Major Developments
Federal Agencies
U.S. Department of the Treasury
Remarks by Treasury Department’s Counselor for Racial Equity Janis Bowdler at the 2023 U.S. Hispanic Chamber of Commerce National Conference
September 26, 2023
U.S. Department of the Treasury Counselor for Racial Equity Janis Bowdler at the 2023 U.S. Hispanic Chamber of Commerce National Conference.
Federal Reserve Board
Governor Bowman Gives Remarks at FedCommunities Event
September 26, 2023
Federal Reserve Board Governor Michelle W. Bowman gave welcoming remarks at the FedCommunities event “Keys to Opportunity in the Housing Market: Research on Strategies for Preserving and Expanding Rental Housing Affordability,” in Washington, D.C.
Federal Reserve Bank of New York
Blog: Who Uses “Buy Now, Pay Later?”
September 26, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Who Uses “Buy Now, Pay Later?”
Federal Reserve Bank of Boston
Blog: What is “financial stability”?
September 26, 2023
The Federal Reserve Bank of Boston published a blog entitled, “What is “financial stability”?”
Federal Deposit Insurance Corporation
The FDIC Announces Memorandum of Understanding with Korea Deposit Insurance Corporation, Formalizing Information Sharing and Cooperation Related to Resolution Planning and Implementation
September 26, 2023
The Federal Deposit Insurance Corporation announced the signing of a Cross-border Resolution Memorandum of Understanding and a Cooperative Arrangement with the Korea Deposit Insurance Corporation, which would enhance mutual cooperation and exchange between the two organizations.
Securities and Exchange Commission
New Report from the Small Business Forum Includes Recommendations to Improve Capital Raising
September 26, 2023
The Securities and Exchange Commission released a report to Congress summarizing policy recommendations made during the 42nd Annual Government-Business Forum on Small Business Capital Formation.
U.S. Department of Housing and Urban Development/Federal Housing Administration
HUD and Census Bureau Report New Residential Sales in August 2023
September 26, 2023
The U.S. Department of Housing and Urban Development and the U.S. Census Bureau jointly announced the following new residential sales statistics for August 2023.
Federal Housing Finance Agency
FHFA House Price Index Up 0.8 Percent in July; Up 4.6 Percent from Last Year
September 26, 2023
The Federal Housing Finance Agency released the September 2023 House Price Index including data through July 2023.
Exception to Restrictions on Private Transfer Fee Covenants for Loans Meeting Certain Duty To Serve Shared Equity Loan Program Requirements Proposed Rule
September 26, 2023
The Federal Housing Finance Agency is proposing to amend its regulation that restricts its regulated entities–the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Federal Home Loan Banks–from purchasing, investing in, accepting as collateral, or otherwise dealing in mortgages on properties encumbered by certain types of private transfer fee covenants, and in related securities, subject to certain exceptions.
International
European Banking Authority
The EBA second mandatory exercise on Basel III full implementation shows a significantly reduced impact on EU banks with shortfalls nearly fully absorbed
September 26, 2023
The European Banking Authority published its second mandatory Basel III Monitoring Report which assesses the impact that Basel III full implementation will have on EU banks in 2028.
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.
