PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, November 17, 2023
November 17, 2023
FedACTion Task Force
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Major Developments
Financial Crimes Enforcement Network
FinCEN Issues Updated Beneficial Ownership Information FAQs
November 16, 2023
The Financial Crimes Enforcement Network (FinCEN) has updated its Beneficial Ownership Information FAQs to include new questions about the reporting process, reporting companies, beneficial owners, company applicants, reporting requirements, initial reports, and reporting company exemptions.
Congress
Federal Agencies
U.S. Department of the Treasury
Remarks by Under Secretary Liang at the 2023 Treasury Market Conference
November 16, 2023
Under Secretary for Domestic Finance Nellie Liang gave remarks at the 2023 U.S. Treasury Market Conference.
Federal Reserve Board
Speech by Vice Chair Barr at the 2023 U.S. Treasury Market Conference
November 16, 2023
Federal Reserve Board Vice Chair for Supervision Michael S. Barr gave a speech at the 2023 U.S. Treasury Market Conference at the Federal Reserve Bank of New York.
Speech: Global Linkages: Supply, Spillovers, and Common Challenges
November 16, 2023
Federal Reserve Board Governor Lisa D. Cook gave a speech entitled, "Global Linkages: Supply, Spillovers, and Common Challenges," at the "Global Linkages in a Post-Pandemic World" 2023 Asia Economic Policy Conference, sponsored by the Federal Reserve Bank of San Francisco Center for Pacific Basin Studies in San Francisco, California.
Federal Reserve Bank of New York
Business Leaders Survey – November 2023
November 16, 2023
The Federal Reserve Bank of New York published the November 2023 Business Leaders Survey and supplemental report.
Opening Remarks: 2023 U.S. Treasury Market Conference
November 16, 2023
Federal Reserve Bank of New York Head of the Markets Group Michelle Neal gave the opening remarks at the 2023 U.S. Treasury Market Conference at the Federal Reserve Bank of New York.
Speech: Elementary, Dear Data
November 16, 2023
Federal Reserve Bank of New York President and CEO John C. Williams gave a speech entitled, "Elementary, Dear Data," at the 2023 U.S. Treasury Market Conference at the Federal Reserve Bank of New York.
Speech: Disentangling Messages from the Treasury Market
November 16, 2023
Federal Reserve Bank of New York's System Open Market Account Manager Roberto Perli gave remarks entitled, "Disentangling Messages from the Treasury Market," at the 2023 U.S. Treasury Market Conference at the Federal Reserve Bank of New York.
Speech: The Important Role of the Foreign Investor in the U.S. Treasury Market
November 16, 2023
Federal Reserve Bank of New York Head of Domestic and International Markets Functions Anna Nordstrom gave a speech entitled, "The Important Role of the Foreign Investor in the U.S. Treasury Market," at the 2023 U.S. Treasury Market Conference at the Federal Reserve Bank of New York.
Blog: Small Business Recovery after Natural Disasters in the Fed's Second District
November 16, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Small Business Recovery after Natural Disasters in the Fed's Second District."
Federal Deposit Insurance Corporation
Joint Statement by Vice Chairman Hill and Director McKernan on Independent Review of FDIC Workplace Culture
November 16, 2023
Federal Deposit Insurance Corporation Board Vice Chair Travis Hill and Director Jonathan McKernan issued a joint statement on an independent review of FDIC workplace culture.
- Joint Statement
- Statement of Chairman McHenry of the House Financial Services Committee
Securities and Exchange Commission
SEC Adopts Rules to Improve Clearing Agency Governance and Mitigate Conflicts of Interest
November 16, 2023
The Securities and Exchange Commission has adopted new rules to improve the governance of all registered clearing agencies by reducing the likelihood that conflicts of interest may influence their boards of directors or equivalent governing bodies.
- Final Rules
- Press Release
- Chair Gensler Statement
- Commissioner Peirce Statement
- Commissioner Uyeda Statement
Commodity Futures Trading Commission
Keynote of Chairman Behnam at the 2023 U.S. Treasury Market Conference
November 16, 2023
Commodity Futures Trading Commission Chair Rostin Benham gave a keynote address at the 2023 U.S. Treasury Market Conference.
Keynote: Policing the (Token) Economy: Introducing Corporate Governance and Market Structure Reforms in Crypto and Environmental Commodities Markets
November 16, 2023
The Commodity Futures Trading Commission Commissioner Kristin N. Johnson gave a keynote address entitled, "Policing the (Token) Economy: Introducing Corporate Governance and Market Structure Reforms in Crypto and Environmental Commodities Markets," at the Atlanta Economics Club at the Federal Reserve Bank of Atlanta.
Remarks of Commissioner Goldsmith Romero: Financial Stability is Foundational for Consumer Protection
November 16, 2023
Commodity Futures Trading Commission Commissioner Christy Goldsmith Romero gave remarks entitled, "Financial Stability is Foundational for Consumer Protection," at the Consumer Federation of America's Financial Services Conference in Washington, D.C.
Consumer Financial Protection Bureau
CFPB Report Highlighting Consumer Protection Issues in Medical Debt Collection
November 16, 2023
The Consumer Financial Protection Bureau issued a report highlighting the challenges American families face when debt collectors pursue allegedly unpaid medical bills.
National Credit Union Administration
NCUA Board Approves Charitable Donation Accounts Final Rule
November 16, 2023
The National Credit Union Administration Board held its tenth open meeting of 2023 and approved a final rule that amends the charitable donation accounts section of the NCUA's incidental powers regulation. In addition, the NCUA's Chief Financial Officer briefed the Board on the performance of the National Credit Union Share Insurance Fund for the third quarter of 2023.
- Final Rule
- Share Insurance Fund Briefing
- Press Release
- Chair Harper Statement – Final Rule
- Chair Harper Statement – Share Insurance Fund Briefing
- Vice Chair Hauptman Statement – Final Rule
- Vice Chair Hauptman Statement – Share Insurance Fund Briefing
- Board Member Hood Statement – Final Rule
- Board Member Hood Statement – Share Insurance Fund Briefing
Federal Housing Finance Agency
Prepayment Monitoring Report Third Quarter 2023
November 16, 2023
The Federal Housing Finance Agency published the Prepayment Monitoring Report for the third quarter 2023.
Bank Policy Institute
Blog: Internal Models Should Be Allowed for Credit Capital Requirements
November 16, 2023
The Bank Policy Institute published a blog post entitled, "Internal Models Should Be Allowed for Credit Capital Requirements."
International
Bank of England
Minutes of Money Market Committee meeting – September 2023
November 16, 2023
The Bank of England released the minutes of the Money Market Committee meeting held September 17, 2023.
Speech: Going with the flow: how liquidity risks have evolved in the higher rate environment
November 16, 2023
Bank of England Deputy Governor for Markets and Banking Dave Ramsden gave a speech entitled, "Going with the flow: how liquidity risks have evolved in the higher rate environment," at the European Systemic Risk Board annual Conference.
Speech: Interconnectedness, Innovation and Unintended Consequences: What macroprudential policy can do to assess fragilities outside of the banking sector
November 16, 2023
Financial Policy Committee Member Randall Kroszner gave a speech entitled, "Interconnectedness, Innovation and Unintended Consequences: What macroprudential policy can do to assess fragilities outside of the banking sector," at the Federal Reserve Bank of Cleveland and Financial Research's 2023 Financial Stability Conference.
Bank of England Prudential Regulation Authority
Consultation Paper: Funded reinsurance
November 16, 2023
The Prudential Regulation Authority published a consultation paper entitled, "Funded reinsurance."
UK Financial Conduct Authority
FCA finds further work required to fully embed 'Guiding Principles' for ESG and sustainable investment funds
November 16, 2023
The Financial Conduct Authority published a review which found that while most Authorised Fund Managers have made efforts to comply with the FCA's expectations on the design, delivery, and disclosure of their ESG and sustainable funds, further improvement is needed.
Review of FCA's approach to secondary brokers
November 16, 2023
The Financial Conduct Authority announced it has recently reviewed its interpretation of the consumer credit legislation for Limited Permission secondary credit brokers.
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.