Major Developments
Federal Deposit Insurance Corporation
Remarks by FDIC Chairman Martin J. Gruenberg at the Exchequer Club on the Financial Stability Risks of Nonbank Financial Institutions
September 20, 2023
Federal Deposit Insurance Corporation Chairman Martin J. Gruenberg addressed The Exchequer Club in Washington, DC on the financial stability risks of nonbank financial institutions.
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Artificial Intelligence in Financial Services
September 20, 2023
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Artificial Intelligence in Financial Services."
Hearing: Child Care Since the Pandemic: Macroeconomic Impacts of Public Policy Measures
September 20, 2023
The U.S. Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Economic Policy held a hearing entitled, "Child Care Since the Pandemic: Macroeconomic Impacts of Public Policy Measures
U.S. House of Representatives
Committee on Financial Services
Markup of National Security, Privacy, & CBDC Legislation
September 20, 2023
The. U.S House Committee on Financial Services held a markup of legislation on national security, financial privacy, and the issuance of a central bank digital currency.
Committee on Small Business
Committee on Small Business Hearing Examines NIL Impact on Entrepreneurial Collegiate Athletes
September 20, 2023
The U.S. House Committee on Small Business and Entrepreneurship held a hearing entitled, "Athletes and Innovators: Examining NIL's Impact on Entrepreneurial College Athletes."
Federal Agencies
Federal Reserve Board
Federal Reserve issues FOMC statement
September 20, 2023
The Federal Reserve issued a Federal Open Market Committee statement announcing the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent.
Federal Reserve Board and Federal Open Market Committee release economic projections from the September 19-20 FOMC meeting
September 20, 2023
The Federal Reserve Board and Federal Open Market Committee released new economic projections made by FOMC participants in conjunction with the September 19-20 meeting.
Securities and Exchange Commission
SEC Adopts Rule Enhancements to Prevent Misleading or Deceptive Investment Fund Names
September 20, 2023
The Securities and Exchange Commission adopted amendments to the Investment Company Act "Names Rule," which addresses fund names that are likely to mislead investors about a fund's investments and risks.
International
Bank of England Prudential Regulation Authority
Speech: Solvency UK: Maintaining the momentum
September 20, 2023
Bank of England Prudential Policy Director Gareth Truran gave a speech at the Bank of America Financials Conference entitled, "Solvency UK: Maintaining the momentum."
UK Financial Conduct Authority
FCA calls on insurers to take action as it publishes latest fair value data
September 20, 2023
The Financial Conduct Authority has written to insurers warning that more action must be taken to ensure good consumer outcomes.
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.
