Main developments
federal agency
Federal Reserve Board
Working paper: On the impact of severe physical hazards on GDP
February 9, 2024
The Federal Reserve Board of Governors of the United States released a research report titled “On the GDP Impact of Serious Physical Hazards.''
Council of State Bank Supervisors
Blog: Why the FDIC should withdraw its corporate governance and risk management proposals
February 9, 2024
The Conference of State Bank Supervisors published a blog post titled “Why the FDIC should withdraw its corporate governance and risk management proposals.”
finra
Investor Insight: Subordination Agreements: Understanding the Risks
February 9, 2024
FINRA has issued an Investor Insights alert titled “Subordination Arrangements: Understanding the Risks.”
Bank Policy Research Institute
To promote bank safety and effective governance, bank directors must be able to perform their duties
February 9, 2024
The Bank Policy Institute and the American Bank Directors Association sent comment letters to the Federal Deposit Insurance Corporation regarding the proposed corporate governance and risk governance guidelines.
Blog: Distributed Ledger Technology: Strengthening Current Regulatory Approaches
February 9, 2024
The Bank Policy Institute published a blog post titled “Distributed Ledger Technology: Enhancing Current Regulatory Approaches.”
International
bank of england
Working Paper: Beyond Borders, Beyond Limits: A Nonlinear Framework for the International Yield Curve
February 9, 2024
The Bank of England has published a working paper entitled 'Beyond borders, beyond limits: a non-linear framework for the international yield curve'.
Working Paper: A Competitive Model for the Bank of England's Liquidity Auction: The True Bid Is a Good Approximation
February 9, 2024
The Bank of England has published a research paper entitled “Competitive Models for the Bank of England's Liquidity Auctions: The True Bid is a Good Approximation''.
Working paper: Global value chains and the dynamics of UK inflation
February 9, 2024
The Bank of England has published a research report entitled 'Global Value Chains and the Dynamics of UK Inflation'.
Financial Conduct Authority
GAP Insurance Company agrees to cease sales following FCA concerns over fair value
February 9, 2024
The Financial Conduct Authority has announced that several insurers have agreed to suspend the sale of asset-backed insurance following a request from the FCA.
Blog: Changing the brakes on financial crime requires a collective push
February 9, 2024
The head of the Financial Conduct Authority published a blog post entitled 'Changing the dial on financial crime requires a collective push'.
Management change
vacancy
Office of the Comptroller of the Currency
- Comptroller – Vacancy (Michael Hsu will serve as Acting Comptroller)
Reservation/confirmation hearing
US Treasury – Janet Yellen (effective January 26, 2021)
Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)
- Vice-Chairman Philip N. Jefferson (sworn in on September 13, 2023)
- Michael Barr Vice Chair for Oversight (sworn in on July 19, 2022)
- Governor Michelle W. Bowman (sworn in on November 26, 2018)
- Governor Christopher J. Waller (sworn in on December 18, 2020)
- Governor Lisa D. Cook (sworn in September 13, 2022)
- Governor Adriana D. Kugler (sworn in on 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 Grünberg (effective January 5, 2023)
- Vice President Travis Hill (sworn in on January 5, 2023)
- Director Jonathan McKernan (sworn in on January 5, 2023)
- Director Michael Hsu (Deputy of the Office of the Comptroller of the Currency)
- Rohit Chopra (Director of Consumer Financial Protection Bureau)
Office of the Comptroller of the Currency – Michael Hsu (Assistant Auditor, 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 Management Bureau – Todd M. Harper (effective January 20, 2021)
Small and Medium Enterprise Agency – Isabela Casillas Guzman (effective March 16, 2021)
U.S. Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)
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 alert
click here Continue reading the coronavirus series
Law/Legal updates
click here To view the full text of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), please visit Effective March 27, 2020.
click here To view the full text of the Paycheck Protection Program Increase Act of 2020, please visit Effective April 24, 2020.
click here To view the full text of the Paycheck Protection Program Flexibility Act of 2020, please visit Effective June 5, 2020.
click here To view the full text of Consolidated Appropriations Act of 2021; Effective December 27, 2020.
click here To view the full text of the 2021 American Rescue Plan, please visit Effective March 11, 2021.
click here To view the full text of the PPP Extension Act of 2021, please visit Effective March 30, 2021.
Click here to view the latest list of proposed bills Awards from the Senate Banking, Housing and Urban Affairs Committee, the Senate Small Business and Entrepreneurship Committee, the House Financial Services Committee, and the House Small Business Committee.
