PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, November 10, 2023
November 10, 2023
FedACTion Task Force
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Major Developments
Congress
U.S. House of Representatives
Federal Agencies
Federal Reserve Board
Supervision and Regulation Report – November 2023
November 9, 2023
The Federal Reserve Board published the Supervision and Regulation Report for November 2023.
Paper: LCR Premium in the Federal Funds Market
November 9, 2023
The Federal Reserve Board published a working paper entitled "LCR Premium in the Federal Funds Market."
Chair Powell's Opening Remarks at Monetary Policy Challenges in a Global Economy Panel
November 9, 2023
Federal Reserve Board Chair Jerome H. Powell gave remarks "Monetary Policy Challenges in a Global Economy," a policy panel at the 24th Jacques Polak Annual Research Conference, hosted by the International Monetary Fund, Washington, D.C.
Remarks on the Economy and Prioritization of Bank Supervision and Regulation
November 9, 2023
Federal Reserve Board Governor Michelle W. Bowman gave remarks on the economy and prioritization of bank supervision and regulation at the New York Bankers Association's Financial Services Forum in Palm Beach, Florida.
Federal Reserve Bank of New York
Blog: Transition Risks in the Fed's Second District and the Nation
November 9, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled "Transition Risks in the Fed's Second District and the Nation."
Federal Housing Finance Agency
Foreclosure Prevention, Refinance, and Federal Property Manager's Report - August 2023
November 9, 2023
The Federal Housing Finance Agency published the Foreclosure Prevention, Refinance, and Federal Property Manager's Report for August 2023.
U.S. Department of Education
Department of Education Announces Framework for Student Loan Servicer Accountability To Protect Borrowers Nationwide
November 9, 2023
The U.S. Department of Education announced a framework for how it will increase student loan servicer accountability and make sure borrowers are not harmed by servicer errors.
International
European Banking Authority
EBA consults on Guidelines on complaints handling by credit servicers
November 9, 2023
The European Banking Authority launched a public consultation on its draft Guidelines on complaints handling by credit servicers under the Credit Servicers Directive.
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.