PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, August 11, 2023
August 11, 2023
FedACTion Task Force
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Federal Agencies
U.S. Department of the Treasury
U.S. Department of the Treasury, IRS Release Final Rules and Guidance on Investing in America Program to Spur Clean Energy Investments in Underserved Communities
August 10, 2023
The U.S. Department of the Treasury and Internal Revenue Service issued final rules and procedural guidance for the Low-Income Communities Bonus Credit program under Section 48(e) of the Internal Revenue Code and announced the application process would open by early fall.
Federal Reserve Bank of New York
Underlying Inflation Gauge – August 2023
August 10, 2023
The Federal Reserve Bank of New York released the August 2023 Underlying Inflation Gauge (UIG) data with data from July 2023.
Blog: The Evolution of Short-Run r* after the Pandemic
August 10, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The Evolution of Short-Run r* after the Pandemic."
National Credit Union Administration
NCUA's Harper Discuss Artificial Intelligence; Proposed Rule on Charitable Donation Accounts at Defense Credit Union Council Annual Conference
August 9, 2023
National Credit Union Administration Chair Todd M. Harper gave remarks on artificial intelligence and the proposed rule on charitable donation accounts at the Defense Credit Union Council Annual Conference.
Federal Housing Finance Agency
FHFA Announces Results of Fannie Mae and Freddie Mac Dodd-Frank Act Stress Tests
August 10, 2023
The Federal Housing Finance Agency released a report providing the results of the annual stress tests that Fannie Mae and Freddie Mac are required to conduct under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
International
European Banking Authority
Supervisory cooperation in the fight against financial crime is improving, the EBA finds
August 10, 2023
The European Banking Authority published its third Report on the functioning of anti-money laundering and countering the financing of terrorism (AML/CFT) colleges.
UK Financial Conduct Authority
FCA finds fund managers' value assessments significantly improved, but still work to do
August 10, 2023
Following a review of fund managers' value assessments, the Financial Conduct Authority has found that while many firms have better practices in place, some still require improvement.
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.