PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, August 18, 2023
August 18, 2023
FedACTion Task Force
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Major Developments
UK Financial Conduct Authority
FCA sets out expectations for UK cryptoasset businesses complying with the Travel Rule
August 17, 2023
The Financial Conduct Authority is setting out expectations for cryptoasset businesses that need to comply with a change in money laundering legislation legislated by government in July 2022.
Congress
U.S. House of Representatives
Committee on Small Business
Small Business Snapshot – August 2023
August 17, 2023
The U.S. House Committee on Small Business released the Small Business Snapshot for August 2023.
Federal Agencies
Federal Reserve Bank of New York
Article: Innovating for the Future, Heeding Lessons from the Past
August 17, 2023
The Federal Reserve Bank of New York published a The Teller Window article entitled, "Innovating for the Future, Heeding Lessons from the Past."
Blog: Consumers' Perspectives on the Recent Movements in Inflation
August 17, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Consumers' Perspectives on the Recent Movements in Inflation."
Federal Housing Finance Agency
Supplemental Guidance to Advisory Bulletin 2021-03: Framework for Adversely Classifying Loans, Other Real Estate Owned, and Other Assets and Listing Assets for Special Mention
August 17, 2023
The Federal Housing Finance Agency is issuing this Advisory Bulletin as supplemental guidance to FHFA Advisory Bulletin 2021-03: Framework for Adversely Classifying Loans, Other Real Estate Owned, and Other Assets and Listing Assets for Special Mention, published on August 25, 2021. This Advisory Bulletin is intended to clarify FHFA's existing guidance and is applicable to Fannie Mae and Freddie Mac.
Freddie Mac
The 30-Year Fixed-Rate Mortgage Reaches its Highest Level in Over Twenty Years
August 17, 2023
Freddie Mac released the results of its Primary Mortgage Market Survey®, showing the 30-year fixed-rate mortgage averaged 7.09 percent, reaching its highest level in over twenty years.
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.