PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, November 29, 2023
November 29, 2023
FedACTion Task Force
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Congress
U.S. House of Representatives
Committee on Financial Services
HEARING NOTICE: Subcommittee on Digital Assets, Financial Technology and Inclusion
November 28, 2023
The U.S. House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion will hold a hearing entitled, "Fostering Financial Innovation: How Agencies Can Leverage Technology to Shape the Future of Financial Services," on Tuesday, December 5, 2023, at 10:00 am ET.
Federal Agencies
Federal Reserve Board
Speech: Serving Indian Country with the Modernized Community Reinvestment Act
November 28, 2023
Federal Reserve Board Vice Chair for Supervision Michael S. Barr gave a speech entitled, "Serving Indian Country with the Modernized Community Reinvestment Act," at the Modernized Community Reinvestment Act and Indian Country virtual event hosted by the Federal Reserve Bank of Minneapolis.
Speech: Reflections on the Economy and Monetary Policy
November 28, 2023
Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, "Reflections on the Economy and Monetary Policy," at the Utah Bankers Association and Salt Lake City Chamber Banker and Business Leader Breakfast in Salt Lake City, Utah.
Speech: Something Appears to Be Giving
November 28, 2023
Federal Reserve Board Governor Christopher J. Waller gave a speech entitled, "Something Appears to Be Giving," at the American Enterprise Institute in Washington, D.C.
Federal Reserve Bank of New York
Article: Similar Challenges, New Relationships: International Attendees Reflect on the Central Banking Seminar
November 28, 2023
The Federal Reserve Bank of New York published a The Teller Window article entitled, "Similar Challenges, New Relationships: International Attendees Reflect on the Central Banking Seminar."
Remarks at the New Jersey Bankers Association Regional Meeting
November 28, 2023
Federal Reserve Bank of New York Head of the Supervision Group Dianne Dobbeck gave remarks at the New Jersey Bankers Association Regional Meeting.
Blog: Bond Funds in the Aftermath of SVB's Collapse
November 28, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Bond Funds in the Aftermath of SVB's Collapse."
Securities and Exchange Commission
Speech: Prohibiting Conflicts of Interest in ABS Securitizations
November 28, 2023
Securities and Exchange Commission Commissioner Jaime Lazarraga gave a speech entitled, "Prohibiting Conflicts of Interest in ABS Securitizations."
Federal Housing Finance Agency
U.S. House Prices Rise 5.5 Percent over the Last Year; Up 2.1 Percent from the Second Quarter
November 28, 2023
U.S. house prices rose 5.5 percent between the third quarter of 2022 and the third quarter of 2023, according to the Federal Housing Finance Agency House Price Index report.
FHFA Announces Conforming Loan Limit Values for 2024
November 28, 2023
The Federal Housing Finance Agency announced the conforming loan limit values for mortgages Fannie Mae and Freddie Mac will acquire in 2024.
Freddie Mac
Economic, Housing and Mortgage Market Outlook – November 2023
November 28, 2023
Freddie Mac published the Economic, Housing and Mortgage Market Outlook for November 2023.
International
Bank of England
Speech: UK inflation since the pandemic: How did we get here and where are we going?
November 28, 2023
Bank of England Monetary Policy Committee Member Jonathan Haskel gave a speech entitled, "UK inflation since the pandemic: How did we get here and where are we going?"
UK Financial Conduct Authority
Sustainability disclosure and labelling regime confirmed by the FCA
November 28, 2023
The Financial Conduct Authority has confirmed a substantial package of measures to improve the trust and transparency of sustainable investment products and minimise greenwashing.
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.