Major Developments
Federal Reserve Board
Federal Reserve issues FOMC statement
November 1, 2023
The Federal Open Market Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent.
Federal Agencies
U.S. Department of the Treasury
Treasury's Federal Insurance Office Advances First Insurer Data Call to Assess Climate-Related Financial Risk to Consumers
November 1, 2023
The U.S. Department of the Treasury's Federal Insurance Office (FIO) took a critical next step to proceed with its first-ever data collection from insurers to assess climate-related financial risk to consumers across the United States.
Treasury Borrowing Advisory Committee Meeting – October 2023
November 1, 2023
The Treasury Borrowing Advisory Committee held a meeting on October 31, 2023 and issued a report to the Secretary of the Treasury.
Quarterly Refunding Statement of Assistant Secretary for Financial Markets Josh Frost
November 1, 2023
The U.S. Department of the Treasury is offering $112 billion of Treasury securities to refund approximately $102.2 billion of privately-held Treasury notes maturing on November 15, 2023.
Office of the Comptroller of the Currency
Telephone Consumer Protection Act: Revised Interagency Examination Procedures and Rescissions
November 1, 2023
The Office of the Comptroller of the Currency published the revised interagency examination procedures for the Telephone Consumer Protection Act.
Commercial Lending: Venture Loans to Companies in an Early, Expansion, or Late Stage of Corporate Development
November 1, 2023
The Office of the Comptroller of the Currency issued a bulletin to inform banks about policy guidance that applies to commercial loans to early-, expansion-, and late-stage companies.
Consumer Financial Protection Bureau
CFPB Issues Fast Facts regarding Personal Financial Data Rights Proposed Rule
November 1, 2023
The Consumer Financial Protection Bureau has released a Fast Facts summary of the Personal Financial Data Rights proposed rule.
Blog: Servicemembers continue to face major financial challenges
November 1, 2023
The Consumer Financial Protection Bureau published a blog post entitled, "Servicemembers continue to face major financial challenges."
FINRA
Notice: 2024 and First Quarter of 2025 Report Filing Due Dates
November 1, 2023
FINRA issued an information notice to provide the due dates for Annual Report, Financial and Operational Combined Uniform Single (FOCUS), Form Custody, and supplemental FOCUS Report filings that are due in 2024 or the first quarter of 2025.
National Credit Union Administration
Chairman Harper Emphasizes Allyship to Achieve DEI Goals
November 1, 2023
National Credit Union Administration Chairman Todd M. Harper emphasized the power of allyship to achieve diversity, equity, and inclusion goals during his remarks at the NCUA's 2023 Diversity, Equity, and Inclusion Summit in Washington, D.C.
U.S. Small Business Administration
SBA Takes Step in Expanding Access to Capital and Filling Lending Gaps in Underserved Communities
November 1, 2023
The U.S. Small Business Administration announced that the SBA has granted three new Small Business Lending Company (SBLC) licenses to lenders focused on historically underserved markets – the first expansion of the SBLC program in more than 40 years.
U.S. Department of Housing and Urban Development/Federal Housing Administration
Federal Housing Administration Proposes New Enhancements to Home Equity Conversion Mortgage Program
November 1, 2023
The Federal Housing Administration announced it has posted for industry feedback a set of proposed policy updates to its Home Equity Conversion Mortgage program designed to improve program stability and to respond to changing market conditions.
Freddie Mac
Freddie Mac Announces Third Quarter 2023 Financial Results
November 1, 2023
Freddie Mac reported its Third Quarter 2023 financial results and filed its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission.
Ginnie Mae
Global Markets Analysis Report – October 2023
November 1, 2023
Ginnie Mae published the Global Markets Analysis Report for October 2023.
State Agencies
New York State Department of Financial Services
DFS Updates New York State's Cybersecurity Regulations
November 1, 2023
The New York State Department of Financial Services has amended its cybersecurity regulations to enhance cyber governance, mitigate risks, and protect New York businesses and consumers from cyber threats.
International
UK Financial Conduct Authority
Synthetic Data Expert Group update on progress
November 1, 2023
The Financial Conduct Authority's Synthetic Data Expert Group released an update on its progress towards providing practical synthetic data insights for practitioners and policymakers.
Speech: Consumer Duty: Not once and done
November 1, 2023
Financial Conduct Authority Director of Cross Cutting Policy and Strategy Nisha Arora gave a speech entitled, "Consumer Duty: Not once and done," at Deloitte: Consumer Duty – Next Steps.
Data: FCA and PSR climate and environmental targets and metrics
November 1, 2023
The Financial Conduct Authority and the Payment Systems Regulator issued an update on their climate and environmental targets and metrics.
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.
