PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, June 1, 2023
June 01, 2023
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Major Developments
Federal Reserve Board
Beige Book – May 2023
May 31, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) released the Beige Book for May 2023.
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Countering China: Advancing U.S. National Security, Economic Security, and Foreign Policy
May 31, 2023
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Countering China: Advancing U.S. National Security, Economic Security, and Foreign Policy." The committee heard testimony from: The Honorable Elizabeth Rosenberg, Assistant Secretary for Terrorist Financing and Financial Crimes, U.S. Department of the Treasury; The Honorable Paul M. Rosen, Assistant Secretary for Investment Security, U.S. Department of the Treasury; The Honorable Thea D. Rozman Kendler, Assistant Secretary for Export Administration, U.S. Department of Commerce; and The Honorable Matthew Axelrod, Assistant Secretary for Export Enforcement, U.S. Department of Commerce.
- Hearing
- Chair Brown Statement
- Ranking Member Scott Statement
- Assistant Secretary Rosenberg Testimony
- Assistant Secretary Rosen Testimony
- Assistant Secretary Kendler Testimony
- Assistant Secretary Axelrod Testimony
Federal Agencies
U.S. Department of the Treasury
U.S. Departments of Treasury and Energy Release Additional Guidance on Inflation Reduction Act Programs to Incentivize Manufacturing and Clean Energy Investments in Hard-Hit Coal Communities
May 31, 2023
The U.S. Department of the Treasury, the U.S. Department of Energy, and the Internal Revenue Service released additional information on key provisions in the Inflation Reduction Act to strengthen energy security and drive investment to hard-hit coal communities and underserved communities.
Speech: Financial Stability and the U.S. Economy
May 31, 2023
Federal Reserve Governor Philip N. Jefferson gave a speech at the 22nd Annual International Conference on Policy Challenges for the Financial Sector entitled, "Financial Stability and the U.S. Economy."
Remarks at the Fed Listens Event on Transitioning to the Post-Pandemic Economy
May 31, 2023
Federal Reserve Governor Michelle W. Bowman gave brief remarks at the Fed Listens Event on Transitioning to the Post-Pandemic Economy.
Federal Reserve Bank of New York
Blog: Do Economic Crises in Europe Affect the U.S.? Some Lessons from the Past Three Decades
May 31, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Do Economic Crises in Europe Affect the U.S.? Some Lessons from the Past Three Decades."
Federal Deposit Insurance Corporation
FDIC-Insured Institutions Reported Net Income of $79.8 Billion in First Quarter 2023
May 31, 2023
The Federal Deposit Insurance Corporation (FDIC) released the Quarterly Banking Profile for the first quarter 2023.
an Investor Insights article entitled, "Stock Up on Information Before Buying Stock."
U.S. Department of Housing and Urban Development/Federal Housing Administration
Federal Housing Administration Proposes Innovative Approach to Keep Struggling Homeowners in their Homes
May 31, 2023
The Federal Housing Administration (FHA) posted for feedback a proposal for a new home retention option to help struggling homeowners meet their mortgage obligations. The new option, called the Payment Supplement Partial Claim, would allow mortgage servicers to use the FHA Partial Claim both to bring a borrower's mortgage current and to provide temporary reductions to their monthly mortgage payments for up to five years.
Federal Housing Finance Agency
Credit Risk Transfer Progress Report 4Q2022
May 31, 2023
The Federal Housing Finance Agency (FHFA) released the Credit Risk Transfer Progress Report for Q4 2022.
FHFA Announces Membership in the Mitigation Framework Leadership Group (MitFLG)
May 31, 2023
The FHFA today announced its membership in the Mitigation Framework Leadership Group.
International
European Commission
EU-US Trade and Technology Council enhances cooperation in emerging technologies, sustainable trade and economic security
May 31, 2023
The European Union and the United States have held the fourth ministerial meeting of the EU-US Trade and Technology Council in Luleå, Sweden.
European Banking Authority
EBA consults on amendments to the Guidelines on money laundering and terrorist financing risk factors to include crypto-asset service providers
May 31, 2023
The European Banking Authority launched a public consultation on amendments to its Guidelines on money laundering and terrorist financing risk factors.
UK Financial Conduct Authority
US dollar LIBOR panel – 1 month to go
May 31, 2023
The Financial Conduct Authority issued final messages before the US dollar LIBOR panel ends 30 June 2023.
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)
- New York Fed Names Mihaela Nistor as Chief Risk Officer and Head of the Risk Group (May 31, 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.