory Authorities (ESAs) – the (the EBA, ESMA, EIOPA), unanimously decided that the appeal brought by Euroins Insurance Group AD (“Euroins”) against the European Insurance and Occupational Pensions Authority (EIOPA) is inadmissible.
Bank of England
Financial Conduct Authority
Bank of England and Financial Conduct Authority – Memorandum of Understanding on the supervision of Financial Market Infrastructures
August 7, 2024
The Bank of England and the Financial Conduct Authority issued a joint statement regarding the Memorandum of Understanding on the supervision of financial market infrastructures.
Bank of England
Bank Overground: Why do UK companies raise market-based finance debt?
August 7, 2024
The Bank of England published a Bank Overground article entitled, “Why do UK companies raise market-based finance debt?”
Financial Conduct Authority
FCA helps improve crypto firms’ compliance with new marketing rules
August 7, 2024
The Financial Conduct Authority recently reviewed several crypto firms’ compliance with certain financial promotion rules designed to help people better understand the risks of investing in crypto.
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) (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.
