Major Developments
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Agencies request comment on proposed rule to require large banks to maintain long-term debt to address financial stability and resolution
August 29, 2023
The Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency are requesting comment on a joint proposal that would require large banks with total assets of $100 billion or more to maintain a layer of long-term debt, which would be expected to improve financial stability by increasing the resolvability and resiliency of such institutions.
Federal Reserve Board
Federal Deposit Insurance Corporation
Agencies propose guidance to enhance resolution planning at large banks
August 29, 2023
The Federal Deposit Insurance Corporation and Federal Reserve Board each invited public comment on proposed guidance to help certain large bank holding companies further develop their Dodd-Frank Act Title I resolution plans.
Federal Reserve Bank of Boston
Paper: Interest Expenses, Coverage Ratio, and Firm Distress
August 29, 2023
The Federal Reserve Bank of Boston published a Current Policy Perspectives paper entitled, "Interest Expenses, Coverage Ratio, and Firm Distress."
FDIC Board Meeting
August 29, 2023
The Federal Deposit Insurance Corporation Board of Directors met in open session to discuss various proposals and approval of midsized and large failed bank sales.
U.S. Small Business Administration
SBA Launches "Investing in America: Small Business Tools and Resources" Webinar Series with Public Private Strategies Institute
August 29, 2023
The U.S. Small Business Administration announced its "Investing in America: Small Business Tools and Resources" series, a new collaboration with Public Private Strategies Institute to expand public awareness of SBA's programs, priorities, and initiatives that will empower business owners across the country, particularly those from underserved and disadvantaged communities.
Federal Housing Finance Agency
HPI: U.S. House Prices Rise 3.0 Percent over the Last Year; Up 1.7 Percent from the First Quarter
August 29, 2023
The Federal Housing Finance Agency published the House Price Index Report for Q2 2023.
International
UK Financial Conduct Authority
Revocation of FCA transitional direction for the share trading obligation
August 29, 2023
The Financial Conduct Authority issued a policy direction entitled, "Revocation of FCA transitional direction for the share trading obligation."
Variation of FCA transitional direction for the derivatives trading obligation
August 29, 2023
The Financial Conduct Authority issued a policy direction entitled, "Variation of FCA transitional direction for the derivatives trading obligation."
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 (nominated May 12, 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.
