Major Developments
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Senators Reintroduce Bill to Ensure a Fair and Competitive Banking System
December 15, 2023
U.S. Senate Committee on Baking, Housing, and Urban Affairs Chair Senator Sherrod Brown (D-OH), along with Senators John Kennedy (R-LA), Bob Casey (D-PA), Chris Van Hollen (D-MD), Mike Braun (R-IN), and Roger Wicker (R-MS) reintroduced the Close the Shadow Banking Loophole Act, legislation to require companies that own an industrial loan company (ILC) to be subject to the same rules and consumer protections as traditional banks.
Federal Agencies
U.S. Department of the Treasury
U.S. Department of the Treasury, IRS Release Guidance to Drive American Innovation, Cut Aviation Sector Emissions
December 15, 2023
The U.S. Department of the Treasury and Internal Revenue Service (IRS) released guidance on the Sustainable Aviation Fuel Credit established by the Inflation Reduction Act.
United States Announces Leading Pledge to the International Fund for Agricultural Development Replenishment
December 15, 2023
The United States announced a pledge of $162 million in support of the Thirteenth Replenishment of Resources for the International Fund for Agricultural Development.
Remarks by Under Secretary Nelson at Bank Roundtable
December 15, 2023
Under Secretary for Terrorism and Financial Intelligence Brian Nelson gave remarks at a bank roundtable in Mumbai, India.
Remarks by Secretary Yellen on the U.S.-China Economic Relationship
December 14, 2023
Secretary of the Treasury Janet L. Yellen delivered remarks on the U.S.-China economic relationship at the U.S-China Business Council's 50th Anniversary Dinner in Washington, DC.
Joint Statement of the Co-Chairs of the U.S.-India Anti-Money Laundering and Countering the Financing of Terrorism Dialogue
December 14, 2023
At the conclusion of the U.S. Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) dialogue, the co-chairs, Under Secretary of the Treasury Brian Nelson and Sh. Sanjay Malhotra, Revenue Secretary, Indian Ministry of Finance, issued a joint statement.
Remarks by Under Secretary Nelson at the U.S.-India Anti-Money Laundering and Countering the Financing of Terrorism Working Group
December 14, 2023
Under Secretary for Terrorism and Financial Intelligence Brian Nelson gave remarks at the U.S.-India Anti-Money Laundering and Countering the Financing of Terrorism Working Group.
Federal Reserve Board
Federal Deposition Insurance Corporation
Office of the Comptroller of the Currency
Joint Statement: Extension of the Revised Statement Regarding Status of Certain Investment Funds and Their Portfolio Investments for Purposes of Regulation O and Reporting Requirements under Part 363 of FDIC Regulations
December 15, 2023
The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation issued a joint statement to extend the Extension of the Revised Statement Regarding Status of Certain Investment Funds and their Portfolio Investments for Purposes of Regulation O and Reporting Requirements under Part 363 of FDIC Regulations, which they issued on December 22, 2022, and that is set to expire on January 1, 2024. This Statement extends the expiration of the no-action position previously provided.
Federal Reserve Board
Federal Reserve Board releases results of survey of senior financial officers at banks about their strategies and practices for managing reserve balances
December 15, 2023
The Federal Reserve Board released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances.
Federal Reserve Bank of New York
Economic Policy Review: The Global Dash for Cash: Why Sovereign Bond Market Functioning Varied across Jurisdictions in March 2020
December 15, 2023
The Federal Reserve Bank of New York published a new Economic Policy Review article entitled, "The Global Dash for Cash: Why Sovereign Bond Market Functioning Varied across Jurisdictions in March 2020."
Nowcast – Week of December 15, 2023
December 15, 2023
The Federal Reserve Bank of New York staff released the Nowcast for the week of December 15, 2023.
Empire State Manufacturing Survey – December 2023
December 15, 2023
The Federal Reserve Bank of New York published the December 2023 Empire State Manufacturing Survey.
Blog: The New York Fed DSGE Model Forecast—December 2023
December 15, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The New York Fed DSGE Model Forecast—December 2023."
Federal Deposit Insurance Corporation
FDIC Signature Bridge Bank Receivership Sells Five Percent Equity Interest in Entities Holding $5.8 Billion of Rent-Stabilized / Rent-Controlled Multifamily Loans
December 15, 2023
The Federal Deposit Insurance Corporation, as Receiver of Signature Bridge Bank, N.A., completed two of several transactions following the marketing of the $33 billion Commercial Real Estate loan portfolio retained in receivership after the failure of Signature Bank, New York, New York.
Securities and Exchange Commission
SEC Issues Staff Report on Accredited Investor Definition
December 15, 2023
The Securities and Exchange Commission issued a staff report on the accredited investor definition.
SEC Small Business Advocacy Office Delivers Report to Congress on Capital Raising from Startups to Small Public Companies
December 14, 2023
The Securities and Exchange Commission's Office of the Advocate for Small Business Capital Formation issued its 2023 Annual Report today to Congress and the Commission.
Statements Regarding Denial of Petition for Rulemaking
December 15, 2023
Securities and Exchange Commission Chair Gary Gensler and Commissioners Hester M. Peirce and Mark T. Uyeda issued statements on the Commission's denial of a petition for rulemaking filed on behalf of Coinbase Global, Inc.
Speech: Cybersecurity Disclosure
December 14, 2023
Securities and Exchange Commission Division of Corporation Finance Director Erik Gerding gave a speech entitled, "Cybersecurity Disclosure."
Commodity Futures Trading Commission
CFTC Approves Proposed Amendments to Regulations Regarding Real-Time Public Reporting and Swap Data Recordkeeping and Reporting Requirements
December 15, 2023
The Commodity Futures Trading Commission announced the approval of a proposed rule to revise CFTC regulations regarding real-time public reporting and swap data recordkeeping and reporting.
CFTC Seeks Public Comment on Proposed Rule to Amend Capital and Financial Reporting Requirements of Swap Dealers and Major Swap Participants
December 15, 2023
The Commodity Futures Trading Commission issued for public comment a proposed rule to amend the capital and financial reporting requirements of Swap Dealers and Major Swap Participants.
Financial Stability Oversight Council
Financial Stability Oversight Council Releases 2023 Annual Report
December 14, 2023
The Financial Stability Oversight Council held unanimously approved its 2023 annual report during the meeting held December 14, 2023.
FINRA
Board Approves Rule Proposals and FINRA's 2024 Budget, Previews 2024 FINRA Annual Regulatory Oversight Report
December 15, 2023
FINRA's Board of Governors held its fifth and final meeting of the year on December 6-7. During the meeting, the Board approved two rule proposals and FINRA's 2024 proposed budget, and continued discussions around FINRA's financials, including expenses and the drawdown of reserves. The Board also appointed new members to the National Adjudicatory Council (NAC) and the Small Firm Advisory Committee (SFAC), and previewed the 2024 FINRA Annual Regulatory Oversight Report.
Federal Housing Finance Agency
Report on Collateral Pledged to Federal Home Loan Banks - December 2023
December 15, 2023
The Federal Housing Finance Agency published its 2023 annual report on collateral pledged to federal home loan banks.
International
European Banking Authority
The EBA publishes guidance to assess the knowledge and experience of the management or administrative organ of a credit servicer
December 15, 2023
The European Banking Authority published its final Guidelines on the assessment of adequate knowledge and experience of the management or administrative organ of a credit servicer as a whole, under the Non-Performing Loans Directive.
The EBA proposes a voluntary EU green loan label to help spur markets
December 15, 2023
The European Banking Authority published its response to the European Commission's call for advice on green loans and mortgages.
The EBA consults on draft technical standards on market and counterparty credit risk as part of its roadmap for the implementation of the Banking Package in the EU
December 14, 2023
The European Banking Authority launched for consultation amendments to its Regulatory Technical Standards on the fundamental review of the trading book (FRTB), and to its RTS on the standardized approach for counterparty credit risk (SA-CCR).
Bank of England
Quarterly Bulletin: The buy-to-let sector and financial stability
December 15, 2023
The Bank of England published the Quarterly Bulletin for 2023 entitled, "The buy-to-let sector and financial stability."
Market Participants Survey results – December 2023
December 15, 2023
The Bank of England released the results of the December 2023 Market Participants Survey.
Market Notice: Asset Purchase Facility: Gilt Sales – Q1 2024
December 15, 2023
The Bank of England issued a market notice setting out the schedule for sales in Q1 2024 of gilts held in the Asset Purchase Facility (APF) for monetary policy purposes.
Bank Overground: How are households adjusting to rising mortgage costs?
December 15, 2023
The Bank of England published a Bank Overground article entitled, "How are households adjusting to rising mortgage costs?"
The Bank of England's approach to resolution
December 15, 2023
The Bank of England released a publication entitled, "The Bank of England's approach to resolution."
Speech: The weekend starts here
December 15, 2023
Bank of England Deputy Governor Dave Ramsden gave a speech entitled, "The weekend starts here," at Deloitte in London, UK.
Financial Conduct Authority
Policy Statement: Smarter Regulatory Framework: The Insurance Distribution Directive
December 15, 2023
The Financial Conduct Authority published a policy statement entitled, "Smarter Regulatory Framework: The Insurance Distribution Directive."
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.
