Major Developments
Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: Examining the Agenda of Regulators, SROs, and Standards-Setters for Accounting, Auditing
December 12, 2023
The U.S. House Committee on Financial Services Subcommittee on Capital Markets held a hearing entitled, "Examining the Agenda of Regulators, SROs, and Standards-Setters for Accounting, Auditing." Witnesses included: Ms. Erica Williams, Chair, Public Company Accounting Oversight Board ("PCAOB"); Mr. Richard Jones, Chair, Financial Accounting Standards Board ("FASB"); and Mr. Robert Cook, President and CEO, Financial Industry Regulatory Authority ("FINRA").
Hearing: Restricting Rogue-State Revenue: Strengthening Energy Sanctions on Russia, Iran, and Venezuela
December 12, 2023
The U.S. House Committee on Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions held a hearing entitled, "Restricting Rogue-State Revenue: Strengthening Energy Sanctions on Russia, Iran, and Venezuela."
Committee on Small Business Holds Hearing to Review the State of Small Businesses Over the Year
December 12, 2023
The U.S. House Committee on Small Business held a hearing entitled "A Year in Review: The State of Small Business in America."
Federal Agencies
U.S. Department of the Treasury
Deputy Secretary of the Treasury Wally Adeyemo Discusses Investments to Expand Access to Capital in Underserved Communities
December 12, 2023
Deputy Secretary of the Treasury Wally Adeyemo joined a meeting hosted by Carver State Bank, a Black-owned bank and certified community development financial institution (CDFI) and minority depository institution (MDI), to discuss the impact of the Treasury Department's investments in expanding access to capital in underserved communities.
Remarks by Deputy Secretary Adeyemo at the HOPE Global Forum
December 12, 2023
Deputy Secretary of the Treasury Wally Adeyemo gave remarks on efforts to promote economic opportunity and growth at the HOPE Global Forum.
Federal Deposit Insurance Corporation
Remarks by Board Director McKernan at ISDA's Conference on Trading Book Capital: Basel III Implementation
December 12, 2023
Federal Deposit Insurance Corporation Board Director Jonathan McKernan gave remarks at the ISDA's Conference on Trading Book Capital: Basel III Implementation.
Office of the Comptroller of the Currency
OCC Reports Mortgage Performance for Third Quarter of 2023
December 12, 2023
The Office of the Comptroller of the Currency reported on the performance of first-lien mortgages in the federal banking system during the third quarter of 2023.
Commodity Futures Trading Commission
Opening Statement of Commissioner Johnson Before the Market Risk Advisory Committee Meeting
December 11, 2023
Commodity Futures Trading Commission Commissioner Kristin N. Johnson gave an opening statement before the Market Risk Advisory Committee meeting.
Financial Crimes Enforcement Network
FinCEN Updates Frequently Asked Questions on Beneficial Ownership Information
December 12, 2023
The Financial Crimes Enforcement Network (FinCEN) has updated its Beneficial Ownership Information (BOI) Frequently Asked Questions to include new questions related to general questions, the reporting process, reporting companies, reporting requirements, initial reports, updated reports, compliance and enforcement, FinCEN identifiers, and third-party service providers.
Federal Housing Finance Agency
Working Paper: Mortgage Debt and the Consumption Response to Fiscal Transfers
December 12, 2023
The Federal Housing Finance Agency published a working paper entitled, "Mortgage Debt and the Consumption Response to Fiscal Transfers."
International
European Commission
European Commission to issue €75 billion in long-term EU-Bonds in the first half of 2024
December 12, 2023
The European Commission has today announced its intention to issue up to €75 billion of EU-Bonds in the first half of 2024.
Commission welcomes the political agreement on rules strengthening asset recovery and confiscation in the European Union
December 12, 2023
The European Commission welcomes a political agreement reached between the European Parliament and the Council on updated rules on asset recovery and confiscation.
Commission welcomes political agreement on new rules criminalizing the violation of EU sanctions
December 12, 2023
The European Commission welcomes the provisional political agreement between the European Parliament and the Council on the Commission's December 2022 proposal to harmonize criminal offenses and penalties for the violation of EU restrictive measures.
European Banking Authority
The EU banking sector remains resilient despite pockets of risk stemming from the change in interest rates
December 12, 2023
The European Banking Authority published its annual risk assessment of the European banking system.
EBA issues revised list of ITS validation rules
December 12, 2023
The European Banking Authority issued a revised list of validation rules in its Implementing Technical Standards (ITS) on supervisory reporting, highlighting those, which have been deactivated either for incorrectness or for triggering IT problems.
Bank of England Prudential Regulation Authority
The PRA publishes the first of two policy statements for the implementation of the Basel 3.1 standards
December 12, 2023
The Prudential Regulation Authority (PRA) has published the first of two near-final policy statements covering the implementation of the Basel 3.1 standards for market risk, credit valuation adjustment risk, counterparty credit risk, and operational risk.
Statement of Policy: Operating the Interim Capital Regime
December 12, 2023
The Prudential Regulation Authority published a near-final statement of policy entitled, "Operating the Interim Capital Regime."
Financial Conduct Authority
FCA writes to firms about the treatment of retained interest on customers' cash balances
December 12, 2023
The Financial Conduct Authority has written to investment platforms and SIPP operators setting out its concerns on the way they deal with any interest earned on customers' cash balances.
Mortgage lending statistics - December 2023
December 12, 2023
The Financial Conduct Authority released the mortgage lending statistics for December 2023.
Engagement feedback on the new public offers and admissions to trading regime
December 12, 2023
The Financial Conduct Authority published engagement feedback on the new public offers and admissions to trading regime.
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.
