Federal Agencies
U.S. Department of the Treasury
Treasury Department Announces Disbursement of $20 Billion Loan to Benefit Ukraine, To Be Repaid with Proceeds Earned from Immobilized Russian Sovereign Assets
December 10, 2024
The United States Department of the Treasury is announcing the disbursement of $20 billion for the benefit of Ukraine, as part of the $50 billion G7 Extraordinary Revenue Acceleration (ERA) Loans initiative.
Joint Statement on the EU-U.S. Joint Financial Regulatory Forum
December 10, 2024
The EU-U.S. Joint Financial Regulatory Forum took place on December 4-5, 2024, with participants exchanging views on topics of mutual interest as part of their regular financial regulatory dialogue. The dialogue was co-chaired by the U.S. Department of the Treasury and the European Commission.
Conference of State Bank Supervisors
Blog: Fed’s Discount Window Improvements Will Help Its Use
December 10, 2024
The Conference of State Bank Supervisors published a blog post entitled “Fed’s Discount Window Improvements Will Help Its Use.”
Securities and Exchange Commission
Remarks Before the Investor Advisory Committee
December 10, 2024
Securities and Exchange Commission Chair Gary Gensler, Commissioner Hester M. Peirce and Commissioner Mark T. Uyeda gave remarks before the Investor Advisory Committee.
Remarks before the 2024 AICPA & CIMA Conference on Current SEC and PCAOB Developments
December 9, 2024
Securities and Exchange Commission Chief Accountant Paul Munter gave remarks entitled “Accounting Matters,” before the 2024 AIPCA & CIMA Conference on Current SEC and PCAOB Developments.
Commodity Futures Trading Commission
Statements Before Market Risk Advisory Committee
December 10, 2024
Commodity Futures Trading Commission Commissioners Kristin N. Johnson and Christy Goldsmith Romero gave opening statements before the Market Risk Advisory Committee meeting.
Consumer Financial Protection Bureau
Semi-Annual Report of the Consumer Financial Protection Bureau
December 10, 2024
The Consumer Financial Protection Bureau published its Semi-Annual Report to Congress for the period beginning October 1, 2023 and ending March 31, 2024.
National Credit Union Administration
Letter: Consumer Harm Stemming from Certain Overdraft and Non-Sufficient Funds Fee Practices
December 10, 2024
The National Credit Union Administration sent a letter to all federal insured credit unions on consumer harm stemming from certain overdraft and non-sufficient funds fee practices.
International
European Banking Authority
ESAs provide Guidelines to facilitate consistency in the regulatory classification of crypto-assets by industry and supervisors
December 10, 2024
The three European Supervisory Authorities (EBA, EIOPA and ESMA – collectively, the ESAs) published joint Guidelines intended to facilitate consistency in the regulatory classification of crypto-assets under MiCAR.
Financial Conduct Authority
FCA’s response to Treasury remit letter 2024
December 10, 2024
The Financial Conduct Authority sent a letter to Chancellor of the Exchequer Rachel Reeves in response to Treasury’s 2024 remit letter.
Mortgage Charter uptake data - December 2024
December 10, 2024
The Financial Conduct Authority released the Mortgage Charter uptake data for December 2024.
Mortgage lending statistics - December 2024
December 10, 2024
The Financial Conduct Authority released the mortgage lending statistics for December 2024.
Administration Changes
Vacancies
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Scott Bessent (nominated November 2024); 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 (resigning effective January 19, 2025)
- 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 – Paul Atkins (nominated December 2024); Gary Gensler (resigning January 20, 2025)
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 – Kelly Loeffler (nominated December 2024); Isabella Casillas Guzman (effective March 16, 2021)
U.S. Department of Housing and Urban Development – Scott Turner (nominated November 2024); Marcia Fudge (resigned March 11, 2024, effective March 22, 2024)
Federal Housing Finance Agency – Sandra L. Thompson (effective June 22, 2022)
U.S. Department of Education – Linda McMahon (nominated November 2024); 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
