PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, August 8, 2023
August 08, 2023
By Paul Hastings Professional
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Federal Agencies
Federal Reserve Board
Speech: Welcoming Remarks
August 7, 2023
Federal Reserve Governor Michelle W. Bowman gave a speech at "Fed Listens: Community Listening Session" hosted by the Federal Reserve Bank of Atlanta, Atlanta, Georgia.
Brief Remarks on the Economy and Monetary Policy
August 5, 2023
Federal Reserve Governor Michelle W. Bowman gave brief remarks on the economy and monetary policy at the 2023 CEO and Senior Management Summit and Annual Meeting, sponsored by the Kansas Bankers Association, Colorado Springs, Colorado.
Federal Reserve Bank of New York
Key Takeaways from President Williams's Interview with the New York Times
August 7, 2023
Federal Reserve Bank of New York President John Williams held an interview with The New York Times.
Fannie Mae
HPSI: Consumers Report Improving Job Security, Healthy Household Finances
August 7, 2023
The Fannie Mae Home Purchase Sentiment Index® (HPSI) increased slightly in July, as consumers' increased confidence regarding their personal financial situations was largely offset by further pessimism toward homebuying conditions.
International
European Banking Authority
The EBA is collecting bank data on interest rate risk in the banking book
August 7, 2023
The European Banking Authority published its Decision to run an ad-hoc data collection of institutions' IRRBB data.
EBA updates timeline for the implementation of the IRB roadmap and publishes its final supervisory handbook for the validation of IRB rating systems
August 7, 2023
The European Banking Authority updated its roadmap for the implementation of internal ratings based (IRB) model requirements to limit compliance costs for institutions.
UK Financial Conduct Authority
Consultation Paper: Rules relating to Securitisation
August 7, 2023
The Financial Conduct Authority published a consultation paper entitled, "Rules relating to Securitisation."
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)
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 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.