PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, February 4, 2023
February 04, 2023
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Major Developments
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Brown Announces February Hearing Schedule
February 3, 2023
U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, announced the hearing schedule for the month of February.
- February 9, 10:00 AM – "The State of Housing 2023"
- February 14, 10:00 AM – "Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets"
- February 28, 10:00 AM – "Advancing National Security and Foreign Policy Through Sanctions, Export Controls, and Other Economic Tools
- Press Release
Federal Agencies
U.S. Department of the Treasury
Statement by Secretary of the Treasury Janet L. Yellen on the Announcement on the Price Caps for Seaborne Russian-Origin Petroleum Products
February 3, 2023
Secretary of the Treasury Janet L. Yellen released a statement following the announcement by the price cap coalition to set price caps on the price of seaborne Russian refined oil products.
Treasury Updates Vehicle Classification Standard for Clean Vehicle Tax Credits Under Inflation Reduction Act
February 3, 2023
The U.S. Treasury Department updated the vehicle classification standard used to determine the applicable Manufacturer Suggested Retail Price (MSRP) limitation for clean vehicle tax credits available under the Inflation Reduction Act.
Federal Reserve Board
Paper: Using U.S. Business Registry Data to Corroborate Corporate Identity: Case Study of the Legal Entity Identifier
February 3, 2023
The Federal Reserve Board published a working paper entitled, "Using U.S. Business Registry Data to Corroborate Corporate Identity: Case Study of the Legal Entity Identifier."
Paper: IT Shields: Technology Adoption and Economic Resilience during the COVID-19 Pandemic
February 3, 2023
The Federal Reserve Board published a working paper entitled, "IT Shields: Technology Adoption and Economic Resilience during the COVID-19 Pandemic."
Paper: Does Private Equity Over-Lever Portfolio Companies?
February 3, 2023
The Federal Reserve Board published a working paper entitled, "Does Private Equity Over-Lever Portfolio Companies?"
Federal Reserve Bank of New York
Report: Quantifying the Inflationary Impact of Fiscal Stimulus under Supply Constraints
February 3, 2023
The Federal Reserve Bank of New York published a staff report entitled, "Quantifying the Inflationary Impact of Fiscal Stimulus under Supply Constraints."
Blog: How the LIBOR Transition Affects the Supply of Revolving Credit
February 3, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "How the LIBOR Transition Affects the Supply of Revolving Credit."
Federal Deposit Insurance Corporation
FDIC Supervisory Approach Regarding Changes to HMDA's Closed-End Mortgage Loan Volume Reporting Threshold
February 3, 2023
The Federal Deposit Insurance Corporation issued a Financial Institution Letter to inform supervised institutions of recent changes regarding the Home Mortgage Disclosure Act (HMDA) reporting threshold for closed-end mortgage loans and the FDIC's supervisory approach for enforcing related requirements.
Commodity Futures Trading Commission
Keynote Address of Chairman Rostin Behnam at the ABA Business Law Section Derivatives & Futures Law Committee Winter Meeting
February 3, 2023
Commodity Futures Trading Commission Chair Rostin Behnam gave the keynote address at the ABA Business Law Section Derivatives & Futures Law Committee winter meeting.
U.S. Department of Labor
BLS Releases January 2023 Jobs Report
February 3, 2023
The U.S. Department of Labor Bureau of Labor Statistics released the Employment Situation report for January 2023.
International
Bank of England
Market Participants Survey results – February 2023
February 3, 2023
The Bank of England released the Market Participants Survey results in February 2023.
UK Financial Conduct Authority
FCA supports firms through the transition to implementing the Consumer Duty
February 3, 2023
The UK Financial Conduct Authority announced it is supporting firms through the transition to implementing the Consumer Duty with a programme of engagement, which includes setting out in letters the expectations of the Duty and arranging a series of regional in-person events for specific groups of small and medium-sized firms.
Administration Changes
Vacancies
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 for Supervision Michael Barr (sworn in July 19, 2022)
- Vice Chair Lael Brainard (sworn in May 23, 2022)
- Governor Phillip N Jefferson (sworn in May 23, 2022)
- Governor Lisa D. Cook (sworn in May 23, 2022)
- Federal Reserve Board announces appointment of Joshua Gallin as secretary of the Federal Open Market Committee (February 2, 2023)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
- Vincent Alvarez Designated Chair of New York Fed Board of Directors; Rosa Gil Designated Deputy Chair (January 10, 2023)
- Pat Wang Appointed as a Class C Director to New York Fed Board of Directors (January 10, 2023)
- New York Fed Names Roberto Perli SOMA Manager (February 2, 2023)
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)
- FDIC Announces Senior Leadership Changes in Division of Risk Management Supervision (January 26, 2023)
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)
- 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)
Commodity Futures Trade 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)
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.