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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, May 23, 2023

May 22, 2023

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Major Developments

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 22, 2023

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

Federal Reserve Board

Federal Reserve Board issues Economic Well-Being of U.S. Households in 2022 report

May 22, 2023

The Board of Governors of the Federal Reserve System (Federal Reserve) issued its Economic Well-Being of U.S. Households in 2022 report, which examines the financial lives of U.S. adults and their families.

Federal Reserve Bank of New York

SCE Public Policy Survey Shows Consumers See Expansions of Government Assistance and Insurance Programs as Less Likely

May 22, 2023

The Federal Reserve Bank of New York's Center for Microeconomic Data released the April 2023 Survey of Consumer Expectations (SCE) Public Policy Survey, which provides information on individuals' expectations regarding future changes in a wide range of public policies.

Blog: Financial Vulnerability and Macroeconomic Fragility

May 22, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Financial Vulnerability and Macroeconomic Fragility."

Freddie Mac

Freddie Mac Expands Digital Capabilities to Help Lenders Reach More Qualified Borrowers

May 22, 2023

Freddie Mac announced enhancements to its automated income assessment tool that allows lenders to assess a homebuyer's income paid through direct deposit to also include the borrower's digital paystub data.

International

European Banking Authority

EBA revised templates for reporting of deposits subject to Russian and Belarusian economic sanctions

May 22, 2023

The European Banking Authority has updated templates to be used for the second annual reporting of information on deposits subject to the Russia and the Belarus Economic Sanctions Regulations.

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)

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.