PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, July 7, 2023
July 07, 2023
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Major Developments
Congress
Federal Agencies
Federal Reserve Board
Working Paper: Aggregate Implications of Deviations from Modigliani-Miller: A Sufficient Statistics Approach
July 6, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) published a working paper entitled, "Aggregate Implications of Deviations from Modigliani-Miller: A Sufficient Statistics Approach."
Federal Reserve Bank of New York
Blog: Where Is Inflation Persistence Coming From?
July 6, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Where Is Inflation Persistence Coming From?"
Blog: The EGIs: Analyzing the Economy Through an Equitable Growth Lens
July 6, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The EGIs: Analyzing the Economy Through an Equitable Growth Lens."
Conference of State Bank Supervisors
Community Bankers' Economic Outlook Sinks to New Low
July 6, 2023
The Conference of State Bank Supervisors released the Community Bank Sentiment Index for Q2 2023.
Consumer Financial Protection Bureau
CFPB to distribute more than $3.5 million to consumers who were charged illegal fees to reduce or eliminate their federal student loans
July 6, 2023
The Consumer Financial Protection Bureau (CFPB) published a blog post entitled, "CFPB to distribute more than $3.5 million to consumers who were charged illegal fees to reduce or eliminate their federal student loans."
Federal Housing Finance Agency
Working Paper: The Credit Supply Channel of Monetary Policy Tightening and its Distributional Impacts
July 6, 2023
The Federal Housing Finance Authority published a working paper entitled, "The Credit Supply Channel of Monetary Policy Tightening and its Distributional Impacts."
Freddie Mac
Freddie Mac Issues Monthly Volume Summary for May 2023
July 6, 2023
Freddie Mac posted its Monthly Volume Summary for May 2023.
Bank Policy Institute
BPI Statement on the Regulated Liability Network Proof of Concept Findings
July 6, 2023
The Bank Policy Institute released a statement on the "Regulated Liability Network (RLN) U.S. Proof of Concept" released by a diverse group of payments industry participants from both the public and private sectors.
International
European Commission
2023 Strategic Foresight Report: sustainability and wellbeing at the heart of Europe's Open Strategic Autonomy
July 6, 2023
The European Commission presented the 2023 Strategic Foresight Report, which analyses how to put 'sustainability and people's wellbeing at the heart of Europe's Open Strategic Autonomy' and suggests ten concrete actions to achieve this aim.
European Banking Authority
EBA publishes validation requirements on initial margin models
July 6, 2023
The European Banking Authority published its final draft Regulatory Technical Standards on Initial Margin Model Validation under the European Markets Infrastructure Regulation.
Bank of England
UK Financial Conduct Authority
Transforming data collection: Bank of England and FCA deliver on phase one commitments
July 6, 2023
The Bank of England and Financial Conduct Authority released a join transformation program update on phase one commitments.
Bank of England
Prudential Regulation Authority
Annual Reports 2023
July 6, 2023
The Bank of England and Prudential Regulation Authority have published several annual reports.
- Bank of England Annual Report
- PRA Annual Report
- Asset Purchase Facility Annual Report
- Alternative Liquidity Facility Annual Report
- Official Market Operations Report
- Climate Related Financial Disclosure
- Climate Transition Plan
- Climate Disclosure Highlights
- Prescribed Persons Annual Report
- Enforcement Decision Making Committee Report
- PRA Practitioner Panel and Insurance Sub-committee Annual Report
Bank of England
Minutes of the London FXJSC Legal Sub-committee – 28 February 2023
July 6, 2023
The Bank of England released the minutes of the London Foreign Exchange Joint Standing Committee Legal Sub-committee meeting held February 28, 2023.
Minutes of the London FXJSC Operations Sub-committee Meeting – 1 March 2023
July 6, 2023
The Bank of England released the minutes of the London Foreign Exchange Joint Standing Committee Operations Sub-committee meeting held March 1, 2023.
Minutes of the London FXJSC Main Committee Meeting– 6 March 2023
July 6, 2023
The Bank of England released the minutes of the London Foreign Exchange Joint Standing Committee Main Committee meeting held March 6, 2023.
Monthly Decision Maker Panel data - June 2023
July 6, 2023
The Bank of England released the monthly Decision Maker Panel survey data for June 2023.
Bank of England Prudential Regulation Authority
UK Financial Conduct Authority
Asset managers told to review liquidity management in funds
July 6, 2023
The Financial Conduct Authority (FCA) has reviewed liquidity management in asset managers and found that firms need to increase their focus on liquidity risk. As things stand, gaps observed in liquidity management could lead to a risk of investor harm.
FCA sets out expectation for fair and competitive saving rates
July 6, 2023
The FCA issued a statement setting out expectations for fair and competitive saving rates.
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 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 announces appointment of Joshua Gallin as Secretary of the Federal Open Market Committee (February 2, 2023)
- President Biden nominates Dr. Philip Jefferson for Vice Chair and Dr. Adriana Kugler to serve as a Member on the Federal Reserve Board, and renominates Dr. Lisa Cook for an additional full term as Member (May 12, 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 New York names Mihaela Nistor as Chief Risk Officer and Head of the Risk Group (May 31, 2023)
- Federal Reserve Bank of New York names Beverly Hirtle as Research Advisor and begins search for new Director of Research (June 6, 2023)
- Aisha Benson appointed to the Federal Reserve Bank of New York Community Advisory Group (June 20, 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 Reserve Bank of Boston names Egon Zakrajšek as Director of Economic Research (May 17, 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)
- FDIC names three bankers to Minority Depository Institutions Subcommittee (May 25, 2023)
- FDIC names eight new members to Advisory Committee on Community Banking (May 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)
- SEC appoints Deborah J. Jeffrey as Inspector General (April 17, 2023)
- Eric R. Werner named Director of Fort Worth Regional Office (April 25, 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)
- Commissioner Goldsmith Romero announces Yevgeny Shrago as Senior Counsel and Policy Advisor (April 14, 2023)
- CFTC Appoints Jeffrey Sutton as Executive Director (April 18, 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.