PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, May 18, 2023
May 18, 2023
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Major Developments
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Strengthening Accountability at the Federal Reserve: Lessons and Opportunities for Reform
May 17, 2023
The U.S. Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Economic Policy held a hearing entitled, "Strengthening Accountability at the Federal Reserve: Lessons and Opportunities for Reform."
U.S. House of Representatives
Committee on Financial Services
Joint Hearing: Continued Oversight Over Regional Bank Failures
May 17, 2023
The U.S. House Committee on Financial Services Subcommittee on Financial Institutions and Monetary Policy and Subcommittee on Oversight and Investigations held a joint hearing entitled, "Continued Oversight Over Regional Bank Failures."
- Hearing
- Committee Memorandum
- Committee Chair Statement
- NYDFS Superintendent Harris Testimony
- CADFPI Commissioner Hewlett Testimony
Hearing: The Current Mortgage Market: Undermining Housing Affordability with Politics
May 17, 2023
The U.S. House Committee on Financial Services Subcommittee on Housing and Insurance held a hearing entitled, "The Current Mortgage Market: Undermining Housing Affordability with Politics."
Committee on Small Business
Hearing: Taking on More Risk: Examining the SBA's Changes to the 7(a) Lending Program Part II
May 17, 2023
The U.S. House Committee on Small Business held a hearing entitled, "Taking on More Risk: Examining the SBA's Changes to the 7(a) Lending Program Part II."
Federal Agencies
U.S. Department of the Treasury
Deputy Secretary of the Treasury Wally Adeyemo Meets with Bank Policy Institute
May 17, 2023
U.S. Deputy Secretary of the Treasury Wally Adeyemo met with CEOs and executives convened by the Bank Policy Institute to discuss President Biden's economic priorities.
Federal Reserve Bank of New York
Blog: Look Out for Outlook-at-Risk
May 17, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Look Out for Outlook-at-Risk."
Securities and Exchange Commission
SEC Proposes Rule Amendments and New Rule to Improve Risk Management and Resilience of Covered Clearing Agencies
May 17, 2023
The Securities and Exchange Commission (SEC) proposed rule changes that would improve the resilience and recovery and wind-down planning of covered clearing agencies.
- Proposed Rule
- Fact Sheet
- Press Release
- Chair Gensler Statement
- Commissioner Crenshaw Statement
- Commissioner Lizarraga Statement
- Commissioner Peirce Statement
- Commissioner Uyeda Statement
- Chief Economist Wachter Statement
- Director Zhu Statement
- Assistant Director Fitzgerald Statement
Commodity Futures Trading Commission
CFTC Staff Issues an Advisory Related to Prime Brokerage Arrangements and Derivatives Clearing Organization Registration Requirements
May 17, 2023
The Commodity Futures Trading Commission's (CFTC) Division of Clearing and Risk issued a staff advisory that encourages entities using prime brokerage arrangements that provide credit substitution on a centralized basis to examine the specific nature of their activities for the potential need to register as a DCO.
Consumer Financial Protection Bureau
Blog: Building resilience and durability into mortgage rules
May 17, 2023
The Consumer Financial Protection Bureau (CFPB) published a blog post entitled, "Building resilience and durability into mortgage rules."
International
Bank of England
Speech: Getting inflation back to the 2% target
May 17, 2023
Bank of England Governor Andrew Bailey gave a speech at the British Chamber of Commerce Annual Conference entitled, "Getting inflation back to the 2% target."
Bank of England Prudential Regulation Authority
Supervisory Statement: Model risk management principles for banks
May 17, 2023
The Prudential Regulation Authority published a supervisory statement entitled, "Model risk management principles for banks."
UK Financial Conduct Authority
Help is available for those who need it, says FCA
May 17, 2023
The Financial Conduct Authority (FCA) has reminded borrowers they can get help from their lenders if they are struggling to keep up with payments, as it found the number of people struggling to meet bills and credit repayments has risen by 3.1m since May 2022 (10.9m, compared to 7.8m in May 2022).
Speech: How to change in response to changing threats
May 17, 2023
FCA Executive Director Sarah Pritchard gave a speech at XLOD Blogal New York entitled, "How to change in response to changing threats."
Administration Changes
Vacancies
Board of Governors of the Federal Reserve System
- Vice Chair – Phillip N Jefferson (nominated May 12, 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 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)
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.