PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, July 9, 2023
July 08, 2023
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Major Developments
CFPB, U.S. Department of Health and Human Services, and U.S. Department of Treasury Launch Inquiry into Costly Credit Cards and Loans Pushed on Patients for Health Care Costs
July 7, 2023
The Consumer Financial Protection Bureau (CFPB), U.S. Department of Health and Human Services, and U.S. Department of Treasury launched an inquiry into high-cost specialty financial products, such as medical credit cards and installment loans
Congress
U.S. House of Representatives
Committee on Financial Services
HEARING NOTICE: How Mandates Like ESG Distort Markets and Drive Up Costs for Insurance and Housing
July 7, 2023
The U.S. House Committee on Financial Services announced the following hearing:
Housing and Insurance Subcommittee Hearing Entitled: "How Mandates Like ESG Distort Markets and Drive Up Costs for Insurance and Housing"
Time: 9:00 AM ET
Date: Friday, July 14, 2023
HEARING NOTICE: Subcommittees on Capital Markets and Oversight & Investigations
July 6, 2023
The U.S. House Committee on Financial services announced the following hearing:
Capital Markets Subcommittee Hearing Entitled: "Reforming the Proxy Process to Safeguard Investor Interests"
Time: 10:00 AM ET
Date: Thursday, July 13, 2023
Federal Agencies
Federal Reserve Board
Working Paper: Termination of SNAP Emergency Allotments, Food Sufficiency, and Economic Hardships
July 7, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) published a working paper entitled, "Termination of SNAP Emergency Allotments, Food Sufficiency, and Economic Hardships."
FINRA
Investor Insights: Reverse Convertibles: Complex Investments
July 7, 2023
The Financial Industry Regulatory Authority (FINRA) published and Investor Insights alert entitled, "Reverse Convertibles: Complex Investments."
Fannie Mae
HPSI: Consumer Confidence in Housing May Have Plateaued
July 7, 2023
Fannie Mae released the Home Purchase Sentiment Index (HPSI) for June 2023 which remained mostly flat, increasing by only 0.4 points to 66.0, as difficult supply and affordability conditions continue to weigh on the housing market.
Bank Policy Institute
Blog: Post-Mortem on the 2023 Stress Tests Results
July 7, 2023
The Bank Policy Institute published a blog post entitled, "Post-Mortem on the 2023 Stress Tests Results."
International
European Banking Authority
EBA launches public consultation on amendments to the ITS on disclosures and reporting on MREL and TLAC
July 7, 2023
The European Banking Authority launched a public consultation on amendments to the draft Implementing Technical Standard on disclosure and reporting of the minimum requirement for own funds and eligible liabilities and the total loss absorbency requirement.
Bank of England
Working Paper: Unwinding quantitative easing: state dependency and household heterogeneity
July 7, 2023
The Bank of England published a staff working paper entitled, "Unwinding quantitative easing: state dependency and household heterogeneity."
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.