Major Developments
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Perspectives on Challenges in the Property Insurance Market and the Impact on Consumers
September 7, 2023
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, “Perspectives on Challenges in the Property Insurance Market and the Impact on Consumers.”
U.S. House of Representatives
Committee on Financial Services
UPCOMING HEARING NOTICE: Subcommittees on Financial Institutions and Monetary Policy & Digital Assets, Financial Technology and Inclusion
September 7, 2023
The U.S. House Committee on Financial Services announced the following hearings:
Financial Institutions and Monetary Policy Subcommittee Hearing Entitled: “Implementing Basel III: What’s the Fed’s Endgame?”
Date: Thursday, September 14, 2023
Digital Assets, Financial Technology and Inclusion Subcommittee Hearing Entitled: “Digital Dollar Dilemma: The Implications of a Central Bank Digital Currency and Private Sector Alternatives”
Date: Thursday, September 14, 2023
Federal Agencies
U.S. Department of the Treasury
United States and United Kingdom Sanction Additional Members of the Russia-Based Trickbot Cybercrime Gang
September 7, 2023
The United States, in coordination with the United Kingdom, sanctioned eleven individuals who are part of the Russia-based Trickbot cybercrime group.
Russian Elites, Proxies, and Oligarchs (REPO) Deputies Meeting
September 7, 2023
Deputy Secretary of the Treasury Wally Adeyemo and Principal Associate Deputy Attorney General Marshall Miller convened Deputies of the REPO Task Force to enhance sanctions enforcement efforts and bolster ongoing oligarch asset forfeiture initiatives.
Federal Reserve Board
Paper: Data Privacy for Digital Asset Systems
September 7, 2023
The Federal Reserve Board published a working paper entitled, “Data Privacy for Digital Asset Systems.”
Federal Reserve Bank of New York
Blog: How Large Are Inflation Revisions? The Difficulty of Monitoring Prices in Real Time
September 7, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “How Large Are Inflation Revisions? The Difficulty of Monitoring Prices in Real Time.”
Commodity Futures Trading Commission
Remarks of CFTC Commissioner Caroline D. Pham Before the Cato Institute, Staying Ahead of the Curve: Crypto Regulation and Competitiveness
September 7, 2023
Commodity Futures Trading Commission Commissioner Caroline D. Pham gave remarks before the Cato Institute’s Staying Ahead of the Curve: Crypto Regulation and Competitiveness conference entitled, “New Regulatory Sandboxes: A Proposal for a CFTC Pilot Program.”
Consumer Financial Protection Bureau
CFPB Report Highlights Role of Big Tech Firms in Mobile Payments
September 7, 2023
The Consumer Financial Protection Bureau published a new issue spotlight highlighting the impacts of Big Tech companies’ policies and practices that govern tap-to-pay on mobile devices like smartphones and watches.
Prepared Remarks of CFPB Director Rohit Chopra at the Federal Reserve Bank of Philadelphia’s Annual Fintech Conference
September 7, 2023
Consumer Financial Protection Bureau Director Rohit Chopra gave remarks at the Federal Reserve Bank of Philadelphia’s Annual Fintech Conference.
National Credit Union Administration
Credit Union Assets, Lending, and Delinquencies Rise in 2nd Quarter
September 7, 2023
According to the latest financial performance data released by the National Credit Union Administration, total assets in federally insured credit unions increased $82 billion, or 3.8 percent, over the year ending in the second quarter of 2023, to $2.22 trillion.
Fannie Mae
HPSI: Unusual Housing Market Dynamics Contributing to Stall in Consumer Sentiment
September 7, 2023
The Fannie Mae Home Purchase Sentiment Index® (HPSI) remained effectively unchanged in August, as consumer confidence toward housing continued along the low-level plateau set earlier this year.
Ginnie Mae
Global Markets Analysis Report – August 2023
September 7, 2023
Ginnie Mae released the Global Markets Analysis Report for August 2023.
Bank Policy Institute
BPI Chief Economist Bill Nelson Delivers Remarks on Bank Liquidity at MIT Conference
September 7, 2023
Bank Policy Institute Chief Economist Bill Nelson gave remarks on bank liquidity at MIT Golub Center for Finance and Policy 10th Annual Conference.
State Agencies
California Department of Financial Protection and Innovation
DFPI Launches $7.25 Million Grant Program to Support Californians with Student Loans
September 7, 2023
The California Department of Financial Protection and Innovation announced the launch of the Student Loan Empowerment Project, a new $7.25 million grant program that will support nonprofit organizations delivering education, counseling, and legal assistance programs for Californians with student loans.
International
European Commission
EU-UK relations: Commission and UK reach political agreement on UK participation in Horizon Europe and Copernicus
September 7, 2023
The European Commission and the United Kingdom have reached a political agreement on the UK’s participation in Horizon Europe, the EU’s research, and innovation program, and Copernicus, the EU’s world-leading Earth observation program.
Bank of England
Monthly Decision Maker Panel data – August 2023
September 7, 2023
The Bank of England released the results of the monthly Decision Maker Panel survey for August 2023.
UK Financial Conduct Authority
FCA sets expectations ahead of incoming crypto marketing rules
September 7, 2023
The Financial Conduct Authority has set out new rules designed to make the marketing of cryptoasset products clearer and more accurate, and that ban incentives like ‘refer a friend’ bonuses, which will come into force on 8 October.
FCA Board Minutes – July 2023
September 7, 2023
The Financial Conduct Authority released the minutes of the FCA Board meeting held July 27, 2023.
Administration Changes
Vacancies
Board of Governors of the Federal Reserve System
- Vice Chair – Vacant (Vice Chair Leal Brainard resigned effective on or around February 20, 2023)
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 (nominated May 12, 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 May 23, 2022)
- Governor Adriana Kugler (confirmed September 7, 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.
