Major Developments
Consumer Financial Protection Bureau
CFPB and Justice Department Issue Joint Statement Cautioning that Financial Institutions May Not Use Immigration Status to Illegally Discriminate Against Credit Applicants
October 12, 2023
The Consumer Financial Protection Bureau and Justice Department issued a joint statement that reminds financial institutions that all credit applicants are protected from discrimination on the basis of their national origin, race, and other characteristics covered by the Equal Credit Opportunity Act, regardless of their immigration status.
Federal Agencies
U.S. Department of the Treasury
Treasury Department Report Card: Latino Business Ownership Up, Pandemic Recovery Efforts Helped Grow Latino-owned Businesses
October 12, 2023
The U.S. Department of the Treasury released a report card showing that Latino business ownership and revenues in the U.S. are up, and detailing how federal investments – including those from President Biden's American Rescue Plan – are growing and sustaining Latino-owned businesses.
Treasury Sanctions Entities for Transporting Oil to Russia sold Above the Coalition Price Cap
October 12, 2023
The U.S. Department of the Treasury's Office of Foreign Assets Control is imposing sanctions on two entities and identifying as blocked property two vessels that used Price Cap Coalition service providers while carrying Russian crude oil above the Coalition-agreed price cap.
Statement of the G7 and Australia on Actions Taken to Enforce Price Caps for Seaborne Russian-Origin Oil and Petroleum Products
October 12, 2023
Leaders of the G7 and Australia issued a statement on actions taken to enforce price caps for seaborne Russian-origin oil and petroleum products.
Federal Reserve Board
Paper: Measuring Interest Rate Risk Management by Financial Institutions
October 12, 2023
The Federal Reserve Board published a working paper entitled, "Measuring Interest Rate Risk Management by Financial Institutions."
Federal Reserve Bank of New York
Underlying Inflation Gauge – October 2023
October 12, 2023
The Federal Reserve Bank of New York published the October 2023 Underlying Inflation Gauge (UIG) with data from September 2023.
Blog: Do Large Firms Generate Positive Productivity Spillovers?
October 12, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Do Large Firms Generate Positive Productivity Spillovers?"
Federal Reserve Bank of Boston
Paper: Firms' Cash Holdings and Monetary Policy Transmission
October 12, 2023
The Federal Reserve Bank of Boston published a Current Policy Perspectives paper entitled, "Firms' Cash Holdings and Monetary Policy Transmission."
Remarks at the 22nd Annual Regional and Community Bankers Conference
October 12, 2023
Federal Reserve Bank of Boston President Susan M. Collins gave remarks at the 22nd Annual Regional and Community Bankers Conference.
Remarks: Reflections on Phasing Policy Amidst (Pandemic) Uncertainty
October 12, 2023
Federal Reserve Bank of Boston President Susan M. Collins the 2023 Goldman Lecture in Economics at Wellesley College entitled, "Reflections on Phasing Policy Amidst (Pandemic) Uncertainty."
Securities and Exchange Commission
Speech: In-securities: What Happens When Investors in an Important Market are not Protected?
October 12, 2023
Securities and Exchange Commission Commissioner Caroline A. Chrenshaw gave remarks to the Center for American Progress entitled, "In-securities: What Happens When Investors in an Important Market are not Protected?"
Commodity Futures Trading Commission
CFTC Seeks Nominations for the Energy and Environmental Markets Advisory Committee Associate Membership
October 12, 2023
Commodity Futures Trading Commission Commissioner Summer K. Mersinger, sponsor of the CFTC's Energy and Environmental Markets Advisory Committee (EEMAC), is seeking nominations for associate membership of the EEMAC through a formal request for submissions published in the Federal Register. The deadline for submissions is October 19.
National Credit Union Administration
NCUA Board Announces 2024 Meeting Schedule
October 12, 2023
The National Credit Union Administration Board released its monthly meeting schedule for 2024.
Federal Housing Finance Agency
Foreclosure Prevention, Refinance, and Federal Property Manager's Report - July 2023
October 12, 2023
The Federal Housing Finance Agency published the Foreclosure Prevention, Refinance, and Federal Property Manager's Report for July 2023.
Bank Policy Institute
Blog: The Trillion Dollar Omission in Vice Chair Barr's Cost Analysis
October 12, 2023
The Bank Policy Institute published a blog post entitled, "The Trillion Dollar Omission in Vice Chair Barr's Cost Analysis."
International
European Banking Authority
The EBA recommends enhancements to the Pillar 1 framework to capture environmental and social risks
October 12, 2023
The European Banking Authority published a Report on the role of environmental and social risks in the prudential framework of credit institutions and investment firms.
Bank of England
Bank Liabilities Survey - 2023 Q3
October 12, 2023
The Bank of England released the results of the Bank Liabilities Survey for Q3 2023.
Credit Conditions Survey - 2023 Q3
October 12, 2023
The Bank of England released the results of the Credit Conditions Survey for Q3 2023.
UK Financial Conduct Authority
FCA response to CMA's Environmental Sustainability Guidance
October 12, 2023
The Financial Conduct Authority issued a response to the Competition and Markets Authority's guidance on the application of Chapter I of the Competition Act 1998 to environmental sustainability agreements.
Speech: Updating and improving the UK regime for asset management: our priorities
October 12, 2023
Financial Conduct Authority Chair Ashley Alder gave a speech at the Investment Association's Annual Dinner entitled, "Updating and improving the UK regime for asset management: our priorities."
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.
