Major Developments
Representatives Send Letter to Prudential Regulators Regarding SAB 121
November 15, 2023
U.S. House Committee on Financial Services Chair Patrick McHenry (R-NC), and Senator Cynthia Lummis (R-WY) led a letter with a bipartisan group of colleagues to the prudential regulators—the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board of Governors (Fed), the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA). The lawmakers are urging the regulators to clarify that SAB 121 is not enforceable considering the Government Accountability Office's (GAO) finding that it constitutes a "rule" for purposes of the Congressional Review Act (CRA).
New York State Department of Financial Services
DFS Adopts New Regulatory Guidance Regarding the Listing of Virtual Currencies
November 15, 2023
The New York State Department of Financial Services (DFS) issued guidance that adopts enhanced requirements for coin-listing and delisting policies of DFS-regulated virtual currency entities, updating the prior framework issued by the DFS in 2020.
Congress
U.S. Senate
U.S. House of Representatives
Committee on Financial Services
Hearing: Oversight of Prudential Regulators
November 15, 2023
The U.S. House Committee on Financial Services held a hearing entitled, "Oversight of Prudential Regulators." The Committee heard testimony from: The Honorable Michael Barr, Vice Chair for Supervision, Federal Reserve; The Honorable Martin Gruenberg, Chair, Federal Deposit Insurance Corporation; The Honorable Todd Harper, Chair, National Credit Union Administration; and Mr. Michael Hsu, Acting Comptroller, Office of the Comptroller of the Currency.
Hearing: Crypto Crime in Context: Breaking Down the Illicit Activity in Digital Assets
November 15, 2023
The U.S. House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion held a hearing entitled, "Crypto Crime in Context: Breaking Down the Illicit Activity in Digital Assets."
Representatives Send Letter on Fact-Finding Regarding Crypto Terrorist Fundraising
November 15, 2023
U.S. House Committee on Financial Services Chairman Patrick McHenry (NC-10), Majority Whip Tom Emmer (MN-06), Digital Asset Subcommittee Chairman French Hill (AR-02), and Congressman Ritchie Torres (NY-15) led 53 of their colleagues on a bipartisan letter to President Biden and Treasury Secretary Janet Yellen to inquire into the size, scope, and duration of Hamas's crypto -fundraising efforts.
Federal Agencies
U.S. Department of the Treasury
Article: One Year On: The OFAC-OFSI Enhanced Partnership
November 15, 2023
The U.S. Department of the Treasury Office of Financial Sanctions Implementation published an article entitled, "One Year On: The OFAC-OFSI Enhanced Partnership."
Federal Reserve Bank of New York
Empire State Manufacturing Survey – November 2023
November 15, 2023
The Federal Reserve Bank of New York published the November 2023 Empire State Manufacturing Survey.
Blog: How Do Natural Disasters Affect Small Business Owners in the Fed's Second District?
November 15, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "How Do Natural Disasters Affect Small Business Owners in the Fed's Second District?"
Federal Deposit Insurance Corporation
Statement by FDIC Director McKernan on the FDIC Workplace Culture
November 15, 2023
Federal Deposit Insurance Corporation Board Director Jonathan McKernan issued a statement on FDIC workplace culture.
Joint Statement by Vice Chair Hill and Director McKernan on FDIC Workplace Culture
November 15, 2023
Federal Deposit Insurance Corporation Vice Chair Travis Hill and Director Jonathan McKernan issued a joint statement on FDIC workplace culture.
Consumer Financial Protection Bureau
CFPB financial report fiscal year 2023
November 15, 2023
The Consumer Financial Protection Bureau released the financial report for fiscal year 2023.
Report: The CFPB Language Access Plan for consumers with limited English proficiency
November 15, 2023
The Consumer Financial Protection Bureau published a report entitled, "The CFPB Language Access Plan for consumers with limited English proficiency."
U.S. Department of Housing and Urban Development/Federal Housing Administration
FHA Publishes Its Annual Report to Congress
November 15, 2023
The Federal Housing Administration published its annual report to Congress describing the work of its Single Family mortgage insurance programs in fiscal year 2023 and the performance of the FHA Mutual Mortgage Insurance Fund which supports that work.
Federal Housing Finance Agency
FHFA Releases FY 2023 Performance and Accountability Report
November 15, 2023
The Federal Housing Finance Agency released its annual Performance and Accountability Report, which details FHFA's activities as regulator of the Federal Home Loan Bank System and as regulator and conservator of Fannie Mae and Freddie Mac during fiscal year 2023.
State Agencies
International
European Commission
Autumn 2023 Economic Forecast: A modest recovery ahead after a challenging year
November 15, 2023
The European Commission released the Autumn 2023 Economic Forecast showing that the European economy has lost momentum this year against the background of a high cost of living, weak external demand and monetary tightening.
Bank of England Prudential Regulation Authority
Letter from the PRA on working with Deposit Aggregators
November 15, 2023
The Prudential Regulation Authority sent a letter to chief financial officer setting out steps that firms should consider taking to mitigate risks relating to Deposit Aggregators (DAs) that firms may have relationships with now or in the future.
UK Financial Conduct Authority
FCA Authorisations operating service metrics 2023/24 Q2
November 15, 2023
The Financial Conduct Authority released the authorisations operating service metrics for Q2 2023/2024.
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.
