PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, February 2, 2023
February 02, 2023
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Major Developments
New York State Department of Financial Services
NYDFS Adopts Updated Regulation For Disclosure Requirements For Commercial Financing
February 1, 2023
Superintendent of Financial Services Adrienne A. Harris announced today that the New York State Department of Financial Services has adopted a new regulation relating to disclosure requirements for commercial financing, pursuant to sections 801 to 811 of the New York Financial Services Law (the "Commercial Finance Disclosure Law" or "CFDL").
Federal Reserve Board
Federal Reserve issues FOMC statement
February 1, 2023
The Federal Reserve Board issued a Federal Open Market Committee statement indicating that the Committee decided to raise the target range for the federal funds rate to 4-1/2 to 4-3/4 percent.
Federal Open Market Committee reaffirms its "Statement on Longer-Run Goals and Monetary Policy Strategy"
February 1, 2023
The Federal Open Market Committee, at its annual organization meeting this week, unanimously reaffirmed its "Statement on Longer-Run Goals and Monetary Policy Strategy," often known as the consensus statement, and which articulates its approach to monetary policy.
Federal Agencies
U.S. Department of the Treasury
Treasury Targets Global Sanctions Evasion Network Supporting Russia's Military-Industrial Complex
February 1, 2023
The U.S. Department of the Treasury's Office of Foreign Assets Control imposed full blocking sanctions against 22 individuals and entities across multiple countries related to a sanctions evasion network supporting Russia's military-industrial complex.
Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee
February 1, 2023
The U.S. Treasury Borrowing Advisory Committee issued a report to Secretary of the Treasury Janet L. Yellen following its meeting held January 31, 2023.
Office of the Comptroller of the Currency
Home Mortgage Disclosure Act: Loan Origination Threshold Changes
February 1, 2023
The Office of the Comptroller of the Currency issued a bulletin to inform banks and OCC examining personnel that the loan origination threshold for reporting Home Mortgage Disclosure Act (HMDA) data on closed-end mortgage loans has changed.
Consumer Financial Protection Bureau
CFPB Proposes Rule to Lower Credit Card Late Fees
February 1, 2023
The Consumer Financial Protection Bureau (CFPB) proposed a rule to curb credit card late fees.
Freddie Mac
Freddie Mac Multifamily Grows Renter Credit Building Initiative
February 1, 2023
Freddie Mac Multifamily will begin accepting additional vendors for its renter credit building initiative as the company grows its effort to ensure on-time rent payments are reported to the major credit bureaus.
Ginnie Mae
Ginnie Mae Finalizes Revised Requirements for Pooling Re-Performing Mortgage Loans
February 1, 2023
Ginnie Mae published an All-Participants Memo revising the pooling requirements for re-performing loans.
Global Market Analysis Report for January 2023
February 1, 2023
Ginnie Mae released the Global Market Analysis Report for January 2023.
International
UK Financial Conduct Authority
The FCA and Practitioner Panel joint survey for 2023 launches
February 1, 2023
The UK Financial Conduct Authority and Practitioner Panel 2022/23 survey is being sent to a sample of regulated firms, to gather their feedback on how we are doing in regulating the industry.
FCA confirms appointment of Chair of the Payment Systems Regulator
February 1, 2023
The UK Financial Conduct Authority confirmed the appointment of Aidene Walsh as Chair of the Payment Systems Regulator for a three-year term.
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 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)
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.