PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, December 5, 2023
December 05, 2023
FedACTion Task Force
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Federal Agencies
U.S. Department of the Treasury
Secretary Yellen Addresses Climate Investment Funds Panel
December 4, 2023
U.S. Secretary of the Treasury Janet L. Yellen addressed the Climate Investment Funds Panel, "Scaling Up Just Energy Transitions to Enable Industry Decarbonization." She highlighted that the Treasury has signed an agreement for a $568 million loan to the Clean Technology Fund (CTF)—a multilateral trust fund that helps to deploy clean energy in developing countries.
U.S. Department of the Treasury, IRS, and Department of Energy Announce Demand for Solar and Wind Energy in Low-Income Communities
December 4, 2023
The U.S. Department of the Treasury and Internal Revenue Service, in partnership with the Department of Energy, announced demand in the initial application period for solar and wind facilities through the Inflation Reduction Act's Low-Income Communities Bonus Credit Program.
Federal Deposit Insurance Corporation
FDIC State Profiles – Third Quarter 2023
December 4, 2023
The Federal Deposit Insurance Corporation released the FDIC State Profiles for the Third Quarter 2023.
Securities and Exchange Commission
The Statement of Cash Flows: Improving the Quality of Cash Flow Information Provided to Investors
December 4, 2023
Securities and Exchange Commission Chief Accountant Paul Munter issued a statement entitled, "The Statement of Cash Flows: Improving the Quality of Cash Flow Information Provided to Investors."
Speech: Exorbitant Privilege: Responsibilities and Challenges
December 4, 2023
Securities and Exchange Commission Chair Gary Gensler gave a speech entitled, "Exorbitant Privilege: Responsibilities and Challenges," before the Council on Foreign Relations.
Commodity Futures Trading Commission
CFTC Issues Proposed Guidance Regarding the Listing of Voluntary Carbon Credit Derivative Contracts
December 4, 2023
The Commodity Futures Trading Commission has approved a proposed guidance and request for public comment regarding the listing for trading of voluntary carbon credit derivative contracts.
- Proposed Guidance
- Chair Behnam Statement
- Commissioner Johnson Statement
- Commissioner Goldsmith Romero Statement
- Treasury Secretary Yellen Statement
Announcement of Pledge to Second Replenishment of the Green Climate Fund
December 2, 2023
The Biden-Harris Administration announced the United States' multi-year pledge of $3 billion for the Green Climate Fund (GCF) for its Second Replenishment (GCF-2), 2024-2027.
Federal Housing Finance Agency
Blog: Enterprises' Financing for Affordable Units Increases
December 4, 2023
The Federal Housing Finance Agency published a blog post entitled, "Enterprises' Financing for Affordable Units Increases."
International
European Banking Authority
ESAs put forward amendments to sustainability disclosures for the financial sector
December 4, 2023
The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) are publishing their Final Report amending the draft Regulatory Technical Standards to the Delegated Regulation supplementing the Sustainable Finance Disclosure Regulation.
Financial Conduct Authority
FCA seeks views on regulatory approach for overseas funds
December 4, 2023
The Financial Conduct Authority is consulting on changes to its rules that will allow overseas schemes to be recognized under Overseas Funds Regime, should the UK Government make any determination on equivalence.
Consultation Paper: Reforming the commodity derivatives regulatory framework
December 4, 2023
The Financial Conduct Authority published a consultation paper entitled, "Reforming the commodity derivatives regulatory framework."
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.