PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, August 10, 2023
August 10, 2023
FedACTion Task Force
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Major Developments
Treasury Seeks Public Comment on Implementation of Executive Order Addressing U.S. Investments in Certain National Security Technologies and Products in Countries of Concern
August 9, 2023
The U.S. Department of the Treasury issued an Advance Notice of Proposed Rulemaking seeking public comment related to the implementation of the President Joseph R. Biden's Executive Order of August 9, 2023 "Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern."
- Executive Order
- Proposed Rule
- Fact Sheet
- Press Release
- Outbound Investment Program
- House Committee on Financial Services Chair McHenry Statement
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Democratic Senators Urge Federal Reserve to Overhaul Big Bank Merger Policy
August 9, 2023
U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Banking, Housing and Urban Affairs Committee, along with Senators Jack Reed (D-RI), Elizabeth Warren (D-MA), and John Fetterman (D-PA) sent a letter to Federal Reserve Chairman Jerome Powell and Vice Chair for Supervision Michael Barr, urging them to review and reconsider the Federal Reserve's approach to big bank mergers, including the agency's framework for evaluating a bank merger's impact on financial stability.
U.S. House of Representatives
Committee on Financial Services
Committee Leadership Statements on PayPal Announcing Launch of Payment Stablecoin
August 9, 2023
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10) and Ranking Member Maxine Waters, each issued statements after PayPal announced the launch of its payment stablecoin.
Federal Agencies
Federal Reserve Board
Working Paper: The Pricing Kernel in Options
August 9, 2023
The Federal Reserve Board published a working paper entitled, "The Pricing Kernel in Options."
Federal Reserve Bank of New York
Federal Reserve Bank of New York Report Shows Assets Held by Community Development Financial Institutions Tripled Over Five Years
August 9, 2023
The Federal Reserve Bank of New York released a research report by its Community Development Team that finds assets held by Community Development Financial Institutions (CDFIs) have nearly tripled in the last five years, reaching more than $450 billion.
Blog: The Post-Pandemic r*
August 9, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The Post-Pandemic r*."
State Agencies
New York State Department of Financial Services
Governor Hochul Announces Cybersecurity Strategy
August 9, 2023
Governor Kathy Hochul announced New York's first-ever statewide cybersecurity strategy aimed at protecting the State's digital infrastructure from today's cyber threats.
International
UK Financial Conduct Authority
FCA requests data from banks on account closures
August 9, 2023
The Financial Conduct Authority has sent information requests to the largest banks and building societies to investigate account closures, including for political purposes.
FCA warns consumers to watch out for signs of loan fee fraud as summer spending fuels financial pressure
August 9, 2023
The Financial Conduct Authority launched its latest campaign to help consumes spot and avoid loan fee fraud.
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.