PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, August 12, 2023
August 12, 2023
FedACTion Task Force
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Federal Agencies
U.S. Department of the Treasury
Treasury Imposes Sanctions on Russian Elites and a Russian Business Association
August 11, 2023
The U.S. Department of the Treasury's Office of Foreign Assets Control issued a new round of sanctions targeting prominent members of Russia's financial elite, as well as a Russian business association.
Federal Reserve Bank of New York
Report: Firm Dynamics and Random Search over the Business Cycle
August 11, 2023
The Federal Reserve Bank of New York published a staff report entitled, "Firm Dynamics and Random Search over the Business Cycle."
U.S. Economy in a Snapshot - August 2023
August 11, 2023
The Federal Reserve Bank of New York released the U.S. Economy in a Snapshot for August 2023.
Federal Housing Finance Agency
Foreclosure Prevention, Refinance, and Federal Property Manager's Report - May 2023
August 11, 2023
The Federal Housing Finance Agency published the Foreclosure Prevention, Refinance, and Federal Property Manager's Report for May 2023.
International
Bank of England
Working Paper: Macroprudential stress - test models: a survey
August 11, 2023
The Bank of England published a staff working paper entitled, "Macroprudential stress - test models: a survey."
Working Paper: Climate policies, macroprudential regulation, and the welfare cost of business cycles
August 11, 2023
The Bank of England published a staff working paper entitled, "Climate policies, macroprudential regulation, and the welfare cost of business cycles."
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.