PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, August 31, 2023
August 31, 2023
FedACTion Task Force
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PH Fintech Tracker on Executive Order for Digital Assets
Major Developments
Federal Agencies
Federal Reserve Board
Working Paper: FinTech and Banks: Strategic Partnerships That Circumvent State Usury Laws
August 30, 2023
The Federal Reserve Board published a working paper entitled, "FinTech and Banks: Strategic Partnerships That Circumvent State Usury Laws."
Working Paper: An Overview of Personal Loans in the U.S.
August 30, 2023
The Federal Reserve Board published a working paper entitled, "An Overview of Personal Loans in the U.S."
Working Paper: Corporate Tax Cuts and the Decline of the Manufacturing Labor Share
August 30, 2023
The Federal Reserve Board published a working paper entitled, "Corporate Tax Cuts and the Decline of the Manufacturing Labor Share."
Federal Reserve Bank of Boston
Current Policy Perspectives: The Distribution of Sectoral Price Changes and Recent Inflation Developments
August 30, 2023
The Federal Reserve Bank of Boston published a Current Policy Perspectives paper entitled, "The Distribution of Sectoral Price Changes and Recent Inflation Developments."
Federal Deposit Insurance Corporation
OIG Report: Sharing of Threat and Vulnerability Information with Financial Institutions
August 30, 2023
The Federal Deposit Insurance Corporation Office of Inspector General issued a report entitled, "Sharing of Threat and Vulnerability Information with Financial Institutions."
Consumer Financial Protection Bureau
Consumer advisory: Take action when home insurance is cancelled or costs surge
August 30, 2023
The Consumer Financial Protection Bureau published a consumer advisory entitled, "Take action when home insurance is cancelled or costs surge."
National Credit Union Administration
Comment Period on Real Estate Valuations Proposed Rule Closes September 19
August 30, 2023
Stakeholders have until September 19 to submit comments on proposed interagency guidance addressing reconsiderations of value (ROV) for residential real estate transactions.
International
Bank of England
Money and Credit - July 2023
August 30, 2023
The Bank of England released the Money and Credit statistical release and effective interest rates for July 2023.
UK Financial Conduct Authority
Guidance: Supporting consumers with pension transfers
August 30, 2023
The Financial Conduct Authority published firm guidance on supporting consumers with pension transfers.
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.