Major Developments
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Agencies extend comment period on proposed rule to require large banks to maintain long-term debt
November 22, 2023
The Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency announced that they will extend until January 16, 2024, the comment period on their long-term debt proposed rule to improve the resolvability of large banks and enhance financial stability.
Federal Agencies
U.S. Department of the Treasury
Treasury's Office of Cybersecurity and Critical Infrastructure Protection Issues Consumer Advisory to Protect Against Cyber Scams This Holiday Shopping Season
November 22, 2023
The U.S. Department of the Treasury's Office of Cybersecurity and Critical Infrastructure Protection released an advisory highlighting tips consumers can take to avoid becoming the victim of cyber or online scams this holiday shopping season.
Federal Reserve Board
Paper: Supply Chain Constraints and Inflation
November 22, 2023
The Federal Reserve Board published a working paper entitled, "Supply Chain Constraints and Inflation."
Paper: Uncovered interest rate, overshooting, and predictability reversal puzzles in an emerging economy
November 22, 2023
The Federal Reserve Board published a working paper entitled, "Uncovered interest rate, overshooting, and predictability reversal puzzles in an emerging economy."
Federal Reserve Bank of New York
Report: Pandemic-Era Inflation Drivers and Global Spillovers
November 22, 2023
The Federal Reserve Bank of New York published a staff report entitled, "Pandemic-Era Inflation Drivers and Global Spillovers."
Report: Stakeholders' Aversion to Inequality and Bank Lending to Minorities
November 22, 2023
The Federal Reserve Bank of New York published a staff report entitled, "Stakeholders' Aversion to Inequality and Bank Lending to Minorities."
Securities and Exchange Commission
Announcement Regarding Share Repurchase Disclosure Modernization Rule
November 22, 2023
The Securities and Exchange Commission issued an order postponing the effective date of the Share Repurchase Disclosure Modernization Rule and issuing a stay pending further Commission action.
Financial Crimes Enforcement Network
FinCEN Alert on COVID-19 Employee Retention Credit Fraud
November 22, 2023
The Financial Crimes Enforcement Network, in close coordination with the Internal Revenue Service Criminal Investigation, issued an alert to financial institutions on fraud schemes related to the COVID-19 Employee Retention Credit.
International
European Commission
Remarks by President von der Leyen at the G20 Leaders' Summit
November 22, 2023
European Commission President Ursula von der Leyen gave remarks at the G20 Leaders' Summit.
Bank of England
Remit and recommendations for the Financial Policy Committee – November 2023
November 22, 2023
Chancellor of the Exchequer Jeremy Hunt sent a letter to Bank of England Governor Andrew Bailey on the remit and recommendations for the Financial Policy Committee.
Remit for the Monetary Policy Committee - November 2023
November 22, 2023
Chancellor of the Exchequer Jeremy Hunt sent a letter to Bank of England Governor Andrew Bailey on the remit for the Monetary Policy Committee.
UK Financial Conduct Authority
Pension value for money
November 22, 2023
The Financial Conduct Authority issued a statement on the pension value for money.
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.
