Major Developments
Collective Engagement to Implement the Crypto-Asset Reporting Framework
November 10, 2023
Joint Statement by: Armenia, Australia, Austria, Barbados, Belgium, Belize, Brazil, Bulgaria, Canada, Chile, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Netherlands, Norway, Portugal, Romania, Singapore, Slovakia, Slovenia, South Africa, Spain, Sweden, Switzerland, the United Kingdom, and the United States of America; the Crown Dependencies of Guernsey, Jersey, and Isle of Man; and the United Kingdom's Overseas Territories of the Cayman Islands and Gibraltar issued a joint statement on the collective engagement to implement the Crypto-Asset Reporting Framework.
• Statement
Federal Agencies
U.S. Department of the Treasury
New U.S. Department of the Treasury Analysis Highlights How Policies to Address Climate Change Promote Economic Growth
November 13, 2023
The U.S. Department of the Treasury published analysis on how the Inflation Reduction Act, Bipartisan Infrastructure Law, and other federal policies to address climate change can promote economic growth.
Article: The Inflation Reduction Act: Pro-Growth Climate Policy
November 13, 2023
The U.S. Department of the Treasury published an article entitled, "The Inflation Reduction Act: Pro-Growth Climate Policy."
Federal Reserve Board
Consumer Financial Protection Bureau
Agencies announce dollar thresholds for applicability of truth in lending and consumer leasing rules for consumer credit and lease transactions
November 13, 2023
The Federal Reserve Board and the Consumer Financial Protection Bureau announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2024 are subject to certain Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) requirements.
Federal Reserve Board
Office of the Comptroller of the Currency
Consumer Financial Protection Bureau
Agencies announce dollar thresholds for smaller loan exemption from appraisal requirements for higher-priced mortgage loans
November 13, 2023
The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency announced that the 2024 threshold for whether higher-priced mortgage loans are subject to special appraisal requirements will increase from $31,000 to $32,400.
Federal Reserve Board
Welcoming Remarks at the 5th Annual Conference on Nontraditional Data, Machine Learning, and Natural Language Processing in Macroeconomics
November 13, 2023
Federal Reserve Board Governor Lisa D. Cook gave the opening remarks at the 5th Annual Conference on Nontraditional Data, Machine Learning, and Natural Language Processing in Macroeconomics in Washington, D.C.
Federal Reserve Bank of New York
Consumers' Expectations Largely Stable in October
November 13, 2023
The Federal Reserve Bank of New York's Center for Microeconomic Data released the October 2023 Survey of Consumer Expectations, which shows that inflation expectations declined slightly at the short- and longer-term horizons while remaining unchanged at the medium-term horizon.
Blog: How Do Banks Lend in Inaccurate Flood Zones in the Fed's Second District?
November 13, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "How Do Banks Lend in Inaccurate Flood Zones in the Fed's Second District?"
Commodity Futures Trading Commission
Statement of Commissioner Christy Goldsmith Romero: Keeping the Lights and Heat on in America
November 13, 2023
Commodity Futures Trading Commission Commissioner Christy Goldsmith Romero gave a statement entitled, "Keeping the Lights and Heat on in America," at the Energy and Environmental Markets Advisory Committee in Washington, D.C.
Consumer Financial Protection Bureau
Blog: CFPB to distribute more than $240,000 to consumers harmed by student loan debt-relief scam
November 13, 2023
The Consumer Financial Protection Bureau published a blog post entitled, "CFPB to distribute more than $240,000 to consumers harmed by student loan debt-relief scam."
International
European Banking Authority
ESAs publish amended technical standards on the mapping of External Credit Assessment Institutions
November 13, 2023
The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published two amended Implementing Technical Standards on the mapping of credit assessments of External Credit Assessment Institutions.
Bank of England
Speech: Climate policy and monetary policy: interactions and implications
November 13, 2023
Monetary Policy Committee Member Catherine L. Mann gave a speech entitled, "Climate policy and monetary policy: interactions and implications," at the Environmental Economics Seminar at the University of Oxford.
Bank of England Prudential Regulation Authority
Policy Statement: The non-performing exposures capital deduction
November 13, 2023
The Bank of England Prudential Regulation Authority published a policy statement entitled, "The non-performing exposures capital deduction."
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.
