PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, January 20 2024
January 20, 2024
FedACTion Task Force
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Federal Agencies
U.S. Department of the Treasury
Treasury International Capital Data for November
January 19, 2024
The U.S. Department of the Treasury released Treasury International Capital (TIC) data for November 2023. The next release, which will report on data for December 2023, is scheduled for February 15, 2024.
U.S. Department of the Treasury, IRS Release Guidance to Build out U.S. Clean Vehicle Charging Infrastructure
January 19, 2024
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) released additional guidance under the Inflation Reduction Act (IRA) on eligibility for incentives to install electric vehicle charging stations and other alternative fuel refueling stations.
READOUT: Third Meeting of the Financial Working Group Between the United States and the People's Republic of China
January 19, 2024
The United States and the People's Republic of China held the third meeting of the Financial Working Group (FWG) on January 18-19.
Federal Reserve Board
Paper: Government-Sponsored Mortgage Securitization and Financial Crises
January 19, 2024
The Federal Reserve Board published a working paper entitled, "Government-Sponsored Mortgage Securitization and Financial Crises."
Federal Reserve Bank of New York
Article: The Future of the Treasury Cash Market in Focus at the 2023 U.S. Treasury Market Conference
January 19, 2024
The Federal Reserve Bank of New York published a The Teller Window article entitled, "The Future of the Treasury Cash Market in Focus at the 2023 U.S. Treasury Market Conference."
Federal Reserve Bank of Boston
Paper: Report on the Potential Impacts of Property Tax Abatement on Rental Housing Construction in Boston
The Federal Reserve Bank of Boston's Research Department published a working paper entitled, "Report on the Potential Impacts of Property Tax Abatement on Rental Housing Construction in Boston."
Conference of State Bank Supervisors
Speech: The Critical Role of the Dual-Banking System
January 19, 2024
Conference of State Bank Supervisors President and CEO Brandon Milhorn gave a keynote speech entitled, "The Critical Role of the Dual-Banking System," at the American Bar Association Banking Law Committee.
Securities and Exchange Commission
Staff Statement on Rule 6c-11(c)(1)(i)(C) Regarding Description of Foreign Currency Holdings
January 19, 2024
The Securities and Exchange Commission's Division of Investment Management staff issued a statement regarding exchange-traded funds' disclosure of foreign currency holdings on their website as needed to comply with the daily portfolio holdings disclosure requirements of Rule 6c-11 under the Investment Company Act of 1940.
National Credit Union Administration
Letter: Federal Credit Union Operating Fee Schedule for 2024
January 19, 2024
The National Credit Union Administration issued a Regulation and Supervision letter to federal credit union Boards of Directors and Chief Executive Officers regarding the federal credit union operating fee schedule for 2024.
Federal Housing Finance Agency
Prudential Management and Operations Standards Amendments Final Rule
January 19, 2024
The Federal Housing Finance Agency issued a final rule regarding prudential management and operations standard amendments.
International
Bank of England
Paper: Principles and techniques to resolve large banks whose failure could have systemic consequences
January 19, 2024
The Bank of England published a staff working paper entitled, "Principles and techniques to resolve large banks whose failure could have systemic consequences."
Paper: Quantitative easing and the functioning of the gilt repo market
January 19, 2024
The Bank of England published a staff working paper entitled, "Quantitative easing and the functioning of the gilt repo market."
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.