Major Developments
Congress
U.S. Senate
Hearing: Oversight of the U.S. Securities and Exchange Commission
September 12, 2023
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Oversight of the U.S. Securities and Exchange Commission."
U.S. House of Representatives
Committee on Financial Services
HEARING NOTICE: Subcommittees on Capital Markets & Financial Institutions and Monetary Policy
September 12, 2023
The U.S. House Committee on Financial Services announced the following hearings:
Capital Markets Subcommittee Hearing Entitled: "Oversight of the SEC's Division of Investment Management"
Time: 10:00 AM ET
Date: Tuesday, September 19, 2023
Place: 2128 Rayburn House Office Building
Financial Institutions and Monetary Policy Subcommittee Hearing Entitled: "A Holistic Review of Regulators: Regulatory Overreach and Economic Consequences"
Time: 2:00 PM ET
Date: Tuesday, September 19, 2023
Place: 2128 Rayburn House Office Building
Federal Agencies
Federal Reserve Bank of Boston
New paper: Volatile schedules hurt workers during pandemic, but there's been a rebound
September 12, 2023
The Federal Reserve Bank of Boston published a new issue brief entitled, "Work-hour volatility by the numbers: How do workers fare in the wake of the pandemic?"
Securities and Exchange Commission
Ugh and Awe: Remarks before the IFC-Milken Institute's Capital Markets Scholars Program
September 12, 2023
Securities and Exchange Commission Commissioner Hester M. Peirce gave remarks before the IFC-Milken Institute's Capital Markets Scholars Program.
National Credit Union Administration
Chairman Harper Discusses Performance Data and Legislative Priorities in Remarks at NAFCU Congressional Caucus
September 12, 2023
National Credit Union Administration Chairman Todd M. Harper spoke before the audience of the National Association of Federally-Insured Credit Unions' Congressional Caucus in Washington, D.C. In his remarks, Chairman Harper highlighted the recently released financial performance data for the industry, noting the growth in total assets, loans, membership, and net worth.
Freddie Mac
Freddie Mac Publishes 2022 Sustainability Report
September 12, 2023
Freddie Mac published the company's first Sustainability Report, which provides details about the company's 2022 sustainability strategy, activities and performance.
Bank Policy Institute
Coalition of Trades Comment on of SEC Custody Rule
September 12, 2023
The Bank Policy Institute joined a comment letter from a significant coalition of trade organizations to the Securities and Exchange Commission regarding the SEC's proposed custody rule.
Banking Trade Associations Call on Banking Agencies to Re-Propose Basel Rule
September 12, 2023
The Bank Policy Institute, the American Bankers Association, the Financial Services Forum, the Institute of International Bankers, the Securities Industry and Financial Markets Association and the U.S. Chamber of Commerce sent a letter to the Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency urging them to re-propose the Basel rule.
Blog: The Lone Ranger in a Town Full of Sheriffs: How the SEC's Aggressive Agenda Interferes with the Business of Banking
September 12, 2023
The Bank Policy Institute published a blog post entitled, "The Lone Ranger in a Town Full of Sheriffs: How the SEC's Aggressive Agenda Interferes with the Business of Banking."
International
European Commission
Taxation: new proposals to simplify tax rules and reduce compliance costs for cross-border businesses
September 12, 2023
The European Commission adopted a key package of initiatives to reduce tax compliance costs for large, cross-border businesses in the European Union.
Simplifying EU rules for citizens and business: findings from the 2022 Annual Burden Survey
September 12, 2023
The European Commission has published the 2022 Annual Burden Survey, which presents the Commission's action to simplify and modernize EU rules.
Championing Europe's SMEs: Commission provides new relief to boost the competitiveness and resilience of SMEs
September 12, 2023
The Commission is presenting a series of initiatives to address the needs of Europe's small and medium-sized enterprises (SMEs) in the current economic environment.
European Commission successfully issues €5 billion in its 9th syndicated transaction of 2023
September 12, 2023
The European Commission, which issues EU-Bonds on behalf of the EU, has raised a further €5 billion of EU-Bonds in its 9th syndicated transaction for 2023.
European Banking Authority
EBA issues Opinion to the Ministry of Finance of Poland on measures in accordance with the notification of higher risk weights set for immovable property
September 12, 2023
The European Banking Authority published an Opinion following notification by the Ministry of Finance of Poland of its intention to extend a measure originally introduced in March 2022.
Bank of England
Bank Overground: Has the private rental sector been shrinking?
September 12, 2023
The Bank of England published a Bank Overground blog post entitled, "Has the private rental sector been shrinking?"
UK Financial Conduct Authority
New screening checks required to approve financial adverts
September 12, 2023
The Financial Conduct Authority has introduced new screening checks for firms that approve financial adverts.
Mortgage lending statistics - September 2023
September 12, 2023
The Financial Conduct Authority released the mortgage lending statistics for September 2023.
Administration Changes
Vacancies
Board of Governors of the Federal Reserve System
- Vice Chair – Vacant (Vice Chair Leal Brainard resigned effective on or around February 20, 2023)
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 (nominated May 12, 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 May 23, 2022)
- Governor Adriana Kugler (nominated May 12, 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.
