PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, November 8, 2023
November 08, 2023
FedACTion Task Force
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Major Developments
CFPB Proposes New Federal Oversight of Big Tech Companies and Other Providers of Digital Wallets and Payment Apps
November 7, 2023
The Consumer Financial Protection Bureau is proposing to use its larger participant authority to supervise nonbank companies that offer services like digital wallets and payment apps.
- Proposed Rule
- Press Release
- House Financial Services Committee Chair McHenry's Statement
- BPI Statement
Financial Crimes Enforcement Network
FinCEN Finalizes Rule on Use of FinCEN Identifiers in Beneficial Ownership Information Reporting
November 7, 2023
The Financial Crimes Enforcement Network (FinCEN) is issuing a final rule that specifies the circumstances in which a reporting company may report an entity's FinCEN identifier in lieu of information about an individual beneficial owner.
Congress
U.S. Senate
U.S. House of Representatives
Committee on Financial Services
Hearing: The Tangled Web of Global Governance: How the Biden Administration is Ceding Authority Over American Financial Regulation
November 7, 2023
The U.S. House Committee on Financial Services Subcommittee on Financial Institutions and Monetary Policy held a hearing entitled, "The Tangled Web of Global Governance: How the Biden Administration is Ceding Authority Over American Financial Regulation."
- Hearing
- Committee Memorandum
- Subcommittee Chair Barr Statement
- Committee Ranking Member Waters Statement
Federal Agencies
U.S. Department of the Treasury
Treasury Releases Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States
November 7, 2023
The U.S. Department of the Treasury delivered its semiannual Report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States.
Russian Elites, Proxies, and Oligarchs (REPO) Task Force Deputies Meeting
November 7, 2023
Treasury Deputy Secretary Wally Adeyemo and Deputy Attorney General Lisa O. Monaco convened the Russian Elites, Proxies, and Oligarchs (REPO) Task Force Deputies to coordinate lines of effort to ensure that Russia bears the legal consequences of its internationally wrongful acts.
Treasury Convenes Discussion on National Financial Inclusion Strategy
November 6, 2023
Assistant Secretary for Financial Institutions Policy Graham Steele chaired a convening in the Treasury Cash Room with representation from civil rights organizations, consumer advocates, and research organizations to discuss financial inclusion and financial barriers faced by underserved communities.
Federal Reserve Board
G.19 Consumer Credit Data – November 2023
November 7, 2023
The Federal Reserve Board released the November 2023 G.19 Consumer Credit with data from September 2023.
Speech: Remarks on the Economy and Bank Supervision and Regulation
November 7, 2023
Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, "Remarks on the Economy and Bank Supervision and Regulation," at the 2023 Ohio Bankers League Main Event.
Speech: Using Economic Data to Understand the Economy
November 7, 2023
Federal Reserve Board Governor Christopher J. Waller gave a speech entitled, "Using Economic Data to Understand the Economy," at "Beyond the Numbers," a conference hosted by the Research Division of the Federal Reserve Bank of St. Louis, St. Louis, Missouri.
Paper: Committing to Grow: Privatizations and Firm Dynamics in East Germany
November 7, 2023
The Federal Reserve Board published a working paper entitled, "Committing to Grow: Privatizations and Firm Dynamics in East Germany."
Federal Reserve Bank of New York
Total Household Debt Reaches $17.29 Trillion in Q3 2023; Driven by Mortgage, Credit Card, and Student Loan Balances
November 7, 2023
The Federal Reserve Bank of New York's Center for Microeconomic Data issued its Quarterly Report on Household Debt and Credit. The Report shows total household debt increased by $228 billion (1.3%) in the third quarter of 2023, to $17.29 trillion. The New York Fed also issued the Liberty Street Economics blog post examining the composition of newly delinquent credit card borrowers.
Federal Reserve Bank of Boston
New Boston Fed tool updates regional data
November 7, 2023
The Federal Reserve Bank of Boston is launching a new, interactive data tool that instantly shares key regional and national economic indicators.
Paper: Have US Households Depleted All the Excess Savings They Accumulated during the Pandemic?
November 7, 2023
The Federal Reserve Bank of Boston published a Current Policy Perspectives paper entitled, "Have US Households Depleted All the Excess Savings They Accumulated during the Pandemic?"
Conference of State Bank Supervisors
Blog: Does Community Bank Profitability or Size Impact Views on Risks?
November 7, 2023
The Conference of State Bank Supervisors published a blog post entitled, "Does Community Bank Profitability or Size Impact Views on Risks?"
Securities and Exchange Commission
New Intake System for Rule 14a-8 Submissions and Related Correspondence
November 7, 2023
The Securities and Exchange Commission Division of Corporation Finance announced that Rule 14a-8 submissions and related correspondence must now be submitted using an online shareholder proposal form.
Speech: Fall Feelings: Treasury Markets' Efficiency and Resiliency
November 7, 2023
Securities and Exchange Commission Chair Gary Gensler gave a speech entitled, "Fall Feelings: Treasury Markets' Efficiency and Resiliency," before the Securities Industry and Financial Markets Association.
Remarks at the Practising Law Institute's 55th Annual Institute on Securities Regulation
November 7, 2023
Securities and Exchange Commission Commissioner Mark T. Uyeda gave remarks at the Practising Law Institute's 55th Annual Institute on Securities Regulation.
Federal Housing Finance Agency
FHFA Releases Report on FHLBank System at 100
November 7, 2023
The Federal Housing Finance Agency released its report on the FHLBank System at 100: Focusing on the Future initiative, the Agency's comprehensive review of the Federal Home Loan Bank (FHLBank) System in anticipation of the System's centennial in 2032.
Fannie Mae
Consumers Increasingly Sour on Economy, Blame Inflation
November 7, 2023
The Fannie Mae Home Purchase Sentiment Index® (HPSI) remained largely flat in October, as consumer frustration toward housing unaffordability and an economy battling inflation continues to depress overall sentiment.
Freddie Mac
Freddie Mac Posts 2024 Debt Funding Calendar
November 7, 2023
Freddie Mac posted its 2024 funding calendar, which provides optional announcement dates for Reference Notes securities and announcement dates for Reference Bills securities.
Lance F. Drummond Elected Chair of Freddie Mac
November 7, 2023
Lance Drummond will become chair of Freddie Mac's Board of Directors.
International
Bank of England
Speech: Clearing in the 2020s: the Bank of England's approach to policy reform and international cooperation
November 7, 2023
Bank of England Executive Director for Financial Market Infrastructure Sasha Milles gave a speech entitled, "Clearing in the 2020s: the Bank of England's approach to policy reform and international cooperation," at the ISDA Derivatives and Trading Forum.
UK Financial Conduct Authority
Firms should strengthen anti-fraud systems and must treat victims of fraud better, review finds
November 7, 2023
The Financial Conduct Authority released a review of firms' fraud controls and complaint handling and announced it is working with payment service providers to do more to protect consumers from fraud, including authorized push payment fraud.
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.