PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, September 2, 2023
September 02, 2023
FedACTion Task Force
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PH Fintech Tracker on Executive Order for Digital Assets
Federal Reserve Bank of New York
Report: Capital Management and Wealth Inequality
September 1, 2023
The Federal Reserve Bank of New York published a staff report entitled, "Capital Management and Wealth Inequality."
Federal Reserve Bank of Boston
Working Paper: Cost-Price Relationships in a Concentrated Economy
September 1, 2023
The Federal Reserve Bank of Boston Research Department published a working paper entitled, "Cost-Price Relationships in a Concentrated Economy."
Securities and Exchange Commission
SEC Directs Equity Exchanges and FINRA to Improve Governance of Market Data Plans
September 1, 2023
The Securities and Exchange Commission issued an order directing the equity exchanges and the Financial Industry Regulatory Authority (FINRA) to file a new national market system plan (NMS plan) to replace the three existing national market system plans that govern the public dissemination of real-time, consolidated equity market data for national market system stocks.
Ginnie Mae
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Blog: Enhanced Net Worth and Liquidity Requirements Go into Effect at the End of September |
August 31, 2023
Ginnie Mae published a Housing Analysis & Policy Spotlight blog post entitled, "Enhanced Net Worth and Liquidity Requirements Go into Effect at the End of September."
U.S. Department of Labor
BLS Releases Jobs Report for August 2023
September 1, 2023
The U.S. Bureau of Labor Statistics released the Employment Situation report for August 2023.
International
Bank of England
External business of Monetary Financial Institutions operating in the UK - 2023 Q2
September 1, 2023
The Bank of England released statistics on external business of Monetary Financial Institutions operating in the UK in Q2 2023.
Working Paper: Deep learning model fragility and implications for financial stability and regulation
September 1, 2023
The Bank of England published a staff working paper entitled, "Deep learning model fragility and implications for financial stability and regulation."
Market Notice: Asset Purchase Facility: Gilt Sales
September 1, 2023
The Bank of England released a market notice setting out an adjustment to the size of the remaining auctions in Q3 2023 for sales of gilts held in the Asset Purchase Facility for monetary policy purposes.
UK Financial Conduct Authority
FCA analyzing lenders' fair value assessments
September 1, 2023
The Financial Conduct Authority issued a statement that it's analyzing lenders' fair value assessments.
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.