Major Developments
Financial Crimes Enforcement Network
FinCEN Issues Final Rule Regarding Access to Beneficial Ownership Information
December 21, 2023
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) took another major step in support of U.S. Government efforts to crack down on illicit finance and enhance corporate transparency by issuing a final rule that establishes the framework for access to and protection of beneficial ownership information.
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Financial Crimes Enforcement Network
National Credit Union Administration
Interagency Statement for Banks on the Issuance of the Beneficial Ownership Information Access Rule
December 21, 2023
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Financial Crimes Enforcement Network (FinCEN), the National Credit Union Administration, and the Office of the Comptroller of the Currency issued an interagency statement to clarify banking organizations' obligations following the issuance of FinCEN's final rule regarding access by authorized recipients to beneficial ownership information that will be reported to FinCEN.
Federal Agencies
Federal Reserve Board
Senior Credit Officer Opinion Survey – December 2023
December 21, 2023
The Federal Reserve Board released the results of the December 2023 Senior Credit Officer Opinion Survey on Dealer Financing Terms.
Federal Reserve Bank of New York
Blog: Where Is R-Star and the End of the Refi Boom: The Top 5 Posts of 2023
December 21, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Where Is R-Star and the End of the Refi Boom: The Top 5 Posts of 2023."
Federal Deposit Insurance Corporation
OIG Memorandum: The FDIC's Regional Service Provider Examination Program
December 21, 2023
The Federal Deposit Insurance Corporation's Office of Inspector General published an audit memorandum entitled, "The FDIC's Regional Service Provider Examination Program."
Commodity Futures Trading Commission
CFTC Chairman Announces Division of Data Appointments to Continue the CFTC's Focus on Mission Critical Data
December 21, 2023
Commodity Futures Trading Commission Chairman Rostin Behnam announced two appointments in the Division of Data that will enhance the CFTC's analytic capabilities as the agency increasingly innovates its data-driven culture.
Consumer Financial Protection Bureau
Consumer Financial Protection Bureau Independent Audit of Selected Operations and Budget
December 21, 2023
The Consumer Financial Protection Bureau sent a report to Congress entitled, "Consumer Financial Protection Bureau Independent Audit of Selected Operations and Budget."
National Credit Union Administration
Comment Period on the NCUA's Request for Comment on the OTR Methodology Now Open
December 21, 2023
The comment period for the National Credit Union Administration's recently approved request for comment on the Overhead Transfer Rate Methodology is now open. Stakeholders must submit their comments by February 20, 2024.
Chairman Harper Congratulates Otsuka on Senate Confirmation
December 21, 2023
National Credit Union Administration Chairman Todd M. Harper congratulated Tanya Otsuka on her confirmation by the U.S. Senate to become a member of the NCUA Board.
Federal Housing Finance Agency
FHFA Releases 3rd Quarter 2023 Foreclosure Prevention and Refinance Report
December 21, 2023
The Federal Housing Finance Agency released its third quarter 2023 Foreclosure Prevention and Refinance Report.
FHFA Announces Increase in the Enterprises' LIHTC Cap
December 21, 2023
The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac will each be allowed to invest up to $1 billion annually in the Low-Income Housing Tax Credit market as equity investors, beginning in 2024.
Plain Writing Act Compliance Report - 2022
December 21, 2023
The Federal Housing Finance Agency published the Plain Writing Act Compliance Report for 2022.
State Agencies
New York State Department of Financial Services
Governor Hochul Announces Guidance To Manage Climate Risk For New York State-Regulated Banking And Mortgage Institutions
December 21, 2023
Governor Kathy Hochul announced that the New York State Department of Financial Services adopted guidance for New York State-regulated banking and mortgage institutions to help them manage their material financial and operational risks associated with climate change.
International
European Banking Authority
The EBA consults on Guidelines on internal policies, procedures and controls to ensure the implementation of Union and national sanctions
December 21, 2023
The European Banking Authority launched a public consultation on two sets of Guidelines on internal policies, procedures and controls to ensure the implementation of Union and national restrictive measures. Restrictive measures are binding on any person or entity under the jurisdiction of Member States.
The EBA updates the Guidelines on the specification and disclosure of systemic importance indicators
December 20, 2023
The European Banking Authority published its updated Guidelines on the specification and disclosure of systemic importance indicators, which are applied by the largest institutions in the EU whose leverage ratio exposure measure exceeds EUR 200 bn.
The EBA publishes amendments to disclosures and reporting on MREL and TLAC
December 20, 2023
The European Banking Authority published its final draft Implementing Technical Standards on amendments to disclosure and reporting of the minimum requirement for MREL and TLAC.
EU banks' liquidity coverage ratio declined but remains well above the minimum requirement
December 20, 2023
The European Banking Authority published its Report on liquidity measures, which monitors and evaluates the liquidity coverage requirements currently in place in the EU.
ESAs propose extending the EMIR equity option exemption
December 20, 2023
The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published joint draft regulatory technical standards under the European Market Infrastructure Regulation where they are proposing a two-year extension to the equity option exemption from bilateral margining, as well as issue a no-action opinion.
Bank of England
Consultation Paper: The Bank of England's approach to statutory notice decisions for use of its requirements powers
December 21, 2023
The Bank of England published a consultation paper entitled, "The Bank of England's approach to statutory notice decisions for use of its requirements powers."
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.
