Major Developments
New York State Department of Financial Services
DFS Announces Update On Two Year Transformational Initiative to Strengthen DFS' Virtual Currency Oversight
September 18, 2023
New York State Department of Financial Services (DFS) issued an update on an ongoing initiative to strengthen DFS oversight of virtual currencies.
Federal Agencies
Federal Reserve Bank of New York
Business Leaders Survey – September 2023
September 18, 2023
The Federal Reserve Bank of New York published the September 2023 Business Leaders Survey.
SCE Household Spending Survey – August 2023
September 18, 2023
The Federal Reserve Bank of New York released the results of the SCE Household Spending Survey for August 2023.
Conference of State Bank Supervisors
Blog: Strong Partnerships Create Strong Financial Regulation
September 18, 2023
The Conference of State Bank Supervisors published a blog post entitled, "Strong Partnerships Create Strong Financial Regulation."
Federal Deposit Insurance Corporation
National Rates and Rate Caps – September 2023
September 18, 2023
The Federal Deposit Insurance Corporation released the national rates and rate caps as of September 18, 2023.
Consumer Financial Protection Bureau
CFPB announces threshold adjustments under TILA (Regulation Z)
September 18, 2023
The Consumer Financial Protection Bureau has issued a final rule amending the official interpretations for Regulation Z, which implements the Truth in Lending Act (TILA).
Federal Financial Institutions Examination Council
FinCEN Issues Compliance Guide to Help Small Businesses Report Beneficial Ownership Information
September 18, 2023
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) published a Small Entity Compliance Guide to assist the small business community in complying with the beneficial ownership information (BOI) reporting rule.
Fannie Mae
Mild Recession Remains Likeliest Outcome as Inflation and Labor Markets Cool
September 18, 2023
The Fannie Mae Economic and Strategic Research group released its September 2023 commentary.
Ginnie Mae
Blog: Benefits of Interagency Data Sharing
September 18, 2023
Ginnie Mae published a Housing Analysis & Policy Spotlight blog post entitled, "Benefits of Interagency Data Sharing."
Bank Policy Institute
Blog: U.S. Bank Capital Levels: Aligning With or Exceeding Midpoint Estimates of Optimal
September 18, 2023
The Bank Policy Institute published a blog post entitled, "U.S. Bank Capital Levels: Aligning With or Exceeding Midpoint Estimates of Optimal."
International
European Banking Authority
European Supervisory Authorities warn of risks resulting from a fragile economic outlook
September 18, 2023
The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) issued their Autumn 2023 Joint Committee Report on risks and vulnerabilities in the EU financial system.
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.
