Major Developments
U.S. Department of the Treasury
Remarks by Under Secretary Liang at the Chicago Payments Symposium, Hosted by the Federal Reserve Bank of Chicago on Digital Payments and the Development of New Payments Infrastructure
October 10, 2024
Under Secretary for Domestic Finance Nellie Liang gave remarks at the Chicago Payments Symposium hosted by the Federal Reserve Bank of Chicago.
U.S. Department of Justice
Financial Crimes Enforcement Network
Federal Reserve Board
Office of the Comptroller of the Currency
$3 Billion in Penalties and Fines Assessed Against a Bank that Pleads Guilty to Bank Secrecy Act and Money Laundering Conspiracy Violations
October 10, 2024
TD Bank N.A., the 10th largest bank in the United States, and its parent company TD Bank US Holding Company pleaded guilty and agreed to an aggregate of $3 billion in fines and penalties—$1.8 billion in penalties to the Department of Justice; a $1.3 billion penalty to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and consent to a four-year monitorship; $123.5 million to the Board of Governors of the Federal Reserve System; and $450 million in civil money penalties to the Office of the Comptroller of the Currency and consent to growth-restrictions.
Federal Agencies
Federal Reserve Board
Working Paper: Household Excess Savings and the Transmission of Monetary Policy
October 10, 2024
The Federal Reserve Board published a working paper entitled “Household Excess Savings and the Transmission of Monetary Policy.”
Speech: Entrepreneurs, Innovation, and Participation
October 10, 2024
Federal Reserve Board Governor Lisa D. Cook gave a speech entitled “Entrepreneurs, Innovation, and Participation,” at the 2024 Women for Women Summit in Charleston, South Carolina.
Federal Reserve Bank of New York
Report: Demographic Differences in Letters of Recommendation for Economics Ph.D. Students
October 10, 2024
The Federal Reserve Bank of New York published a staff report entitled “Demographic Differences in Letters of Recommendation for Economics Ph.D. Students.”
Speech: All About Data
October 10, 2024
Federal Reserve Bank of New York President and CEO John C. Williams gave remarks entitled “All About Data,” at Binghamton University.
Blog: A New View of Our Monetary Policy Expectations Surveys
October 10, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “A New View of Our Monetary Policy Expectations Surveys.”
Blog: International Stock Markets’ Reactions to EU Climate Policy Shocks
October 10, 2024
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “International Stock Markets’ Reactions to EU Climate Policy Shocks.”
Statement Regarding the Publication of Policy Expectations Survey Results in Data File Format
October 10, 2024
To increase transparency and usability of its data, the Open Market Trading Desk at the Federal Reserve Bank of New York released select data from the Surveys of Primary Dealers and Market Participants in a data file format.
Federal Reserve Bank of Boston
Speech: Observations on the Economy, and the Vibrancy of Smaller Cities
October 10, 2024
Federal Reserve Bank of Boston President Susan M. Collins gave remarks entitled, “Observations on the Economy, and the Vibrancy of Smaller Cities,” at the Worcester Regional Research Bureau’s 39th Annual Meeting.
Bank Policy Institute
BPI Responds to FDIC’s Proposed Rule Changes on Parent Companies of Industrial Banks and Industrial Loan Companies
October 10, 2024
The Bank Policy Institute commented today on an FDIC proposal to amend its rules governing industrial loan companies and their parent companies.
International
Bank of England
Credit Conditions Survey - 2024 Q3
October 10, 2024
The Bank of England released the Q3 2024 Credit Conditions Survey.
Bank Liabilities Survey - 2024 Q3
October 10, 2024
The Bank of England released the Q3 2024 Bank Liabilities Survey.
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)
- Chair-Designate Christy Goldsmith Romero (nominated June 13, 2024; nomination hearing July 11, 2024)
- 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 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.
