PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, April 14, 2023
April 14, 2023
FedACTion Task Force
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Federal Reserve Board
Paper: It's Not Who You Know—It's Who Knows You: Employee Social Capital and Firm Performance
April 13, 2023
The Federal Reserve published a paper entitled, "It's Not Who You Know—It's Who Knows You: Employee Social Capital and Firm Performance."
Conference of State Bank Supervisors
Blog: Community Banker Sentiment in the Doldrums
April 13, 2023
The Conference of State Bank Supervisors published a blog post entitled, "Community Banker Sentiment in the Doldrums."
Office of the Comptroller of the Currency
OCC Promotes National Financial Capability Month
April 13, 2023
The Office of the Comptroller of the Currency (OCC) encourages national banks and federal savings associations to support the financial capability and financial health of their customers, particularly during National Financial Capability Month in April.
Home Mortgage Disclosure Act: FFIEC's 2023 'A Guide to HMDA Reporting: Getting It Right!'
April 13, 2023
The OCC announced the issuance of the Federal Financial Institutions Examination Council's revised "A Guide to HMDA Reporting: Getting It Right!"
Consumer Financial Protection Bureau
Testimony of CFPB Senior Advisor Brian Shearer on Junk Fees Before the Pennsylvania House of Representatives Consumer Protection, Technology, and Utilities Committee
April 13, 2023
Consumer Financial Protection Bureau (CFPB) Senior Advisor Brian Shearer gave testimony on junk fees before the Pennsylvania House of Representatives Consumer Protection, Technology, and Utilities Committee.
Federal Housing Finance Agency
FHFA to Request Input on Multifamily Tenant Protections
April 13, 2023
In May 2023, the Federal Housing Finance Agency will issue a Request for Input on multifamily tenant protections.
Freddie Mac
Freddie Mac Lists Securities Transitioning from LIBOR, Together with Fallback Reference Rates
April 13, 2023
Freddie Mac posted to its website a list of more than 34,000 Freddie Mac floating-rate securities transitioning from LIBOR to replacement indices based on the Secured Overnight Financing Rate.
Bank Policy Institute
Research Note: The CFPB's Deeply Flawed Proposal on Credit Card Late Fees – Part 1
April 13, 2023
The Bank Policy Institute published a research note entitled, "The CFPB's Deeply Flawed Proposal on Credit Card Late Fees – Part 1."
International
Bank of England
Bank Liabilities Survey - 2023 Q1
April 13, 2023
The Bank of England released the results of the Bank Liabilities Survey for Q1 2023.
Credit Conditions Survey - 2023 Q1
April 13, 2023
The Bank of England released the results of the Credit Conditions Survey for Q1 2023.
Bank of England Prudential Regulation Authority
Consultation Paper: Regulated fees and levies: Rates proposals 2023/24
April 13, 2023
The Prudential Regulation Authority released a consultation paper entitled, "Regulated fees and levies: Rates proposals 2023/24."
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)
Financial Crimes Enforcement Network
- Director – Vacant (Himamauli Das serves as Acting Director)
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 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 Phillip N Jefferson (sworn in May 23, 2022)
- Governor Lisa D. Cook (sworn in May 23, 2022)
- Federal Reserve announces appointment of Joshua Gallin as Secretary of the Federal Open Market Committee (February 2, 2023)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
- Vincent Alvarez designated Chair of Federal Reserve Bank of New York Board of Directors; Rosa Gil designated Deputy Chair (January 10, 2023)
- Pat Wang appointed as a Class C Director to Federal Reserve Bank of New York Board of Directors (January 10, 2023)
- Federal Reserve Bank of New York names Roberto Perli SOMA Manager (February 2, 2023)
- Cali Brooks and Miguel Soto-Class appointed to Federal Reserve Bank of New York Community Advisory Board (April 4, 2023)
Federal Reserve Bank of Boston – Susan M. Collins (effective July 1, 2022)
- Federal Reserve Bank of Boston announces 2023 Board of Directors (January 10, 2023)
- Federal Reserve Bank of Boston announces new external advisory council members (April 10, 2023)
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)
- FDIC announces senior leadership changes in Division of Risk Management Supervision (January 26, 2023)
Office of the Comptroller of the Currency – Michael Hsu (acting Comptroller, effective May 10, 2021)
- OCC announces Deputy Comptroller for Systemic Risk Identification and Support (January 11, 2023)
- Kristen Baldwin named OCC Chief Information Officer (February 8, 2023)
Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)
- SEC announces appointment of Cristina Martin Firvida as Investor Advocate (January 10, 2023)
- Paul Munter named Chief Accountant (January 11, 2023)
- Erik Gerding named Director of Division of Corporation Finance (January 13, 2023)
- Silvestre Fontes named Director of Boston Regional Office (January 25, 2023)
- Cicely LaMothe named Deputy Director, Disclosure Operations, for the Division of Corporation Finance (February 14, 2023)
Commodity Futures Trading Commission – Rostin Behnam (effective December 17, 2021)
- Commissioner Pham announces members of the CFTC's Global Markets Advisory Committee (January 12, 2023)
- CFTC Commissioner Pham announces additional staff appointment (February 7, 2023)
- Chairman Behnam announces veteran Federal prosecutor Ian McGinley as Enforcement Director (February 28, 2023)
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)
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.