Federal Agencies
Federal Reserve Bank of New York
Blog: When Are Central Bank Reserves Ample?
August 13, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “When Are Central Bank Reserves Ample?”
Federal Deposit Insurance Corporation
FDIC Quarterly Report Provides Insight Into Potential Challenges for U.S. Metro Areas That Rely on Key Industries With the Possibility of Transition
August 13, 2024
The Federal Deposit Insurance Corporation published the FDIC Quarterly Report entitled, “U.S. Industrial Transition and Its Effect on Metro Areas and Community Banks.”
Qualified Professional Asset Manager (QPAM) Exemption Amendment
August 13, 2024
The Federal Deposit Insurance Corporation issued a financial institution letter to notify FDIC-supervised institutions of an amendment of the U.S. Department of Labor’s (DOL) Prohibited Transaction Class Exemption rule (PTE 84-14) for Qualified Professional Asset Manager (QPAM) exemptions.
Consumer Financial Protection Bureau
CFPB Takes Action to Stop Contract-for-Deed Investors from Setting Borrowers Up to Fail
August 13, 2024
The Consumer Financial Protection Bureau released an advisory opinion and research report on a form of home-seller financing that is often referred to as “contract for deed”.
Federal Housing Finance Agency
FHFA Issues Joint Rulemaking on Financial Data Transparency Act Data Standards
August 13, 2024
The Federal Housing Finance Agency joined eight other agencies to announce that it is seeking comment on a proposed rule to establish data standards for certain information collected by financial regulatory agencies.
Bank Policy Institute
Blog: How Should Banks Manage Climate Transition Risk?
August 13, 2024
The Bank Policy Institute published a blog post entitled, “How Should Banks Manage Climate Transition Risk?”
State Agencies
California Department of Financial Protection and Innovation
2024 Report on Banks and Credit Unions Fee Income from NSF and Overdraft Charges
August 13, 2024
The California Department of Financial Protection and Innovation published the 2024 Report on Banks and Credit Unions Fee Income from NSF and Overdraft Charges.
International
European Banking Authority
The EBA sets 2025 priorities for resolution authorities and reports on the progress achieved in 2023
August 13, 2024
The European Banking Authority published its European Resolution Examination Programme (EREP) Report.
The EBA publishes final draft technical standards on market risk as part of its roadmap for the implementation of the Banking Package in the EU
August 13, 2024
The European Banking Authority published final amendments to its Regulatory Technical Standards (RTS) on the fundamental review of the trading book.
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)
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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.
