Major Developments
Federal Reserve Board
OIG Report: Material Loss Review of Silicon Valley Bank
September 28, 2023
The Federal Reserve Board Office of Inspector General published a report entitled, "Material Loss Review of Silicon Valley Bank."
Congress
U.S. House of Representatives
Committee on Small Business
Hearing: Energy Independence: How Burdensome Regulations are Crushing Small Offshore Energy Producers
September 28, 2023
The U.S. House Committee on Small Business Subcommittee on Rural Development, Energy, and Supply Chains held a hearing titled "Energy Independence: How Burdensome Energy Regulations are Crushing Small Offshore Energy Producers."
Federal Agencies
U.S. Department of the Treasury
Treasury Department Affirms Title VI Protections Against Ancestry and Ethnicity Discrimination
September 28, 2023
The U.S. Department of the Treasury joined seven other federal agencies in clarifying for the first time that Title VI of the Civil Rights Act, which protects individuals from discrimination based on actual or perceived shared ancestry or ethnic characteristics, offers protection against certain forms of antisemitic, Islamophobic, and related discrimination and bias.
Federal Reserve Board
Senior Credit Officer Opinion Survey on Dealer Financing Terms – September 2023
September 28, 2023
The Federal Reserve Board released the results of the September 2023 Senior Credit Officer Opinion Survey on Dealer Financing Terms.
Chair Powell Gives Welcoming Remarks
September 28, 2023
Federal Reserve Board Chair Jerome H. Powell gave welcoming remarks at the Conversation with the Chair: A Teacher Town Hall Meeting in Washington, D.C.
Governor Cook Gives Closing Remarks
September 28, 2023
Federal Reserve Board Governor Lisa D. Cook gave closing remarks at the Minorities in Banking Forum, Federal Reserve Bank of Dallas.
Federal Deposit Insurance Corporation
Remarks by FDIC Chair Gruenberg to The 22nd Annual Bank Research Conference
September 28, 2023
Federal Deposit Insurance Corporation Chair Martin J. Gruenberg gave remarks at the 22nd Annual Bank Research Conference sponsored by the FDIC's Center for Financial Research.
Remarks by FDIC Chairman Martin J. Gruenberg at the International Association of Deposit Insurers 2023 Annual Conference
September 28, 2023
Federal Deposit Insurance Corporation Chair Martin J. Gruenberg gave remarks at the International Association of Deposit Insurers 2023 Annual Conference on "Successfully Managing Systemic Risk: Deposit Insurance in a Turbulent World."
Office of the Comptroller of the Currency
OCC Releases Bank Supervision Operating Plan for Fiscal Year 2024
September 28, 2023
The Office of the Comptroller of the Currency released its bank supervision operating plan for fiscal year (FY) 2024.
Financial Crimes Enforcement Network
Treasury to Publish 30-Day Notice for the FinCEN Identifier Application
September 28, 2023
The U.S. Department of the Treasury, on behalf of the Financial Crimes Enforcement Network (FinCEN), published a notice seeking comment on the application that FinCEN intends to require individuals to use to obtain a FinCEN identifier, consistent with the final Beneficial Ownership Information Reporting Requirements Rule.
Treasury to Publish 30-Day Notice for the Report to Collect Beneficial Ownership Information from Reporting Companies
September 28, 2023
The Department of the Treasury, on behalf of the Financial Crimes Enforcement Network (FinCEN), seeking comment on the mechanism that FinCEN intends to use to collect beneficial ownership information from reporting companies as set out in the final Beneficial Ownership Information Reporting Requirements Rule.
FINRA
Investor Insights: Where Do Stocks Trade?
September 28, 2023
FINRA published an Investor Insights alert entitled, "Where Do Stocks Trade?"
National Credit Union Administration
NCUA Awards $3.1 Million Through Expanded CDRLF Grants
September 28, 2023
The National Credit Union Administration awarded $3.1 million in Community Development Revolving Loan Fund grants to 142 low-income and minority depository institutions, the agency announced today.
Fannie Mae
Fannie Mae Releases August 2023 Monthly Summary
September 28, 2023
Fannie Mae released the August 2023 Monthly Summary.
U.S. Department of Education
Final Rules announced to Protect Consumers from Unaffordable Student Debt and Increase Transparency
September 27, 2023
Final regulations establishing a set of safeguards against unaffordable debt or insufficient earnings for postsecondary students have been released.
International
European Banking Authority
ESAs analyze the extent of voluntary disclosure of principal adverse impacts under the SFDR
September 28, 2023
The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published their second annual Report on the extent of voluntary disclosure of principal adverse impacts under the Article 18 of the Sustainable Finance Disclosure Regulation.
Bank of England Prudential Regulation Authority
The PRA consults on reforms to the Matching Adjustment as part of a package of measures on Solvency II
September 28, 2023
The Prudential Regulation Authority is consulting on a significant package of reforms to the Matching Adjustment (MA).
Consultation Paper: Ring-fenced bodies: managing risks from third-country subsidiaries and branches
September 28, 2023
The Prudential Regulation Authority published a consultation paper entitled, "Ring-fenced bodies: managing risks from third-country subsidiaries and branches."
UK Financial Conduct Authority
Improving the Appointed Representatives regime through greater use of data
September 28, 2023
The Financial Conduct Authority published data from 2021 and 2022 data requests sent to principal firms and authorization information collected from firms.
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.
