Major Developments
Congress
U.S. House of Representatives
Committee on Financial Services
Reps. Send Letter Urging CFPB to Extend Comment Period for Larger Participants Rule
December 20, 2023
U.S. House Committee on Financial Services Chair Patrick McHenry (NC-10) and Congressman Mike Flood (NE-01) led 18 of their colleagues on a letter to Consumer Financial Protection Bureau Director Rohit Chopra requesting an extension of the comment period for the proposed rulemaking entitled, "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications."
Reps. Urge NSA Sullivan to Abandon Russian Oil Price Cap Scheme in Favor of Comprehensive Energy Sanctions
December 20, 2023
U.S. House Committee on Financial Services Chair Patrick McHenry (NC-10), along with Chairman of the National Security, Illicit Finance, and International Financial Institutions Subcommittee Chairman, Rep. Blaine Luetkemeyer (MO-03), Chairman of the Financial Institutions and Monetary Policy Subcommittee, Rep. Andy Barr (KY-06), and Chairman of the Digital Assets, Financial Technology and Inclusion Subcommittee, Rep. French Hill (AR-02), sent a letter to National Security Advisor Jake Sullivan regarding the Russian oil price cap scheme.
Federal Agencies
U.S. Department of the Treasury
Treasury Tightens the Price Cap with New Sanctions and Updated Guidance
December 20, 2023
The U.S. Department of the Treasury's Office of Foreign Assets Control continued to tighten enforcement of the price cap on Russian oil by building on previous actions targeting shipowners and vessels implicated in transporting Russian crude oil above the cap.
Remarks by Deputy Assistant Secretary Tabor on Digital Money in Seoul, South Korea
December 20, 2023
Deputy Assistant Secretary for International Financial Markets Nicholas Tabor gave remarks on digital money in Seoul, South Korea.
Federal Reserve Board
Federal Deposit Insurance Corporation
Agencies release annual asset-size thresholds under Community Reinvestment Act regulations
December 20, 2023
The Federal Reserve Board and the Federal Deposit Insurance Corporation announced the 2024 updated asset-size thresholds used to define "small bank" and "intermediate small bank" under their current Community Reinvestment Act regulations.
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Federal Bank Regulatory Agencies Release 2022 Small Business, Small Farm, and Community Development Lending Data
December 20, 2023
The federal bank regulatory agencies, as members of the Federal Financial Institutions Examination Council, released data on small business, small farm, and community development lending during 2022.
Federal Reserve Bank of New York
Blog: Does Trade Uncertainty Affect Bank Lending?
December 20, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Does Trade Uncertainty Affect Bank Lending?"
Federal Deposit Insurance Corporation
FDIC Finalizes Rule to Modernize Official Signs and Advertising Statement Requirements for Insured Depository Institutions
December 20, 2023
The Federal Deposit Insurance Corporation Board of Directors adopted a final rule to amend part 328 of its regulations to modernize the rules governing use of the official FDIC signs and advertising statements, and to clarify the FDIC's regulations regarding false advertising, misrepresentations of deposit insurance coverage, and misuse of the FDIC's name or logo.
FDIC Approves 2024 Operating Budget
December 20, 2023
The Board of Directors of the Federal Deposit Insurance Corporation approved a 2024 Operating Budget of $2.96 billion, a 6.3% decrease from the previous year's budget.
FDIC Signature Bank Receivership Sells 20 Percent Equity Interest in Entity Holding $9 Billion Rent–Stabilized / Rent–Controlled Multifamily Loans
December 20, 2023
The Federal Deposit Insurance Corporation, as Receiver of Signature Bridge Bank, N.A., completed the final transaction following the marketing of the $33 billion Commercial Real Estate portfolio retained in receivership after the failure of Signature Bank, New York, New York.
Financial Crimes Enforcement Network
FinCEN Further Extends FBAR Deadline for Certain Financial Professionals
December 20, 2023
The Financial Crimes Enforcement Network (FinCEN) announced a further extension of time for certain Report of Foreign Bank and Financial Accounts (FBAR) filings in light of the notice of proposed rulemaking FinCEN issued on March 10, 2016, which proposes to revise the regulations implementing the Bank Secrecy Act regarding FBARs.
FINRA
Frequently Asked Questions (FAQs) on Regulation Crowdfunding
December 20, 2023
FINRA published Frequently Asked Questions on regulation crowdfunding.
National Credit Union Administration
NCUA Releases Q3 2023 State-Level Data Report
December 20, 2023
Federally insured credit unions experienced growth in loans, positive net income, and delinquencies in the third quarter of 2023, along with a decline in assets, shares, and deposits, according to the latest NCUA Quarterly U.S. Map Review.
International
Financial Conduct Authority
Proposed new rules to encourage companies to list in the UK and other market improvements set out by financial watchdog
December 20, 2023
The Financial Conduct Authority have set out new proposed rules aimed at making the UK's listing regime more accessible, effective, and competitive.
Further update to ancillary activities exemption for commodity derivatives (2024-2025)
December 20, 2023
The Financial Conduct Authority issued a further update to the ancillary activities exemption for commodity derivatives (2024-2025).
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.
