PH FedACTion: Financial Regulatory Updates
Tuesday June 18, 2024
Congress
U.S. House of Representatives
Committee on Small Business
Small Business Snapshot – June 2024
June 17, 2024
The U.S. Committee on Small Business released the Small Business Snapshot for June 2024.
Federal Agencies
U.S. Department of the Treasury
United States’ Notification of Suspension, By Mutual Agreement, of the 1992 Tax Convention with Russia
June 17, 2024
The U.S. Department of the Treasury today announced that the United States has provided formal notice to the Russian Federation to confirm the suspension of the operation of Paragraph 4 of Article 1 and Articles 5-21 and 23 of the Convention between the United States of America and the Russian Federation for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital, signed at Washington, June 17, 1992 (the “Convention”), as well as the operation of its accompanying Protocol, by mutual agreement.
U.S. Department of the Treasury, IRS Announce New Initiative to Close Loopholes, Ensure Wealthiest Taxpayers Pay What They Owe
June 17, 2024
The U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) announced a new regulatory initiative to close a major tax loophole exploited by large, complex partnerships.
Federal Reserve Bank of New York
2024 Governance and Culture Reform Conference: The Elements of Accountability
June 17, 2024
The Federal Reserve Bank of New York published a The Teller Window article entitled, “2024 Governance and Culture Reform Conference: The Elements of Accountability.”
Empire State Manufacturing Survey – June 2024
June 17, 2024
The Federal Reserve Bank of New York released the results of the June 2024 Empire State Manufacturing Survey.
Blog: Nonbanks Are Growing but Their Growth Is Heavily Supported by Banks
June 17, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Nonbanks Are Growing but Their Growth Is Heavily Supported by Banks.”
Federal Reserve Bank of Boston
Speech: Innovation in the Financial System
June 17, 2024
Federal Reserve Governor Michelle W. Bowman gave a speech entitled, “Innovation in the Financial System,” at The Salzburg Global Seminar on Financial Technology Innovation, Social Impact, and Regulation: Do We Need New Paradigms?, Salzburg, Austria.
Speech: Lessons from the American Economic Association Summer Program
June 17, 2024
Federal Reserve Governor Lisa D. Cook gave a speech entitled, “Lessons from the American Economic Association Summer Program,” at Celebrating 50 Years of the American Economic Association Summer Program, Washington, D.C.
Working Paper: A Faster Convergence of Shelter Prices and Market Rent: Implications for Inflation
June 17, 2024
The Federal Reserve Bank of Boston published a Current Policy Perspectives working paper entitled, “A Faster Convergence of Shelter Prices and Market Rent: Implications for Inflation.”
Conference of State Bank Supervisors
Comment Letter: FDIC Needs Clearer, More Transparent Bank Merger Policy Proposal
June 17, 2024
The Conference of State Bank Supervisors submitted a comment letter to the Federal Deposit Insurance Corporation regarding the FDIC’s proposed bank merger policy proposal.
Office of the Comptroller of the Currency
Home Mortgage Disclosure Act: FFIEC’s 2024 'A Guide to HMDA Reporting: Getting It Right!'
June 17, 2024
The Office of the Comptroller of the Currency announced the issuance of the Federal Financial Institutions Examination Council’s revised “A Guide to HMDA Reporting: Getting it Right!”
National Credit Union Administration
NCUA Releases Q1 2024 State-Level Credit Union Data Report
June 17, 2024
The National Credit Union Administration released the Q1 2024 Quarterly U.S. Map Review.
Freddie Mac
Freddie Mac Multifamily to Offer Social Bonds Issuance Supporting Housing for Individuals with Intellectual and Developmental Disabilities
June 17, 2024
Freddie Mac Multifamily announced that it will soon go to market with the issuance of $186 million in Social Bonds supporting 641 rental homes for individuals with intellectual and developmental disabilities across 26 states.
State Agencies
New York State Department of Financial Services
DFS Proposes Artificial Intelligence Guidance to Combat Discrimination
June 17, 2024
The New York State Department of Financial Services issued for public comment a proposed circular letter addressing the use of artificial intelligence by licensed insurers.
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.
