Federal Agencies

Federal Reserve Bank of New York

Report: Fed Transparency and Policy Expectation Errors: A Text Analysis Approach

November 26, 2023

The Federal Reserve Bank of New York published a staff report entitled, "Fed Transparency and Policy Expectation Errors: A Text Analysis Approach."

International

European Banking Authority

The EBA consults on new Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes

November 24, 2023

The European Banking Authority launched a public consultation on new Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes.

Bank of England UK Financial Conduct Authority

Update on the Bank of England and FCA Memorandum of Understanding for supervision of market infrastructure

November 23, 2023

The Bank of England and Financial Conduct Authority reviewed the Memorandum of Understanding that provides the framework for their respective supervisory co-operation. The Bank and FCA held a consultation with financial market infrastructures to review their co-operation regarding market infrastructure in 2022

Bank of England

Paper: Moderation or indulgence? Effects of bank distribution restrictions during stress

November 24, 2023

The Bank of England published a staff working paper entitled, "Moderation or indulgence? Effects of bank distribution restrictions during stress."

Bank of England Prudential Regulation Authority

Consultation Paper: Supervisory statement – Prudential assessment of Acquisitions and Increases in Control

November 26, 2023

The Prudential Regulation Authority published a consultation paper entitled, "Supervisory statement – Prudential assessment of acquisitions and increases in control."

UK Financial Conduct Authority

FCA welcomes industry report on fund tokenisation

November 24, 2023

The Financial Conduct Authority (FCA) issued a statement welcoming the Technology Working Group's report on fund tokenization models.

Call for Input: Potential competition impacts from the data asymmetry between Big Tech and firms in financial services

November 24, 2023

The FCA is asking for information on whether the data asymmetry between Big Tech and financial services firms can influence how effectively competition evolves in financial services markets.

Speech: How to flex your organisation's power through culture and conduct

November 23, 2023

FCA Chief Operating Officer Emily Shepperd gave a speech entitled, "How to flex your organisation's power through culture and conduct," at the City & Financial's Culture and Conduct Forum.

Unregulated Buy Now Pay Later firms becoming authorized

November 23, 2023

Prior to the UK leaving the EU, EEA-based firms were able to operate in the UK without FCA direct authorisation. The Temporary Permissions Regime, which allowed EEA firms to continue to operate in the UK while transitioning to the full UK regulatory regime, is coming to an end after three (3) years. The FCA is assessing the last of the firms in the regime for full authorisation, including some firms that offer regulated lending products, but also offer unregulated Buy Now Pay Later products.

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)

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.