PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, November 15, 2023
November 15, 2023
FedACTion Task Force
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Major Developments
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Oversight of Financial Regulators: Protecting Main Street Not Wall Street
November 14, 2023
The U.S. Senate Committee on Banking, Housing and Urban Affairs held a hearing entitled, "Oversight of Financial Regulators: Protecting Main Street Not Wall Street." The witnesses included: The Honorable Michael Barr, Vice Chair for Supervision, Federal Reserve; The Honorable Martin Gruenberg, Chair, Federal Deposit Insurance Corporation; The Honorable Todd Harper, Chair, National Credit Union Administration; and Mr. Michael Hsu, Acting Comptroller, Office of the Comptroller of the Currency.
- Hearing
- Committee Chair Brown Statement
- Federal Reserve Vice Chair Barr Testimony
- FDIC Chair Gruenberg Testimony
- NCUA Chair Harper Testimony
- Acting Comptroller Hsu Testimony
Committee on Small Business and Entrepreneurship
U.S. House of Representatives
Committee on Financial Services
Committee Holds Markup of National Security Legislation
November 14, 2023
The U.S. House Committee on Financial Services held a hearing on legislation relating to national security.
Committee on Small Business
Hearing: Oversight of the SBA's Office of Entrepreneurial Development
November 14, 2023
The U.S. House Committee on Small Business held a hearing entitled, "Oversight of the SBA's Office of Entrepreneurial Development."
Federal Agencies
U.S. Department of the Treasury
United States and United Kingdom Take Coordinated Action Against Hamas Leaders and Financiers
November 14, 2023
U.S. Department of the Treasury's Office of Foreign Assets Control imposed its third round of sanctions targeting Hamas-affiliated individuals and entities.
OFAC Published Guidance for the Provision of Humanitarian Assistance to Palestinian People
November 14, 2023
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing an OFAC Compliance Communiqué: "Guidance for the Provision of Humanitarian Assistance to the Palestinian People," in response to questions from the NGO community and the general public on how to provide humanitarian assistance while complying with OFAC sanctions.
Remarks by Secretary Yellen at APEC Business Advisory Council (ABAC) Gala Dinner
November 13, 2023
U.S. Secretary of the Treasury Janet L. Yellen gave remarks at the APEC Business Advisory Council Gala Dinner in San Francisco, California.
Federal Reserve Board
Speech: Elevated Economic Uncertainty: Causes and Consequences
November 14, 2023
The Federal Reserve Board Vice Chair Philip N. Jefferson gave a speech entitled, "Elevated Economic Uncertainty: Causes and Consequences," At "Global Risk, Uncertainty, and Volatility," a research conference sponsored by the Federal Reserve Board of Governors, Swiss National Bank and the Bank for International Settlements, Zurich, Switzerland.
Federal Reserve Bank of New York
Blog: Flood Risk and Firm Location Decisions in the Fed's Second District
November 14, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Flood Risk and Firm Location Decisions in the Fed's Second District."
Federal Reserve Bank of Boston
Paper: Decomposing Lifetime-earnings Differences between White, Black, and Hispanic Families
November 14, 2023
The Federal Reserve Bank of Boston's Research Department published a working paper entitled, "Decomposing Lifetime-earnings Differences between White, Black, and Hispanic Families."
Research indicates foreign investment in U.S. real estate has underappreciated impacts
November 14, 2023
The Federal Reserve Bank of Boston published a new paper entitled, "Local Effects of Global Capital Flows: A China Shock in the U.S. Housing Market."
Financial Crimes Enforcement Network
FinCEN Joins Harvard Kennedy School Event on the Role of Cryptocurrency in Financing Terrorism
November 14, 2023
On November 9, a senior official from the Financial Crimes Enforcement Network (FinCEN) contributed to discussions on the role of cryptocurrency as a source of financing for terrorism during an event at the Harvard Kennedy School's Mossavar-Rahmani Center for Business and Government.
International
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.