PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, October 5, 2023
October 05, 2023
FedACTion Task Force
Subscribe to PH FedACTion: Financial Regulatory Updates
Federal Agencies
Federal Reserve Board
Speech: The Role of Research, Data, and Analysis in Banking Reforms
October 4, 2023
Federal Reserve Board Governor Michelle W. Bowman gave a speech at the 2023 Community Banking Research Conference sponsored by the Federal Reserve System, the Conference of State Bank Supervisors, and the Federal Deposit Insurance Corporation entitled, "The Role of Research, Data, and Analysis in Banking Reforms."
Conference of State Bank Supervisors
Annual Survey: Interest Rate Increases Lead Community Banker Concerns
October 4, 2023
The Conference of State Bank Supervisors released the 2023 Annual Survey of Community Banks which shows that community bankers are feeling the impact of high interest rates and the threat of cyber-attacks.
Federal Deposit Insurance Corporation
Remarks by FDIC Chairman Martin J. Gruenberg to The 2023 Community Banking Research Conference
October 4, 2023
Federal Deposit Insurance Corporation Chair Martin J. Gruenberg gave remarks to the 2023 Community Banking Research Conference Sponsored by the Federal Reserve System, the Conference of State Bank Supervisors, and the FDIC.
Consumer Financial Protection Bureau
Prepared Remarks of Seth Frotman, General Counsel and Senior Advisor to the Director, at New Jersey Citizen Action Education Fund's 14th Annual Financial Justice Summit
October 4, 2023
Consumer Financial Protection Bureau General Counsel and Senior Advisor Seth Frotman gave remarks at the New Jersey Citizen Action Education Fund's 14th Annual Financial Justice Summit.
International
European Banking Authority
ESAs publish Joint Committee Work Program for 2024
October 4, 2023
The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published its Work Program for 2024, outlining the areas of work and planned deliverables in 2024.
The EBA publishes 2023 list of third country groups and third country branches operating in the EU/EEA
October 4, 2023
The European Banking Authority published the updated list of all third country groups (TCGs) with intermediate EU parent undertakings IPU(s), where applicable, and the list of all third country branches (TCBs) operating in the European Union and European Economic Area.
Bank of England Prudential Regulation Authority
Consultation Paper: The PRA's approach to the authorisation and supervision of insurance branches
October 4, 2023
The Prudential Regulation Authority published a consultation paper entitled, "The PRA's approach to the authorization and supervision of insurance branches."
Administration Changes
Vacancies
Office of the Comptroller of the Currency
- Comptroller – Vacant (Michael Hsu serves as Acting Comptroller)
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 (sworn in September 13, 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 September 13, 2022)
- Governor Adriana D. Kugler (sworn in September 13, 2023)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
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)
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)
Commodity Futures Trading 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)
Financial Crimes Enforcement Network – Andrea Gacki (effective July 13, 2023)
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.