PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, September 15, 2023
September 15, 2023
FedACTion Task Force
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Congress
U.S. House of Representatives
Hearing: Implementing Basel III: What's the Fed's Endgame?
September 14, 2023
The U.S. House Committee on Financial Services Subcommittee on Financial Institutions and Monetary Policy held a hearing entitled, "Implementing Basel III: What's the Fed's Endgame?"
- Hearing
- Committee Memorandum
- Subcommittee Chair Barr Statement
- Committee Ranking Member Waters Statement
- BPI President and CEO Baer Testimony
Hearing: Digital Dollar Dilemma: The Implications of a Central Bank Digital Currency and Private Sector Alternatives
September 14, 2023
The U.S. House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion held a hearing entitled, "Digital Dollar Dilemma: The Implications of a Central Bank Digital Currency and Private Sector Alternatives."
- Hearing
- Committee Memorandum
- Subcommittee Chair Hill Statement
- BPI Senior VP Pidano Paridon Testimony
Federal Agencies
U.S. Department of the Treasury
Opening Remarks by Secretary of the Treasury Janet L. Yellen at the Second Annual CFIUS Conference
September 14, 2023
Secretary of the Treasury Janet L. Yellen gave opening remarks at the Second Annual CFIUS Conference.
Remarks by Assistant Secretary for Investment Security Paul Rosen at the Second Annual CFIUS Conference
September 14, 2023
Assistant Secretary for Investment Security Paul Rosen gave remarks at the Second Annual CFIUS Conference.
Treasury Targets Russian Military-Linked Elites and Industrial Base
September 14, 2023
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is imposing nearly 100 sanctions on Russian elites and Russia's industrial base, financial institutions, and technology suppliers as the United States continues to leverage sanctions and economic restrictions to undermine Russia's capacity to wage its war against Ukraine.
Office of the Comptroller of the Currency
OCC Reports Second Quarter 2023 Bank Trading Revenue
September 14, 2023
The Office of the Comptroller of the Currency reported cumulative trading revenue of U.S. commercial banks and savings associations of $13.7 billion in the second quarter of 2023.
Consumer Financial Protection Bureau
CFPB Report Finds College Tuition Payment Plans Can Put Student Borrowers at Risk
September 14, 2023
The Consumer Financial Protection Bureau issued a new report finding that students face risk when entering into agreements with colleges to spread the upfront cost of tuition into several, interest-free loan payments.
CFPB updates FAQs regarding the Small Business Lending Rule
September 14, 2023
The Consumer Financial Protection Bureau updated its frequently asked questions related to the small business lending rule.
National Credit Union Administration
NCUA Releases Q2 2023 State-Level Credit Union Data Report
September 14, 2023
The National Credit Union Administration released the second quarter 2023 Quarterly U.S. Map Review.
International
European Banking Authority
The EBA responds to the EU Parliament's 2021 Discharge Report
September 14, 2023
The European Banking Authority ("EBA") published an Opinion in response to the observations made by European Parliament in its 2021 Discharge Report.
Bank of England Prudential Regulation Authority
Statement of Policy: Dealing with insurers in financial difficulties
September 14, 2023
The Bank of England Prudential Regulation Authority published a statement of policy entitled, "Dealing with insurers in financial difficulties."
UK Financial Conduct Authority
Review of later-life mortgages finds poor advice and misleading promotions
September 14, 2023
In a review of later life mortgage firms, the Financial Conduct Authority has worked with the largest firms to improve their advice processes and prompted the removal or amendment of almost 400 misleading promotions.
Speech: Open markets and common causes: International collaboration and the modernisation of financial services regulation in the UK
September 14, 2023
Financial Conduct Authority Chair Ashley Alder gave a speech at Eurofi entitled, "Open markets and common causes: International collaboration and the modernisation of financial services regulation in the UK."
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 (sworn in September 13, 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 September 13, 2022)
- Governor Adriana D. Kugler (sworn in September 13, 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.