Major Developments
Congress
Federal Agencies
Treasury Actions to Prevent and Disrupt Corruption
December 11, 2023
The U.S. Department of the Treasury published a fact sheet entitled, "U.S. Department of the Treasury Actions to Prevent and Disrupt Corruption" following up on the U.S. Strategy on Countering Corruption.
Compliance Note: Know Your Cargo: Reinforcing Best Practices to Ensure the Safe and Compliant Transport of Goods in Maritime and Other Forms of Transportation
December 11, 2023
The Department of Justice, Department of Commerce's Bureau of Industry and Security, Department of Homeland Security's Homeland Security Investigations, Department of State's Directorate of Defense Trade Controls, and Department of the Treasury's Office of Foreign Assets Control published a Quint-Seal Compliance Note entitled, "Know Your Cargo: Reinforcing Best Practices to Ensure the Safe and Compliant Transport of Goods in Maritime and Other Forms of Transportation."
Federal Reserve Bank of New York
Short-term Inflation Expectations at Lowest Level Since April 2021
December 11, 2023
The Federal Reserve Bank of New York's Center for Microeconomic Data released the November 2023 Survey of Consumer Expectations, which shows that inflation expectations declined at the short-term horizon and remained unchanged at the medium and longer-term horizons.
Office of the Comptroller of the Currency
OCC Issues Annual Report for 2023
December 11, 2023
The Office of the Comptroller of the Currency published its 2023 Annual Report.
Fannie Mae
Expert Panel Sees Home Prices Rising 2.4% in 2024 and 2.7% in 2025, New Fannie Mae Survey Shows
December 11, 2023
A panel of housing experts expects annual national home price growth of 2.4% in 2024 and 2.7% in 2025, according to the Q4 2023 Fannie Mae Home Price Expectations Survey (HPES), produced in partnership with Pulsenomics, LLC.
International
European Banking Authority
The EBA publishes peer review on supervision of creditors' treatment of mortgage borrowers in arrears under the Mortgage Credit Directive
December 11, 2023
The European Banking Authority published a peer review on the supervision of creditors' treatment of mortgage borrowers in arrears under the Mortgage Credit Directive, assessing the conduct supervisory approaches of competent authorities in this area.
ESAs recommend steps to improve activities of innovation facilitators across the European Economic Area
December 11, 2023
The three European Supervisory Authorities (the European Banking Authority European Insurance and Occupational Pensions Authority and the European Securities Markets Authority – the ESAs) published a Report on innovation facilitators, a term encompassing innovation hubs and regulatory sandboxes.
Bank of England Prudential Regulation Authority
Letter from Dan Curtis: 2023 Thematic review of expected underwriting profit allowed for in Internal Models for General Insurance firms
December 11, 2023
The Prudential Regulation Authority published a letter from Dan Curtis on the 2023 thematic review of expected underwriting profit allowed for in Internal Models for General Insurance firms, setting out the outcome of the recent thematic review across a sample of general insurance firms with an approved internal model.
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.
