PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Monday, December 11, 2023
December 11, 2023
FedACTion Task Force
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Major Developments
European Commission
European Commission welcomes political agreement on Artificial Intelligence Act
December 9, 2023
The European Parliament and the Council on the Artificial Intelligence Act (AI Act) announced a political agreement based on the Artificial Intelligence Act proposed by the Commission in April 2021.
Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: Connecting Communities: Building Innovation Ecosystems Across America
December 8, 2023
The U.S. House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion held a hearing entitled, "Connecting Communities: Building Innovation Ecosystems Across America."
Federal Agencies
U.S. Department of the Treasury
Joint Statement on the EU-U.S. Financial Regulatory Forum
December 8, 2023
The EU–U.S. Joint Financial Regulatory Forum took place on December 4-5, 2023, with participants exchanging views on topics of mutual interest as part of their regular financial regulatory dialogue.
Federal Reserve Bank of New York
Nowcast – Week of December 8, 2023
December 8, 2023
The Federal Reserve Bank of New York staff released the Nowcast for the week of December 8, 2023.
Fannie Mae
Paper: Low Balance Lending Economics: The Role of the Spec Pay-up
December 8, 2023
Fannie Mae's Economics and Strategic Research and Single-Family Capital Markets Teams published a working paper entitled, "Low Balance Lending Economics: The Role of the Spec Pay-up."
U.S. Department of Labor
BIS Releases Jobs Report for November 2023
December 8, 2023
The U.S. Bureau of Labor Statistics released the Employment Situation Report for November 2023.
- Summary
- Report
- Acting Secretary Su Statement
- House Small Business Committee Ranking Member Velazquez Statement
International
ESAs launch joint consultation on second batch of policy mandates under the Digital Operational Resilience Act
December 8, 2023
The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) launched a public consultation on the second batch of policy mandates under the Digital Operational Resilience Act.
Bank of England
Bank of England/Ipsos Inflation Attitudes Survey - November 2023
December 8, 2023
The Bank of England published the results of the Bank of England/Ipsos Inflation Attitudes Survey for November 2023.
Bank of England Prudential Regulation Authority
Consultation Paper: The Prudential Regulation Authority's approach to policy
December 8, 2023
The Prudential Regulation Authority published a consultation paper entitled, "The Prudential Regulation Authority's approach to policy."
Solvency II Review – considerations for year-end 2023
December 8, 2023
The Prudential Regulation Authority (PRA) published a statement related to HM Treasury and the Prudential Regulation Authority's reforms to Solvency II to be implemented at year-end 2023, in advance of the PRA's final decisions on its recent Solvency II reform proposals.
Financial Conduct Authority
Greater support for people's financial decisions, under regulator and government proposals
December 8, 2023
The Financial Conduct Authority and Government are seeking views, as part of the joint Advice Guidance Boundary Review, on three proposals to help people make more informed investment and pensions decisions.
Preparing for the future of Consumer Investments
December 8, 2023
The Financial Conduct Authority published a document entitled, "Preparing for the future of Consumer Investments."
Consumer Investments Strategy - 2 Year Update
December 8, 2023
The Financial Conduct Authority (FCA) provided an update on the progress against the workstreams and outcomes committed to in the FCA's Consumer Investments Strategy in September 2021.
Consumer Investments data review April 2022 – March 2023
December 8, 2023
The Financial Conduct Authority released the Consumer Investments data review for April 2022 – March 2023.
FCA Board Minutes – October 26, 2023
December 8, 2023
The Financial Conduct Authority published the minutes for the Board meeting held October 26, 2023.
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.