Major Developments
Federal Reserve Board
Chair Powell Speech: Inflation: Progress and the Path Ahead
August 25, 2023
Federal Reserve Chair Jerome H. Powell gave a speech at "Structural Shifts in the Global Economy," at the economic policy held in Jackson Hole, Wyoming.
Federal Agencies
U.S. Department of the Treasury -- Internal Revenue Service
U.S. Department of the Treasury, IRS Release Proposed Regulations on Sales and Exchanges of Digital Assets by Brokers
August 25, 2023
The U.S. Department of the Treasury and the Internal Revenue Service released proposed regulations on the sale and exchange of digital assets by brokers, in an effort to crack down on tax cheating on the sale or exchange of digital assets.
Statement: The Importance of a Comprehensive Risk Assessment by Auditors and Management
August 25, 2023
Securities and Exchange Commission Chief Accountant Paul Munter issued a statement entitled, "The Importance of a Comprehensive Risk Assessment by Auditors and Management."
SEC Updates Q&A Guidance on Regulation S-K
August 25, 2023
The Securities and Exchange Commission has updated the Regulation S-K Questions and Answers guidance on Section 133A. Item 408 – Insider Trading Arrangements and Policies, Questions 133A.01 and 133A.02.
SEC Updates Q&A Guidance on Exchange Act Section 16 and Related Rules and Forms
August 25, 2023
The Securities and Exchange Commission has updated the Exchange Act Section 16 and Related Rules and Forms Questions and Answers guidance on Section 135. Form 4, Question 135.04.
SEC Updates Q&A Guidance on Exchange Act Rules
August 25, 2023
The Securities and Exchange Commission has updated the Exchange Act Rules Questions and Answers guidance on Section 120. Manipulative and Deceptive Devices and Contrivances: Rule 10b5-1, Questions 120.29, 120.30, and 120.31.
Commodity Futures Trading Commission
Remarks: A Roadmap for Action on Climate Resilience
August 25, 2023
Commodity Futures Trading Commission Commissioner Christy Goldsmith Romero gave closing remarks at the Global Research Alliance for Sustainable Finance and Investment Annual Conference entitled, "A Roadmap for Action on Climate Resilience."
Fannie Mae
Fannie Mae Releases July 2023 Monthly Summary
August 25, 2023
Fannie Mae released the July 2023 Monthly Summary.
State Agencies
California Department of Financial Protection and Innovation
Final Regulations: CCFPL Commercial Financial Products and Services
August 25, 2023
The Department of Financial Protection and Innovation adopted regulations under the California Consumer Financial Protection Law concerning the offering and provision of commercial financing and other financial products and services to small businesses, nonprofits, and family farms. The regulations become effective on October 1, 2023. The first annual report required to be filed under these regulations will cover activity during 2024 and will be due no later than March 15, 2025.
International
Bank of England
Blog: How large are the refinancing risks facing UK corporates from market-based finance?
August 25, 2023
The Bank of England published a Bank Overground blog post entitled, "How large are the refinancing risks facing UK corporates from market-based finance?"
Administration Changes
Vacancies
Board of Governors of the Federal Reserve System
- Vice Chair – Vacant (Vice Chair Leal Brainard resigned effective on or around February 20, 2023)
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 (nominated May 12, 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 May 23, 2022)
- Governor Adriana Kugler (nominated May 12, 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.
