PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, November 18, 2023
November 18, 2023
FedACTion Task Force
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Major Developments
Federal Deposit Insurance Corporation
FDIC Board of Directors Issues a Final Rule on Special Assessment Pursuant to Systemic Risk Determination
November 16, 2023
The Federal Deposit Insurance Corporation Board of Directors approved a final rule to implement a special assessment to recover the loss to the Deposit Insurance Fund (DIF) associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank. The Board also approved the Designated Reserve Ratio for 2024.
- Final Rule
- Fact Sheet
- Final Rule Memorandum
- Designated Reserve Ratio Notice
- Designated Reserve Ration Memorandum
- Press Release
- Financial Institution Letter
- Board Materials
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Senators Call for Independent Investigation of FDIC Culture
November 17, 2023
U.S. Senate Committee on Banking, Housing, and Urban Affairs Chair Senator Sherrod Brown (D-OH) and 11 members of the Senate Banking and Housing Committee sent a letter to the Federal Deposit Insurance Corporation Acting Inspector General Tyler Smith calling for an independent investigation into the FDIC after reports that the agency has failed to fix a toxic culture of sexual harassment and misconduct, discrimination, and misogyny.
U.S. House of Representatives
Committee on Financial Services
Representatives Launch Investigation into FDIC Culture
November 17, 2023
U.S. House Committee on Financial Services Chair Patrick McHenry (NC-10) sent a letter to Federal Deposit Insurance Corporation Chair Martin Gruenberg informing him of the Committee's investigation into allegations of widespread and entrenched misconduct and workplace culture problems at the FDIC.
Federal Agencies
U.S. Department of the Treasury
U.S. Department of the Treasury, IRS Propose New Rules to Drive Clean Energy Investments
November 17, 2023
The U.S. Department of the Treasury and Internal Revenue Service (IRS) released guidance on the Investment Tax Credit under Section 48 of Internal Revenue Code. The guidance provides the private sector with additional clarity and certainty in making investment decisions for clean energy projects.
Remarks by Assistant Secretary Graham Steele at Conference on Catastrophic Cyber Risk and a Potential Federal Insurance Response
November 17, 2023
Assistant Secretary of the Treasury Graham Steele gave remarks at the Federal Insurance Office and New York University Stern Volatility and Risk Institute's Conference on Catastrophic Cyber Risk and a Potential Federal Insurance Response.
Federal Reserve Board
Federal Reserve Board announces 2024 pricing for payment services the Federal Reserve Banks provide to banks and credit unions
November 17, 2023
The Federal Reserve Board announced pricing, effective January 2, 2024, for payment services the Federal Reserve Banks provide to banks and credit unions, such as the clearing of checks, automated clearing house (ACH) transactions, and wholesale payment and settlement services.
Federal Reserve Bank of New York
Semiannual Excess Equity Returned by the Municipal Liquidity Facility and Term Asset-Backed Securities Loan Facility
November 17, 2023
The Federal Reserve Bank of New York Announced that Municipal Liquidity Facility (MLF) and the Term Asset-Backed Securities Loan Facility (TALF) returned to the U.S. Department of the Treasury their next planned interim distributions of preferred equity funds previously invested by Treasury in those facilities. The funds distributed represent the amounts that exceed the respective facilities' exposure to remaining asset holdings. The MLF returned $51.10 million to Treasury and TALF returned $749.99 million to Treasury, reducing the Treasury's remaining capital contribution to those facilities to $2.77 billion and $97.92 million, respectively.
Blog: Flood-Prone Basement Housing in New York City and the Impact on Low- and Moderate-Income Renters
November 17, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Flood-Prone Basement Housing in New York City and the Impact on Low- and Moderate-Income Renters."
Nowcast – Week of November 17, 2023
November 17, 2023
The Federal Reserve Bank of New York staff released the Nowcast for the week of November 17, 2023.
Federal Reserve Bank of Boston
Remarks by Boston Fed Pres. Susan M. Collins at Bank's 67th Economic Conference
November 17, 2023
Federal Reserve Bank of Boston President & CEO Susan M. Collins provided welcoming remarks at the Bank's 67th Economic Conference, entitled "Rethinking Full Employment."
Securities and Exchange Commission
SEC Updates Compliance and Disclosure Interpretations Guidance on Proxy Rules and Schedules 14A/14C
November 17, 2023
The Securities and Exchange Commission Division of Corporation Finance has updated its Compliance and Disclosure Interpretations questions and answers guidance on proxy rules and Schedules 14A/14C. Updated questions include: Section 126 Rule 14a-6, Question 126.03; Section 132 Rule 14a-12, Question 132.03; Section 139 Rule 14a-19, Questions 139.07, 139.08, and 139.09; and Section 151 General, Question 151.02.
Speech: Private Equity: Past & Present, Charters & Code
November 17, 2023
Securities and Exchange Commission Division of Investment Management Director William Birdthistle gave a speech entitled, "Private Equity: Past & Present, Charters & Code."
Remarks at the Harvard Law School Program on International Financial Systems, 2023 Japan – U.S. Symposium
November 17, 2023
Securities and Exchange Commission Commissioner Mark T. Uyeda gave remarks at the Harvard Law School Program on International Financial Systems, 2023 Japan – US Symposium.
Consumer Financial Protection Bureau
Semi-annual Report of the Bureau of Consumer Financial Protection
November 17, 2023
The Consumer Financial Protection Bureau released its Semi-Annual Report to Congress for the period from October 1, 2022 – March 31, 2022.
FINRA
Cybersecurity Alert: FINRA Notifies Members of Joint CISA & FBI Cybersecurity Advisory
November 17, 2023
FINRA issued a cybersecurity alert notifying members of a joint Cybersecurity and Infrastructure Security and Federal Bureau of Investigation cybersecurity advisory.
Federal Housing Finance Agency
Blog: Geographic Disaggregation of House Price Stress Paths
November 17, 2023
The Federal Housing Finance Agency published a blog post entitled, "Geographic Disaggregation of House Price Stress Paths."
Bank Policy Institute
Regulation II: The Big-Box Boondoggle Paid for by American Consumers
November 17, 2023
The Bank Policy Institute published a one-page entitled, "Regulation II: The Big-Box Boondoggle Paid for by American Consumers."
International
European Banking Authority
The EBA publishes final templates to collect climate-related data from EU banks
November 17, 2023
The European Banking Authority published the final templates that will be used to collect climate-related data from EU banks in the context of the one-off Fit-for-55 climate risk scenario analysis.
The EBA's monitoring of IFRS 9 implementation by EU institutions confirms need to timely address practices misaligned with expectations
November 17, 2023
The European Banking Authority published its second Report on the International Financial Reporting Standard (IFRS) 9 implementation by EU institutions complementing the observations already included in the last IFRS 9 Monitoring Report, published in November 2021.
Bank of England
Paper: Hidden exposure: measuring US supply chain reliance
November 17, 2023
The Bank of England published a staff working paper entitled, "Hidden exposure: measuring US supply chain reliance."
Paper: Defusing leverage: liquidity management and labor contracts
November 17, 2023
The Bank of England published a staff working paper entitled, "Defusing leverage: liquidity management and labor contracts."
Speech: Back to the future
November 17, 2023
Bank of England Deputy Governor of Markets and Banking Dave Ramsden gave remarks entitled, "Back to the future," at the Society of Professional Economists Annual Conference.
UK Financial Conduct Authority
Annual Public Meeting 2023 - responses to unanswered questions
November 17, 2023
The Financial Conduct Authority released responses to unanswered questions from the Annual Public Meeting 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.