PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, June 23, 2023
June 23, 2023
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Major Developments
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: The Semiannual Monetary Policy Report to the Congress
June 22, 2023
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "The Semiannual Monetary Policy Report to the Congress."
- Hearing
- Committee Chair Brown Statement
- Committee Ranking Member Scott Statement
- Federal Reserve Chair Powell Testimony
U.S. House of Representatives
Committee on Financial Services
Hearing: Oversight of the SEC
June 22, 2023
The U.S. House Committee on Financial Services Subcommittee on Oversight and Investigations held a hearing entitled, "Oversight of the SEC."
- Hearing
- Committee Memorandum
- Subcommittee Chair Huizenga Statement
- SEC General Counsel Barbero Testimony
Hearing: Oversight of the SEC's Division of Trading and Markets
June 22, 2023
The U.S. House Committee on Financial Services Subcommittee on Capital Markets held a hearing entitled, "Oversight of the SEC's Division of Trading Markets."
- Hearing
- Committee Memorandum
- Subcommittee Chair Wagner Statement
- Committee Ranking Member Waters Statement
- SEC Division of Trading and Markets Director Zhu Testimony
- SEC Chief Economist and Director Wachter Testimony
Committee on Small Business
Federal Agencies
U.S. Department of the Treasury
Remarks by Secretary of the Treasury at Multilateral Development Banks Evolution Roundtable in Paris, France
June 22, 2023
Secretary of the Treasury Janet L. Yellen gave remarks at the Multilateral Development Banks Evolution Roundtable.
Federal Reserve Board
Senior Credit Officer Opinion Survey on Dealer Financing Terms – June 2023
June 22, 2023
The Federal Reserve Board released the results of the Senior Credit Officer Opinion Survey on Dealer Financing Terms for June 2023.
Paper: Inflation and Real Activity over the Business Cycle
June 22, 2023
The Federal Reserve Board published a working paper entitled, "Inflation and Real Activity over the Business Cycle."
Paper: Firm Financial Conditions and the Transmission of Monetary Policy
June 22, 2023
The Federal Reserve Board published a working paper entitled, "Firm Financial Conditions and the Transmission of Monetary Policy."
Fed Listens Opening Remarks
June 22, 2023
Federal Reserve Board Governor Michelle W. Bowman gave opening remarks at the "Fed Listens: Transitioning to the Post-Pandemic Economy," a plenary session at Policy Summit 2023: Communities Thriving in a Changing Economy.
- Remarks
Welcoming Remarks at 2023 International Journal of Central Banking Conference
June 22, 2023
Federal Reserve Board Governor Christopher J. Waller gave welcoming remarks at the 2023 International Journal of Central Banking Conference in Dublin, Ireland.
Federal Reserve Bank of New York
Blog: Elevated Rent Expectations Continue to Pressure Low-Income Households
June 22, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Elevated Rent Expectations Continue to Pressure Low-Income Households."
Federal Deposit Insurance Corporation
Remarks by Chairman Martin J. Gruenberg on the Basel III Endgame at the Peterson Institute for International Economics
June 22, 2023
Federal Deposit Insurance Corporation Chair Martin J. Gruenberg gave remarks on the Basel III Endgame at the Peterson Institute for International Economics.
Office of the Comptroller of the Currency
Quality Control Standards for Automated Valuation Models: Notice of Proposed Rulemaking
June 22, 2023
The Office of the Comptroller of the Currency, along with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Consumer Financial Protection Bureau, and the Federal Housing Finance Agency (collectively, the agencies) are proposing a rule designed to implement quality control standards for automated valuation models (AVM) used by mortgage originators and secondary market issuers in valuing residential real estate.
Asset Management: Updated Comptroller's Handbook Booklet and Rescissions
June 22, 2023
The Office of the Comptroller of the Currency issued version 1.0 of the "Asset Management" booklet of the Comptroller's Handbook.
Securities and Exchange Commission
Investor Advisory Committee Meeting
June 22, 2023
The Securities and Exchange Commission Investor Advisory Committee held a hearing which included three panels to discuss:
i) Private Funds/Markets and Outbound Investments in Countries of Concern;
ii) Ensuring Digital Engagement Practices Responsibly Expand Investment Opportunities; and
iii) Audit Committee Workload and Transparency.
Financial Stability Oversight Council
FSOC Extending Comment Period on Two Proposals
June 22, 2023
The Financial Stability Oversight Council announced it is extending the comment period on two proposals: i) Proposed Interpretive Guidance Regarding Nonbank Financial Company Determinations; and ii) Proposed Analytic Framework for Financial Stability Risk Identification, Assessment, and Response.
- Nonbank Financial Company Determinations Proposed Guidance Notice of Extension
- Financial Stability Risk Proposed Analytic Framework Notice of Extension
FINRA
Investor Insights: Liquid Alts Are Not Your Typical Funds
June 22, 2023
FINRA published an Investor Insights article entitled, "Liquid Alts Are Not Your Typical Funds."
National Credit Union Administration
NCUA Board Approves Key Regulatory Changes
June 22, 2023
The National Credit Union Administration Board held an open meeting of 2023 and approved a proposals about the agency's minority depository institution preservation program and a notice and request for comment on the NCUA operating fee schedule methodology. The NCUA Board also was briefed on efforts to modernize the chartering process for federal credit unions.
- Minority Depository Institution Preservation Program Proposed Changes
- Operating Fee Schedule Methodology Request for Comment
- Charter Modernization Briefing
- Press Release
- Chair Harper Statement – Minority Depository Institution Preservation Program Proposed Changes
- Chair Harper Statement – Operating Fee Methodology
- Chair Harper Statement – Charter Modernization Briefing
- Vice Chair Hauptman Statement – Minority Depository Institution Preservation Program Proposed Changes
- Vice Chair Hauptman Statement – Operating Fee Schedule Methodology
- Vice Chair Hauptman Statement – Charter Modernization Briefing
NCUA Rescinds Most COVID-19 Guidance to Credit Unions
June 22, 2023
Following the ending of the federal government's COVID-19 public health emergency declaration on April 10, the National Credit Union Administration announced that it is rescinding many of its pandemic-related guidance to credit unions.
Bank Policy Institute
Blog: A Preview of DFAST 2023 Results
June 22, 2023
The Bank Policy Institute published a blog post entitled, "A Preview of DFAST 2023 Results."
Blog: CLF Notes – What is a Committed Liquidity Facility?
June 22, 2023
The Bank Policy Institute published a blog post entitled, "CLF Notes – What is a Committed Liquidity Facility?"
International
European Commission
Speech by President von der Leyen at the Summit for a New Global Financing Pact
June 22, 2023
European Commission President Ursula von der Leyen gave a speech at the Summit for a New Global Financing Pact in Paris, France.
Bank of England
Bank Rate increased to 5% - June 2023
June 22, 2023
The Bank of England released the summary and minutes of the Monetary Policy Committee meeting, during which the Committee voted by a majority of 7-2 to increase the Bank Rate by 0.5 percentage points, to 5%.
Exchange of letters between the Governor and the Chancellor regarding CPI Inflation - June 2023
June 22, 2023
If inflation moves away from the target by more than 1 percentage point in either direction, the Governor is required to send an open letter to the Chancellor explaining why inflation has moved away from target and what action the Bank is taking to bring inflation back to target.
Agents' summary of business conditions - 2023 Q2
June 22, 2023
The Bank of England released the summary of business conditions reports compiled by the 12 regional Agents for Q2 2023.
Latest results from the Decision Maker Panel survey - 2023 Q2
June 22, 2023
The Bank of England released the results form the Decision Maker Panel survey for Q2 2023.
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.