Major Developments
Federal Deposit Insurance Corporation
Advisory: Managing Commercial Real Estate Concentrations in a Challenging Economic Environment
December 18, 2023
The Federal Deposit Insurance Corporation issued an advisory to reemphasize the importance of strong capital, appropriate credit loss allowance levels, and robust credit risk-management practices for institutions with commercial real estate (CRE) concentrations.
• Financial Institution Letter
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Scott Releases 2023 Banking Year-in-Review
December 18, 2023
U.S. Senate Committee on Banking, Housing, and Urban Affairs Ranking Member Tim Scot (R-S.C.) released a 2023 Year-in-Review.
U.S. House of Representatives
Committee on Financial Services
McHenry Comments on CFPB's 1033 Proposal
December 18, 2023
U.S. House Committee on Financial Services Chair Patrick McHenry (NC-10) sent a comment letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra in response to the CFPB's notice of proposed rulemaking that would implement Section 1033 of the Dodd Frank Wall Street Reform Act and Consumer Financial Protection Act of 2010.
Federal Agencies
U.S. Department of the Treasury
Federal Reserve Board
Paper: Lessons from Nowcasting GDP across the World
December 18, 2023
The Federal Reserve Board published a working paper entitled, "Lessons from Nowcasting GDP across the World."
Federal Reserve Bank of New York
Business Leaders Survey – December 2023
December 18, 2023
The Federal Reserve Bank of New York published the Business Leaders Survey report for December 2023.
SCE Labor Market Survey – November 2023
December 18, 2023
The Federal Reserve Bank of New York released the SCE Labor Market Survey results for November 2023.
Blog: Hey, Economist! Outgoing Advisor Antoine Martin Reflects on How His New York Fed Perch Has Shaped His Work
December 18, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Hey, Economist! Outgoing Advisor Antoine Martin Reflects on How His New York Fed Perch Has Shaped His Work."
Federal Deposit Insurance Corporation
Consumer Financial Protection Bureau
CFPB announces asset-size threshold adjustments under HMDA (Regulation C) and TILA (Regulation Z)
December 18, 2023
The Consumer Financial Protection Bureau has issued two annual threshold adjustment final rules: the asset-size exemption thresholds for depository institutions under Regulation C; and the asset-size exemption thresholds for certain creditors under the escrow requirements and small creditor portfolio and balloon-payment qualified mortgage requirements, and the small creditor exemption from the prohibition against balloon-payment high-cost mortgages under Regulation Z. These adjustments are effective on January 1, 2024.
Statement on the Financial Stability Oversight Council's 2023 Annual Report
December 18, 2023
Consumer Financial Protection Bureau Director Rohit Cophra gave a statement on the Financial Stability Oversight Council's 2023 Annual Report.
Blog: A look at cash-out refinance mortgages and their borrowers between 2013 to 2023
December 18, 2023
The Consumer Financial Protection Bureau's Office of Research published a blog post entitled, "A look at cash-out refinance mortgages and their borrowers between 2013 to 2023."
Fannie Mae
Home Sales, Mortgage Originations Likely to Begin Slow Recovery in 2024
December 18, 2023
The Fannie Mae Economic and Strategic Research Group released its December 2023 commentary.
Bank Policy Institute
BPI Response to DOJ Crackdown on Fraudulent Microtransactions
December 18, 2023
The Bank Policy Institute responded to a Department of Justice announcement Friday that it is cracking-down on networks that steal money from consumer accounts and use fraudulent "microtransactions" to hide the activity from banks.
Blog: Fool's Gold: Why the Exceptions to the SEC's Cyber Disclosure Rule Cannot and Will Not Work, and the Damage that Will Ensue
December 18, 2023
The Bank Policy Institute published a blog post entitled, "Fool's Gold: Why the Exceptions to the SEC's Cyber Disclosure Rule Cannot and Will Not Work, and the Damage that Will Ensue."
International
European Commission
EU adopts 12th package of sanctions against Russia for its continued illegal war against Ukraine
December 18, 2023
The European Commission welcomes the European Council's adoption of a 12th package of sanctions against Russia. The focus of this package is to impose additional import and export bans on Russia, combat sanctions circumvention and close loopholes.
Bank of England
The Bank of England's supervision of financial market infrastructures - Annual Report 2023
December 18, 2023
The Bank of England published its financial market infrastructures 2023 Annual Report.
Speech: Signal versus noise
December 18, 2023
Bank of England Deputy Governor of Monetary Policy Ben Broadbent gave a speech entitled, "Signal versus noise," at the London Business School.
Bank of England Prudential Regulation Authority
Financial Conduct Authority
Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251
December 18, 2023
The Prudential Regulation Authority and Financial Conduct Authority issued a joint policy statement entitled, "Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251."
Financial Conduct Authority
Joint Regulatory Oversight Committee highlights 2023 progress and sets out future UK open banking plans
December 18, 2023
The Joint Regulatory Oversight Committee has published an update on the significant progress made since it outlined its open banking vision in April and sets out plans to deliver a new generation of payment products and services. It has also published a response to the Variable Recurring Payments (VRP) Working Group's blueprint for rolling out non-sweeping VRP.
FCA responds to the Complaints Commissioner's Final Report into Premier FX Limited
December 18, 2023
The Financial Conduct Authority has responded to the Financial Regulators Complaints Commissioner's Final Report into complaints from those affected by the collapse of Premier FX Limited in 2018.
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.
