PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, November 3, 20232934
November 03, 2023
FedACTion Task Force
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Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Ensuring Financial Protection for Servicemembers, Veterans, and Their Families
November 2, 2023
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Ensuring Financial Protection for Servicemembers, Veterans, and Their Families."
Committee on Small Business and Entrepreneurship
U.S. House of Representatives
Committee on Financial Services
Hearing: Examining the SEC's Agenda: Unintended Consequences for U.S. Capital Markets and Investors
November 2, 2023
The U.S. House Committee on Financial Services Subcommittee on Capital Markets held a hearing entitled, "Examining the SEC's Agenda: Unintended Consequences for U.S. Capital Markets and Investors."
Hearing: The Factors Influencing the High Cost of Insurance for Consumers
November 2, 2023
The U.S. House Committee on Financial Services Subcommittee on Housing and Insurance held a hearing entitled, "The Factors Influencing the High Cost of Insurance for Consumers."
Committee on Small Business
Federal Agencies
U.S. Department of the Treasury
Remarks by Secretary Yellen on the Biden Administration's Economic Approach Toward the Indo-Pacific
November 2, 2023
Secretary of the Treasury Janet L. Yellen gave remarks at the Asia Society on the Biden Administration's economic approach toward the Indo-Pacific.
Treasury Hardens Sanctions With 130 New Russian Evasion and Military-Industrial Targets
November 2, 2023
The U.S. Department of the Treasury's Office of Foreign Assets Control issued sanctions focusing on individuals and entities abetting Russia's unconscionable war against Ukraine by providing Russia with much-needed technology and equipment from third countries.
Deputy Secretary of the Treasury Wally Adeyemo Visits Germany
November 2, 2023
Deputy Secretary of the Treasury Wally Adeyemo was in Berlin, Germany, to deepen the strong partnership between the United States and Germany and to further cooperation on shared economic and security priorities.
Remarks by Secretary of the Treasury Janet L. Yellen at Inter-American Development Bank Responsible Investment Forum
November 2, 2023
Secretary of the Treasury Janet L. Yellen gave remarks at the Inter-American Development Bank Responsible Investment Forum.
Federal Reserve Bank of New York
Statement Regarding Agency Mortgage-Backed Securities Small Value Exercises
November 2, 2023
The Federal Reserve Bank of New York Open Market Trading Desk intends to conduct three small value agency MBS dollar roll operations on November 9, 2023 and three small value agency MBS coupon swap operations on November 15, 2023.
Federal Reserve Bank of Boston
Article: A fatal cash crash? Conditions were ripe for it after the pandemic hit, but it didn't happen
November 2, 2023
The Federal Reserve Bank of Boston published an article entitled, "A fatal cash crash? Conditions were ripe for it after the pandemic hit, but it didn't happen."
Securities and Exchange Commission
SEC Adopts Rules for the Registration and Regulation of Security-Based Swap Execution Facilities
November 2, 2023
The Securities and Exchange Commission adopted new Regulation SE under the Securities Exchange Act of 1934 to create a regime for the registration and regulation of security-based swap execution facilities.
Remarks at the ALI – CLE 2023 Conference on Life Insurance Company Products
November 2, 2023
Securities and Exchange Commission Commissioner Mark T. Uyeda gave remarks at the ALI – CLE 2023 Conference on Life Insurance Company Products.
Consumer Financial Protection Bureau
CFPB Issues New Report on State Community Reinvestment Laws
November 2, 2023
The Consumer Financial Protection Bureau published a new analysis on state Community Reinvestment Act laws, highlighting how states ensure financial institutions' lending, services, and investment activities meet the credit needs of their communities.
U.S. Department of Housing and Urban Development/Federal Housing Administration
Federal Housing Administration Changes Appraisal Requirements for Certain Manufactured Homes to Enhance Financing Flexibility for Borrowers
November 2, 2023
The Federal Housing Administration announced the publication of updated appraisal requirements for the valuation of manufactured homes certified under Fannie Mae's MH AdvantageTM and Freddie Mac's CHOICEHome® programs.
Freddie Mac
Freddie Mac Posts 2024 Debt Funding Calendar
November 2, 2023
Freddie Mac posted its 2024 funding calendar, which provides optional announcement dates for Reference Notes® securities and announcement dates for Reference Bills® securities.
International
Bank of England
Monetary Policy Report - November 2023
November 2, 2023
The Monetary Policy Committee met on November 1, 2023, and voted by a majority of 6–3 to maintain Bank Rate at 5.25%.
Monthly Decision Maker Panel data - October 2023
November 2, 2023
The Bank of England released the Decision Maker Panel survey data for October 2023.
Bank of England Prudential Regulation Authority
Discussion Paper: FSCS general insurance limit
November 2, 2023
The Prudential Regulation Authority issued a discussion paper entitled, "FSCS general insurance limit."
UK Financial Conduct Authority
Guidance for crypto firms to help them comply with marketing rules
November 2, 2023
The Financial Conduct Authority published Guidance to further support crypto firms complying with the new marketing rules.
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.