Major Developments
Treasury Unveils New CFIUS Enforcement Website to Provide Further Clarity and Transparency Regarding CFIUS Penalties and Other Enforcement Actions
August 15, 2024
The U.S. Department of the Treasury updated the CFIUS website to share more details and guidance with the public and the investing community about how CFIUS approaches compliance and enforcement, as well as a list of its penalty actions.
Congress
U.S. House of Representatives
Committee on Financial Services
McHenry Sends Letter to CFPB Regarding Proposed Rule to Exclude Medical Debt From Credit Reports
August 15, 2024
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), sent a comment letter to Consumer Financial Protection Bureau Director Rohit Chopra with Financial Services Committee Republicans questioning the CFPB’s Notice of Proposed Rulemaking (NPRM) regarding the agency’s proposal to prevent the consideration of medical debt when constructing credit reports.
Committee on Small Business
Small Business Snapshot – August 2024
August 15, 2024
The U.S. House Committee on Small Business released the August 2024 Small Business Snapshot.
Federal Agencies
Federal Reserve Bank of New York
Empire State Manufacturing Survey – August 2024
August 15, 2024
The Federal Research Bank of New York published the August 2024 Empire State Manufacturing Survey.
Office of the Comptroller of the Currency
Bank Accounting Advisory Series Updated
August 15, 2024
The Office of the Comptroller of the Currency released its annual update to the Bank Accounting Advisory Series.
Financial Crimes Enforcement Network
FinCEN Deputy Director’s Travel to Houston, TX Area for Beneficial Ownership Outreach Events with Members of Congress
August 15, 2024
Deputy Director of the Financial Crimes Enforcement Network (FinCEN) Jimmy Kirby participated in two beneficial ownership reporting outreach events in the Houston, Texas area.
U.S. Small Business Administration
SBA Announces Agreement with Indian Government to Promote American Small Businesses Internationally
August 15, 2024
The U.S. Small Business Administration announced a new memorandum of understanding (MOU) between the SBA and the Republic of India’s Ministry of Micro, Small and Medium Enterprises (MSMEs) to strengthen the two countries’ joint work to promote MSME participation in the global marketplace.
Fannie Mae
Paper: Commercial to Residential Conversions: A Review of Current Research
August 15, 2024
Fannie Mae published a research paper entitled, “Commercial to Residential Conversions: A Review of Current Research.”
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.
