PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, June 8, 2023
June 08, 2023
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Major Developments
Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: Dollar Dominance: Preserving the U.S. Dollar's Status as the Global Reserve Currency
June 7, 2023
The U.S. Committee on Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions held a hearing entitled, "Dollar Dominance: Preserving the U.S. Dollar's Status as the Global Reserve Currency."
Committee on Small Business
Hearing: Prices on the Rise: Examining the Effects of Inflation on Small Businesses
June 7, 2023
The U.S. House Committee on Small Business held a hearing entitled, "Prices on the Rise: Examining the Effects of Inflation on Small Businesses."
- Hearing
- Hearing Notice
- Committee Chair Williams Opening Statement
- Committee Ranking Member Velazquez Statement
Federal Agencies
U.S. Department of the Treasury
Article: Racial Equity Benefits All Americans
June 7, 2023
Deputy Secretary of the Treasury Wally Adeyemo authored an article entitled, "Racial Equity Benefits All Americans."
Federal Reserve Board
Supervisory Letter: Interagency Guidance on Third-Party Relationships: Risk Management
June 7, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) Division of Supervision and Regulation sent a supervisory letter to officers of banking organizations regulated by the Federal Reserve regarding the recent Interagency Guidance on Third-Party Relationships: Risk Management.
Securities and Exchange Commission
SEC Adopts Rules to Prevent Fraud in Connection with Security-Based Swaps Transactions and Prevent Undue Influence over CCOs
June 7, 2023
The Securities and Exchange Commission (SEC) adopted rules to prevent fraud, manipulation, and deception in connection with security-based swap transactions and to prevent undue influence over the chief compliance officer of security-based swap dealers and major security-based swap participants.
- Final Rule
- Fact Sheet
- Press Release
- Chair Gensler Statement
- Commissioner Crenshaw Statement
- Commissioner Lizarraga Statement
- Commissioner Uyeda Statement
SEC Adopts Amendments to Remove References to Credit Ratings From Regulation M
June 7, 2023
The SEC adopted rule changes to remove and replace references to credit ratings from existing exceptions provided in Rule 101 and Rule 102 of Regulation M, a set of rules that prohibits activities that could artificially influence the market for an offered security.
- Final Rule
- Fact Sheet
- Press Release
- Chair Gensler Statement
- Commissioner Crenshaw Statement
- Commissioner Lizarraga Statement
- Commissioner Uyeda Statement
Commodity Futures Trading Commission
CFTC Holds Adopts Multiple Regulations and Orders
The Commodity Futures Trading Commission (CFTC) held an open meeting to consider the following:
i) Final Rule: Governance Requirements for Derivatives Clearing Organizations
ii) Proposed Rule: Derivatives Clearing Organizations Recovery and Orderly Wind-down Plans
iii) Proposed Rule: Amendments to Part 17 Large Trader Reporting Requirements
iv) Proposed Order/Request for Comments: European Union Non-Bank Swap Dealer Capital Comparability Determination
v) Amendment to DCO Order of Registration: Cboe Clear Digital, LLC
- Meeting
- Chair Behnam Opening Statement
- Commissioner Johnson Opening Statement
- Commissioner Goldsmith Romero Opening Statement
- Commissioner Goldsmith Romero Statement – Derivatives Clearing Organizations
- Commissioner Goldsmith Romero Statement – Large Trader Reporting Requirements
- Commissioner Pham Statement – Large Trader Reporting Requirements
- Commissioner Pham Statement – Proposed Order
Consumer Financial Protection Bureau
Office of Research Blog: Update on student loan borrowers as payment suspension set to expire
June 7, 2023
The Consumer Financial Protection Bureau (CFPB) Office of Research published a blog post entitled, "Update on student loan borrowers as payment suspension set to expire."
Blog: The CFPB has entered the chat, Discussing Chat bots
June 7, 2023
The CFPB published a blog post entitled, "The CFPB has entered the chat."
Fannie Mae
HPSI: Perceived Homebuying and Home-Selling Conditions Diverged Further in May
June 7, 2023
Fannie Mae released the Home Purchase Sentiment Index for May 2023 which decreased by 1.2 points to 65.6, as affordability constraints continue to color consumers' perceptions of homebuying and home-selling conditions.
Freddie Mac
Freddie Mac Expands Financing for Affordable Housing in Native American Communities
June 7, 2023
Freddie Mac announced the launch of a new mortgage product to support members of Native American communities.
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)
- Federal Reserve Bank of New York names Mihaela Nistor as Chief Risk Officer and Head of the Risk Group (May 31, 2023)
- Federal Reserve Bank of New York names Beverly Hirtle as Research Advisor and begins search for new Director of Research (June 6, 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.