Major Developments
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Senate Banking Republicans in Call for FDIC's Gruenberg to Resign, Provide Answers on Allegations of Sexual Harassment at the Federal Deposit Insurance Corporation
December 7, 2023
U.S. Senate Committee on Banking, Housing, and Urban Affairs Ranking Member Tim Scott (R-S.C.) and Banking Committee Republicans are calling on Federal Deposit Insurance Corporation Chairman Martin Gruenberg to provide detailed information regarding the recent allegations of a toxic workplace culture, including allegations of sexual harassment and mistreatment of employees, as well as for Chair Gruenberg to resign as Chairman and Board Member.
Federal Agencies
U.S. Department of the Treasury
U.S. Treasury Department Updates Certification Application for Community Development Financial Institutions to Promote Responsible Lending to Financially Underserved Communities
December 7, 2023
The U.S. Department of the Treasury's Community Development Financial Institutions Fund released a revised CDFI Certification Application that reflects the evolution of the community finance field, provides greater clarity about what it means to be a Community Development Financial Institution, and incorporates extensive feedback from community finance practitioners.
Remarks by Deputy Secretary Adeyemo Before the Treasury Advisory Committee on Racial Equity
December 7, 2023
Deputy Secretary of the Treasury Wally Adeyemo gave remarks before the Treasury Advisory Committee on Racial Equity.
Secretary of the Treasury Janet L. Yellen and Mexico's Secretary of Finance and Public Credit Rogelio Ramírez de la O Announce Intent to Establish Bilateral Working Group on Foreign Investment Review
December 7, 2023
U.S. Secretary of the Treasury, Janet L. Yellen, and Mexico's Secretary of Finance and Public Credit, Rogelio Ramírez de la O, held a bilateral meeting on December 7, 2023, and signed a Memorandum of Intent to affirm the importance of foreign investment screening in protecting national security and express their desire to establish a bilateral working group for regular exchanges of information about how investment screening can best protect national security.
U.S. Department of the Treasury Report Highlights How Pandemic Response Funds Stabilized Housing Markets in Indian Country and Kept Native Families in their Homes
December 7, 2023
The U.S. Department of the Treasury released a report detailing how three pandemic recovery programs implemented under the Biden-Harris Administration – the State and Local Fiscal Recovery Funds (SLFRF) program, the Homeowners Assistance Fund (HAF), and the Emergency Rental Assistance (ERA1) program – helped homeowners and renters in Tribal communities avoid foreclosure and eviction, stabilized housing markets in Indian Country and surrounding regions, and strengthened local and national economies.
Federal Reserve Board
Data: G.19 Consumer Credit – October 2023
December 7, 2023
The Federal Reserve Board published the G.19 consumer credit data for October 2023.
Data: Z.1 Financial Accounts of the United States – 2023:Q3
December 7, 2023
The Federal Reserve Board published the Z.1 Financial Accounts of the United States for third quarter 2023.
Federal Deposit Insurance Corporation
FDIC Board of Directors Released Semiannual Update on Restoration Plan
December 7, 2023
The Federal Deposit Insurance Corporation Board of Directors released its second semiannual update of 2023 on the Restoration Plan for the agency's Deposit Insurance Fund.
Office of the Comptroller of the Currency
OCC Report Identifies Key Risks Facing Federal Banking System
December 7, 2023
The Office of the Comptroller of the Currency reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Fall 2023.
Securities and Exchange Commission
Remarks Before the Investor Advisory Committee
December 7, 2023
Securities and Exchange Commission Chair Gary Gensler, Commissioner Hester M. Peirce, and Commissioner Jaime Lizarraga gave remarks before the Investor Advisory Committee.
Remarks: They Are Merely the Agents
December 7, 2023
Securities and Exchange Commission Chair Gary Gensler gave remarks before the American Bar Association entitled, "They Are Merely the Agents."
Closing Remarks – Compliance Conference
December 7, 2023
Securities and Exchange Commission Office of Municipal Securities Director Dave A. Sanchez gave closing remarks at the Compliance Conference.
Commodity Futures Trading Commission
OIG Released the Financial Statements Audit for Fiscal Year 2023
December 7, 2023
The Commodity Futures Trading Commission Office of Inspector General released the Audit of the CFTC Financial Statements for Fiscal Year 2023.
National Credit Union Administration
Lending, Assets, Insured Shares, and Delinquencies Rise in Third Quarter
December 7, 2023
The National Credit Union Administration released the financial performance data for the third quarter 2023, which showed total loans outstanding in federally insured credit unions increased $132 billion, or 9.1 percent, over the year ending in the third quarter of 2023, to $1.59 trillion.
Fannie Mae
Housing Sentiment Remains Stuck in Low-Level Plateau
December 7, 2023
The Fannie Mae Home Purchase Sentiment Index® (HPSI) decreased 0.6 points in November, remaining within the bounds of the low-level plateau it established in the first half of 2023.
Freddie Mac
Nearing Seven Percent, Mortgage Rates Continue to Decrease
December 7, 2023
Freddie Mac released the results of its Primary Mortgage Market Survey®, showing the 30-year fixed-rate mortgage averaged 7.03 percent.
Ginnie Mae
December 7, 2023
Ginnie Mae published its Annual Financial Report for fiscal year 2023, which highlights its financial performance and accomplishments from the past year, and its plans and approaches for strengthening the U.S. housing finance market and supporting affordable and equitable housing opportunities for all Americans.
U.S. Department of Education
Education Announces Nearly $5 Billion in Additional Student Debt Relief
December 6, 2023
The Department of Education announced the approval of an additional $4.8 billion in student loan debt relief for 80,300 borrowers.
Bank Policy Institute
Blog: The Long-Term Debt Proposal and Bank Profitability
December 7, 2023
The Bank Policy Institute published a blog post entitled, "The Long-Term Debt Proposal and Bank Profitability."
State Agencies
New York Department of Financial Services
Statement by Superintendent Adrienne A. Harris on Decision Upholding Modernized Check Cashing Regulation
December 7, 2023
New York State Department of Financial Services Superintendent Adrienne A. Harris issued a statement following a decision from the Supreme Court of the State of New York, New York County, which upholds modernized check cashing regulation.
International
European Commission
24th EU-China Summit: engaging to promote our values and defend our interests
December 7, 2023
The European Union (EU) and China held their 24th Summit in Beijing on 7 December 2023.
European Banking Authority
The EBA consults on draft technical standards specifying the requirements for policies and procedures on conflicts of interest for issuers of ARTs under the Markets in Crypto-Assets Regulation
December 7, 2023
The European Banking Authority (EBA) published a Consultation Paper on draft regulatory technical standards specifying the requirements for policies and procedures on conflicts of interest for issuers of asset-referenced tokens under the Markets in Crypto-Assets Regulation.
ESAs launch second public consultation on joint Guidelines on the system for the exchange of information relevant to fit and proper assessments
December 7, 2023
The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) launched a second consultation related to the joint Guidelines on the system for the exchange of information relevant to fit and proper assessments.
Bank of England
Bank of England Prudential Regulation Authority
Financial Conduct Authority
The Bank of England, PRA and the FCA issue joint proposals to increase resilience of the financial sector by overseeing critical third parties
December 7, 2023
The Bank of England, Prudential Regulation Authority and Financial Conduct Authority are consulting on proposals to oversee and strengthen the resilience of services provided by critical third parties to UK regulated financial services firms and financial market infrastructure entities.
Financial Conduct Authority
FCA sets out new rules to maintain access to cash in increasingly digital world
December 7, 2023
The Financial Conduct Authority has proposed new rules to maintain reasonable access to cash for personal and business customers across the UK.
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.
