Major Developments
Congress
Federal Agencies
U.S. Department of the Treasury
Treasury Announces Cyber Security Cooperation Memorandum of Understanding with the United Arab Emirates
October 16, 2023
The U.S. Department of the Treasury and the Cyber Security Council of the United Arab Emirates announced the finalization of a bilateral Memorandum of Understanding on Cybersecurity Cooperation during a fireside chat between H.E. Dr. Mohamad Al Kuwaiti, Head of Cyber Security for the UAE Government and Treasury's Deputy Assistant Secretary for the Office of Cybersecurity and Critical Infrastructure Protection Todd Conklin at the Gitex Global Conference in Dubai, UAE.
Remarks By Secretary Yellen at Press Availability with Eurogroup President Pascal Donohoe in Luxembourg, Luxembourg
October 16, 2023
Secretary of the Treasury Janet L. Yellen gave remarks at a press availability with Eurogroup President Pascal Donohoe following a meeting held in Luxembourg.
Remarks by Acting Assistant Secretary Van Nostrand on the Second Phase of the Price Cap on Russian Oil
October 16, 2023
U.S. Department of the Treasury Acting Secretary for Economic Policy Eric Van Nostrand gave remarks at the Brookings Institution on the second phase of the price cap on Russian oil.
Federal Reserve Bank of New York
Federal Reserve Bank of Boston
Paper: Runs and Flights to Safety: Are Stablecoins the New Money Market Funds?
October 16, 2023
The Federal Reserve Banks of New York and Boston published a working paper entitled, "Runs and Flights to Safety: Are Stablecoins the New Money Market Funds?"
Empire State Manufacturing Survey – October 2023
October 16, 2023
The Federal Reserve Bank of New York released the October 2023 Empire State Manufacturing Survey.
Federal Deposit Insurance Corporation
National Rates and Rate Caps – October 2023
October 16, 2023
The Federal Deposit Insurance Corporation released the national rates and rate caps as of October 16, 2023.
Securities and Exchange Commission
SEC Division of Examinations Announces 2024 Priorities
October 16, 2023
The Securities and Exchange Commission's Division of Examinations released its 2024 examination priorities to inform investors and registrants of the key risks, examination topics, and priorities that the Division plans to focus on in the upcoming year.
Commisioner Uyeda's Remarks at the NSCP National Conference
October 16, 2023
Securities and Exchange Commission Commissioner Mark T. Uyeda gave remarks at the National Society of Compliance Professionals National Conference.
FINRA
Proposed Rule Change to Revise the Qualifications for Representatives in Arbitrations and Mediations
October 16, 2023
FINRA has proposed a rule change to amend the Codes of Arbitration Procedure and Code of Mediation Procedure to revise and restate the qualifications for representatives in arbitrations and mediations.
Federal Housing Finance Agency
FHFA Announces Expanded Eligibility for "Rep and Warrant" Relief following COVID-19 Forbearance
October 16, 2023
The Federal Housing Finance Agency announced that it will revise the treatment of active single-family mortgages backed by Fannie Mae and Freddie Mac for which borrowers elected a COVID-19 forbearance under the Enterprises' representations and warranties framework.
Prepared Remarks of FHFA Director Thompson at the 2023 Mortgage Bankers Association Annual Convention & Expo
October 16, 2023
Federal Housing Finance Agency Director Sandra L. Thompson gave remarks at the 2023 Mortgage Bankers Association Annual Convention & Expo.
Fannie Mae
October 2023 Commentary: Jump in Long-Term Interest Rates Expected to Weigh on Economy
October 16, 2023
The Fannie Mae Economic and Strategic Research Group released its October 2023 commentary.
Freddie Mac
Freddie Mac Launches New Tool to Help Millions of Homebuyers Take Advantage of Down Payment Assistance Programs Nationwide
October 16, 2023
Freddie Mac announced it has launched DPA One® to help mortgage lenders quickly find and match borrowers to down payment assistance programs nationwide.
Executive Perspective: Optimizing Loan Quality in a New Market Dynamic
October 16, 2023
Freddie Mac Senior Vice President and Head of Single-Family Acquisitions Division Sonu Mittal published an executive perspective entitled, "Optimizing Loan Quality in a New Market Dynamic."
International
Bank of England Prudential Regulation Authority
Speech: Bank failures
October 16, 2023
Bank of England Deputy Governor for Prudential Regulation and CEO of the Prudential Regulation Authority Sam Woods gave a speech at Mansion House.
UK Financial Conduct Authority
Speech: Collaborate to compete: why we must all embrace a growth mindset
October 16, 2023
Financial Conduct Authority Chief Executive Nikhil Rathi gave a speech entitled, "Collaborate to compete: why we must all embrace a growth mindset."
Consultation Paper Addendum: Rules Relating to Securitisation
October 16, 2023
The Financial Conduct Authority published an addendum to its August 7 consultation paper on rules relating to securitization.
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.
