Major Developments
Congress
U.S. House of Representatives
Committee on Financial Services
Legislators Send Bicameral Letter to FinCEN on Red-Tape Rule on Small Businesses
December 19, 2023
U.S. House Committee on Financial Services Chair Patrick McHenry (R-NC), Representative Warren Davidson (R-OH), Senator Rick Scott (R-FL), and Senator Mike Rounds (R-SD) led 76 of their colleagues in sending a bicameral letter to Janet Yellen, Secretary of the Treasury, and Andrea Gacki, Director of the Financial Crimes Enforcement Network (FinCEN), requesting a delay in the implementation of new beneficial ownership reporting requirements for small businesses.
Committee on Small Business
Small Business Snapshot – December 2023
December 19, 2023
The U.S. Committee on Small Business published the Small Business Snapshot for December 2023.
Federal Agencies
U.S. Department of the Treasury
Treasury International Capital Data for October
December 19, 2023
The U.S. Department of the Treasury today released Treasury International Capital data for October 2023.
Treasury Publishes Public Input on Draft OECD/G20 Inclusive Framework Pillar One Multilateral Convention Text
December 19, 2023
The U.S. Department of the Treasury published the comments received pursuant to Treasury's request for public input on the draft OECD/G20 Inclusive Framework Multilateral Convention to Implement Amount A of Pillar One and accompanying documents.
Treasury Announces Entry into Force of Income Tax Treaty with Chile
December 19, 2023
The U.S. Department of the Treasury today announced the entry into force of a comprehensive income tax treaty between the United States and Chile.
Statement from Assistant Secretary Latortue on European Bank for Reconstruction and Development's Capital Increase
December 19, 2023
Assistant Secretary for International Trade and Development Alexia Latortue issued a statement on the European Bank for Reconstruction and Development's approval of a €4 billion capital increase.
Federal Reserve Bank of New York
Blog: Dropping Like a Stone: ON RRP Take-up in the Second Half of 2023
December 19, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Dropping Like a Stone: ON RRP Take-up in the Second Half of 2023."
Federal Deposit Insurance Corporation
National Rates and Rate Caps – December 2023
December 19, 2023
The Federal Deposit Insurance Corporation published the monthly national rates and rate cap information as of December 18, 2023
Commodity Futures Trading Commission
CFTC Divisions Issue Staff Advisory on Affiliations Among CFTC-Regulated Entities
December 18, 2023
The Commodity Futures Trading Commission's Divisions of Clearing and Risk, Market Oversight, and Market Participants issued a staff advisory on affiliations between a designated contract market, derivatives clearing organization, or swap execution facility and an intermediary, such as a futures commission merchant, or other market participant, such as a trading entity.
CFTC Approves Two Proposals and a DCO Application
December 18, 2023
The Commodity Futures Trading Commission at its open meeting on December 13 approved two proposed rules: Operational Resilience Framework for Futures Commission Merchants, Swap Dealers, and Major Swap Participants, and Protection of Clearing Member Funds Held by Derivatives Clearing Organizations. The Commission also approved the application of Bitnomial Clearinghouse, LLC for registration as a Derivatives Clearing Organization.
Consumer Financial Protection Bureau
CFPB Issues Report Showing Many Americans Are Surprised by Overdraft Fees
December 19, 2023
The Consumer Financial Protection Bureau (CFPB) issued a new report finding that many consumers are still being hit with unexpected overdraft and nonsufficient fund fees, despite recent changes implemented by banks and credit unions that have eliminated billions of dollars in fees charged each year.
CFPB Report Finds Many College-Sponsored Financial Products Charge High and Unusual Fees
December 19, 2023
The CFPB issued a report highlighting that many college-sponsored financial products have higher fees and worse terms and conditions compared to typical market products.
Freddie Mac
Freddie Mac Multifamily's 2024 Outlook Forecasts Tempered Growth, Increased Volume for Year Ahead
December 19, 2023
Freddie Mac published the 2024 Multifamily Outlook projecting the year ahead will bring positive growth despite continued headwinds for the multifamily industry, and that the long-term forecast for the asset class remains positive.
International
European Commission
EU prolongs tariff suspension for US products related to the steel and aluminium dispute
December 19, 2023
The European Union has announced its decision to extend until 31 March 2025 the suspension of its rebalancing tariffs on US products in the context of the steel and aluminium dispute.
European Banking Authority
The EBA provides guidance on the benchmarking of diversity practices under the Capital Requirements and Investment Firms Directives
December 18, 2023
The European Banking Authority published the final Guidelines on the benchmarking of diversity practices, including diversity policies and gender pay gap, under the Capital Requirements Directive and the Investment Firms Directive.
An increase in the current deposit coverage level of EUR 100,000 would have limited impact on financial stability and depositor protection, an EBA simulation shows
December 18, 2023
The European Banking Authority published a Report on the deposit coverage level and coverage of public authorities' deposits, in response to a call for advice by the European Commission.
Bank of England
Bank of England Prudential Regulation Authority
Financial Conduct Authority
Cyber resilience good practice for firms
December 19, 2023
The Bank of England, Prudential Regulation Authority, and Financial Conduct Authority have published the latest annual CBEST thematic report.
Bank of England
The Bank of England and the CMA agree to a new Memorandum of Understanding to improve collaboration
December 19, 2023
The Bank of England and the Competition and Markets Authority have for the first time agreed to a memorandum of understanding on how the two organizations will work together to help them achieve their statutory objectives.
Speech: Monetary policy as engineering?
December 19, 2023
Bank of England Deputy Governor for Financial Stability Sarah Breeden gave a speech entitled, "Monthly policy as engineering?" at the Institute of International Finance's Talking Policy Series.
Bank of England Prudential Regulation Authority
Policy Statement: Responses to proposed minor amendments in CP8/23, Chapter 11 of CP12/23 and CP22/23
December 19, 2023
The Prudential Regulation Authority published a policy statement entitled, "Responses to proposed minor amendments in CP8/23, Chapter 11 of CP12/23 and CP22/23."
Consultation Paper: Leverage ratio treatment of omnibus account reserves and minor amendments to the leverage ratio framework
December 19, 2023
The Prudential Regulation Authority published a consultation paper entitled, "Leverage ratio treatment of omnibus account reserves and minor amendments to the leverage ratio framework."
Financial Conduct Authority
Expectations of firms selling client banks
December 19, 2023
The Financial Conduct Authority published guidance on its expectations of firms selling client banks.
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.
