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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, May 16, 2023

May 16, 2023

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Major Developments

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Current and Former Members Sign on to an Amicus Brief Supporting CFPB

May 15, 2023

U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, and Congresswoman Maxine Waters (D-CA-43), Ranking Member of the House Financial Services Committee, led 144 current and former Members of Congress in filing an amicus brief in the United States Supreme Court defending the Consumer Financial Protection Bureau (CFPB) in the case of Consumer Financial Protection Bureau v. Community Financial Services Association of America, a case that seeks to challenge the constitutionality of the CFPB's funding structure and undercut the agency's important regulatory authority to protect consumers.

Federal Agencies

U.S. Department of the Treasury

Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit

May 15, 2023

U.S. Secretary of the Treasury Janet L. Yellen sent a letter to all members of Congressional leadership regarding the debt limit.

Treasury International Capital Data for March

May 15, 2023

The U.S. Department of the Treasury released Treasury International Capital (TIC) data for March 2023.

Treasury Department Announces Awards to Connect More Families and Businesses to High-Speed Internet

May 15, 2023

The U.S. Department of the Treasury announced the approval of Federal funds for multi-purpose community facility projects and broadband infrastructure projects in Delaware and Idaho under the American Rescue Plan's Capital Projects Fund.

Federal Reserve Board

Federal Reserve Supervision and Regulation Report – May 2023

May 15, 2023

The Board of Governors of the Federal Reserve System (Federal Reserve) released the Federal Reserve Supervision and Regulation Report for May 2023.

Federal Reserve Bank of New York

Total Household Debt Reaches $17.05 trillion in Q1 2023; Mortgage Loan Growth Slows

May 15, 2023

The Federal Reserve Bank of New York's Center for Microeconomic Data issued its Quarterly Report on Household Debt and Credit for Q1 2023.

New York Fed and Monetary Authority of Singapore to Release Project Cedar Phase II x Ubin+ Research Report

May 15, 2023

The Federal Reserve Bank of New York's New York Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) will issue a research report detailing the experiment and findings of Project Cedar Phase II x Ubin+ on Thursday, May 18, 2023 at 8:00 PM EDT / Friday, May 19 8:00 AM SGT.

Report: Empire State Manufacturing Survey – May 2023

May 15, 2023

The Federal Reserve Bank of New York released the Empire State Manufacturing Survey for May 2023.

Blog: The Great Pandemic Mortgage Refinance Boom

May 15, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The Great Pandemic Mortgage Refinance Boom."

Blog: First-Time Buyers Did Not Drive Strong House Price Appreciation in 2021

May 15, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "First-Time Buyers Did Not Drive Strong House Price Appreciation in 2021."

Federal Reserve Bank of Boston

Report: Job quality toward an inclusive economy: A critical review and reassessment

May 15, 2023

The Federal Reserve Bank of New York published a report entitled, "Job quality toward an inclusive economy: A critical review and reassessment."

Securities and Exchange Commission

Remarks of Chair Gensler: "Lessons from Mrs. O'Leary's Cow:" Remarks before the Atlanta Federal Reserve Financial Markets Conference

May 15, 2023

Securities and Exchange Commission (SEC) Chair Gary Gensler gave remarks before the Atlanta Federal Reserve Financial Markets Conference entitled, "Lessons from Mrs. O'Leary's Cow."

FINRA

Investor Insights: If a Brokerage Firm Closes Its Doors

May 15, 2023

Financial Industry Regulatory Authority (FINRA) issued an Investor Insights article entitled, "If a Brokerage Firm Closes Its Doors."

Federal Housing Finance Agency

FHFA Requests Input on the Enterprises' Single-Family Pricing Framework

May 15, 2023

The Federal Housing Finance Agency issued a Request for Input on Fannie Mae and Freddie Mac's single-family pricing framework.

Ginnie Mae

Ginnie Mae Concludes Successful Digital Summit

 

May 15, 2023

Ginnie Mae hosted its inaugural Digital Summit at its headquarters in Washington, D.C. The event brought together leaders from the housing finance sector to discuss the ongoing digital transformation of the U.S. mortgage industry.

International

European Commission

Spring 2023 Economic Forecast: An improved outlook amid persistent challenges

May 15, 2023

The European Commission released the Spring 2023 Economic Forecast.

European Banking Authority

European Supervisory Authorities draw consumers' attention to how rises in inflation and interest rates might affect their finances

May 15, 2023

The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published an interactive factsheet to help consumers understand how the recent increases in inflation and interest rates can affect their money.

Bank of England

Transforming data collection – Reporting Transformation Committee meeting – 28 November 2022

May 15, 2023

The Bank of England released the minutes of the Reporting Transformation Committee meeting held on November 28, 2022.

Transforming data collection – Data Standards Committee meeting – 24 November 2022

May 15, 2023

The Bank of England released the minutes of the Data Standards Committee meeting held on November 24, 2022.

Administration Changes

Vacancies

Board of Governors of the Federal Reserve System

  • Vice Chair – Vacant (Governor Phillip N Jefferson was nominated May 12, 2023 to fill the role held by Leal Brainard, who resigned in February 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)

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)

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)

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.