Source: US State of New York Federal Reserve
The Federal Reserve Board on Thursday announced the approval of the reappointment of 12 Federal Reserve Bank presidents and 11 first vice presidents, as previously made by their respective boards of directors.1 Each individual has been approved to serve a new five-year term beginning March 1, 2021.
Under section 4 of the Federal Reserve Act, all Reserve Bank presidents and first vice presidents serve five-year terms that expire at the end of February in years ending in 1 or 6. Presidents and first vice presidents who take office in intervening years are initially appointed for the remainder of the current term. Class B and C Reserve Bank directors who are not affiliated with a supervised entity are eligible to vote on appointment and subsequent reappointment actions for presidents and first vice presidents.
Requiem for a President
Thus the impossible dream ends for some… and the impossible nightmare ends for others.
His term opened with anti-Trump protests in the streets. His term closed with pro-Trump protests in the Capitol.
How did we arrive at this pass? Today we reflect upon the strange presidency of Donald J. Trump.
Despite all odds… and all hell’s angels… he was crowned 45th president of the United States four years ago today.
With incomparable swagger and swashbuckle, he barreled into Washington; a berserker, a barbarian crashing the gates of Rome.
Has a previous United States president ever babbled with a Queens accent? Has a previous United States president ever battled in Wrestlemania? Has a previous United States president ever bathed his steak in ketchup?
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As LenderLaw Watch previously reported, the Office of the Comptroller of the Currency (OCC) issued its final rule on the True Lender doctrine in October 2020, addressing ambiguity in federal law and establishing that a national bank is the “true lender” of a loan when, as of the date of origination, (1) the bank is named as the lender to the loan agreement or (2) the bank funds the loan. This final “True Lender” rule, otherwise known as the
Madden fix, encourages lending partnerships between banks and non-banks, including FinTechs. The rule went into effect in December 2020.
On December 27, 2020, the President signed into law the Consolidated Appropriations Act, 2021.
1 Title X of Division N of that law ( Title X ) contains several provisions that change the authority of the Board of Governors of the Federal Reserve System (the Federal Reserve ) to extend credit or purchase assets under Section 13(3) of the Federal Reserve Act (the FRA ).
2 This provision was inserted into the bill by Senator Patrick Toomey of Pennsylvania, who believed that the Federal Reserve s programs initiated under Section 13(3) and funded under the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act )
3 should be permanently discontinued and made unable to be restarted.
Glenn H. Hutchins steps down from New York Fed Board of Directors
NEW YORK, NY (January 11, 2021) The Federal Reserve Bank of New York today announced that Glenn H. Hutchins, has stepped down from its Board of Directors effective January 8, 2021. Mr. Hutchins is chairman of North Island, co-founder of Silver Lake, and co-chairman of the Brookings Institution and CARE.
Mr. Hutchins joined the Board in September 2011 as a Class B director. He served as chair of the Board’s Audit and Risk Committee for nine years, and also served as co-chair of the Board’s search committee for the Bank’s president and CEO, John C. Williams.