PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, March 2, 2023
March 02, 2023
FedACTion Task Force
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Major Developments
U.S. Department of the Treasury
Remarks by Under Secretary for Domestic Finance Nellie Liang at the Atlantic Council on the Next Steps in the Future of Money and Payments, including Central Bank Digital Currencies
March 1, 2023
Under Secretary for Domestic Finance Nellie Liang gave remarks at the Atlantic Council on the next steps in the future of money and payments.
Congress
U.S. House of Representatives
Committee on Financial Services
Committee on Financial Services Announces Upcoming Hearing Schedule
March 1, 2023
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced the following hearings:
Full Committee Hearing Entitled: "The Federal Reserve's Semi-Annual Monetary Policy Report"
Time: 10:00 AM ET
Date: Wednesday, March 8, 2023
Witness: The Honorable Jerome H. Powell, Chair, Board of Governors of the Federal Reserve System
Oversight and Investigations Subcommittee Hearing Entitled: "Holding the Biden Administration Accountable for Wasteful Spending and Regulatory Overreach"
Time: 2:00 PM ET
Date: Wednesday, March 8, 2023
Federal Agencies
Federal Reserve Bank of New York
Blog: The Dollar's Imperial Circle
March 1, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The Dollar's Imperial Circle."
Federal Reserve Bank of Boston
Report: Recipients of loans through COVID-era Fed program saw significant improvements relative to peers
March 1, 2023
The Federal Reserve Bank of Boston published a staff report entitled, ""The Main Street Lending Program: Who Borrowed and How Have They Benefited?"
Consumer Financial Protection Bureau
New CFPB Issue Spotlight Examines High Fees that Chip Away at Public Benefits
March 1, 2023
The Consumer Financial Protection Bureau released a new issue spotlight examining how the financial products used to deliver public benefits, like Social Security and unemployment compensation, affect individuals' ability to fully access the assistance provided through those programs.
National Credit Union Administration
Letter: Permissible Loan Interest Rate Ceiling Extended
March 1, 2023
The National Credit Union Administration sent a letter to federal credit unions announcing that the Board has extended the temporary 18-percent interest rate ceiling for loans made by federal credit unions through September 10, 2024.
Ginnie Mae
Global Markets Analysis Report – February 2023
March 1, 2023
Ginnie Mae released the Global Markets Analysis Report for February 2023.
Bank Policy Institute
Blog: Capital Requirements, Nonbank Finance, and Financial Fragility
March 1, 2023
The Bank Policy Institute published a blog post entitled, "Capital Requirements, Nonbank Finance, and Financial Fragility."
International
Bank of England
Report: The cost of living squeeze: insights from the Bank of England's outreach programmes
March 1, 2023
The Bank of England published a report entitled, "The cost of living squeeze: insights from the Bank of England's outreach programmes."
Speech: The cost of living
March 1, 2023
Bank of England Governor Andrew Bailey gave a speech entitled, "The cost of living."
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 for Supervision Michael S. 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 Phillip N. Jefferson (sworn in May 23, 2022)
- Governor Lisa D. Cook (sworn in May 23, 2022)
- Federal Reserve Board announces appointment of Joshua Gallin as secretary of the Federal Open Market Committee (February 2, 2023)
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)
- New York Fed Names Roberto Perli SOMA Manager (February 2, 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)
- 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)
Commodity Futures Trade 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)
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.