Major Developments
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Agencies extend comment period on proposed large bank capital requirements
October 20, 2023
The Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency are extending until January 16, 2024, the comment period on their large bank capital proposal to increase the strength and resilience of the banking system.
Federal Reserve Board
Financial Stability Report – October 2023
October 20, 2023
The Federal Reserve Board published its Financial Stability Report for October 2023.
Federal Reserve Board launches data collection to gather more information from the banks affected by the large bank capital proposal
October 20, 2023
The Federal Reserve Board launched a data collection to gather more information from the banks affected by the large bank capital proposal it announced earlier this year.
Federal Reserve Bank of New York
Nowcast – Week of October 20, 2023
October 20, 2023
The Federal Reserve Bank of New York staff released the Nowcast for the week of October 20, 2023.
Federal Reserve Bank of Boston
Paper: The Aggregate Effects of Sectoral Shocks in an Open Economy
October 20, 2023
The Federal Reserve Bank of Boston Research Department published a working paper entitled, "The Aggregate Effects of Sectoral Shocks in an Open Economy."
Consumer Financial Protection Bureau
Prepared Remarks of Deputy Director Martinez at The Greenlining Institute's 2023 Just Future Summit
October 20, 2023
Consumer Financial Protection Bureau Deputy Director Zixta Martinez gave remarks at The Greenling Institute's 2023 Just Future Summit.
Report of the CFPB Education Loan Ombudsman
October 20, 2023
The Consumer Financial Protection Bureau Education Loan Ombudsman published a report analyzing student loan complaints from September 1, 2022 – August 31, 2023.
Financial Crimes Enforcement Network
FinCEN Renews and Expands Real Estate Geographic Targeting Orders
October 20, 2023
The Financial Crimes Enforcement Network announced the renewal and expansion of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind companies used in non-financed purchases of residential real estate.
FinCEN Issues Alert to Financial Institutions to Counter Financing to Hamas and Its Terrorist Activities
October 20, 2023
The Financial Crimes Enforcement Network issued an alert to assist financial institutions in identifying funding streams for the terrorist organization Hamas in response to Hamas's terrorist attack on the people of Israel.
Federal Housing Finance Agency
Blog: Recapping FHFA's Inaugural TechSprint
October 20, 2023
The Federal Housing Finance Agency published a blog post entitled, "Recapping FHFA's Inaugural TechSprint."
International
European Commission
U.S.-EU Summit Joint Statement
October 20, 2023
The United States and European Union issued a joint statement following the U.S.-EU Summit.
European Banking Authority
The EBA consults on draft Guidelines on internal governance arrangement for issuers of asset-referenced tokens under the Markets in Crypto-Assets Regulation
October 20, 2023
The European Banking Authority launched a public consultation on its new Guidelines on internal governance arrangements for issuers of asset referenced tokens under the Market in crypto-assets Regulation.
The EBA consults on draft technical standards on governance arrangements of the remuneration policy under the Markets in Crypto-Assets Regulation
October 20, 2023
The European Banking Authority launched a public consultation on its draft Regulatory Technical Standards on the minimum content of the governance arrangements on the remuneration policy under the Market in crypto-assets Regulation.
The EBA consults on draft technical standards on the procedure for the approval of white papers of asset-reference tokens issued by credit institutions under the Markets in Crypto-Assets Regulation
October 20, 2023
The European Banking Authority published a Consultation Paper on draft regulatory technical standards on the procedure for the approval of white papers of asset-reference tokens issued by credit institutions.
EBA and ESMA consult on two sets of Joint Guidelines on suitability assessments of the management body and holders of qualifying holdings under MiCAR
October 20, 2023
The European Banking Authority and the European Securities and Markets Authority published a Consultation Paper on two draft Joint Guidelines covering suitability assessment of members of the management body, and suitability of shareholders and members with qualifying holdings of issuers of asset referenced tokens and of crypto-asset service providers.
Bank of England
Paper: Leverage ratio and risk-taking: theory and practice
October 20, 2023
The Bank of England published a staff working paper entitled, "Leverage ratio and risk-taking: theory and practice."
Paper: Getting through: communicating complex information
October 20, 2023
The Bank of England published a staff working paper entitled, "Getting through: communicating complex information."
Minutes of the CBDC Engagement Forum - September 2023
October 20, 2023
The Bank of England released the minutes of the CBDC Engagement Forum meeting held September 18, 2023.
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.
