PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, September 26, 2023
September 26, 2023
FedACTion Task Force
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Major Developments
Federal Agencies
Federal Reserve Bank of New York
SCE Public Policy Survey – August 2023
September 25, 2023
The Federal Reserve Bank of New York released the results of the August 2023 SCE Public Policy Survey.
Federal Reserve Bank of Boston
Paper: Lease Expirations and CRE Property Performance
September 25, 2023
The Federal Reserve Bank of Boston Research Department published a working paper entitled, "Lease Expirations and CRE Property Performance."
FINRA
FINRA Announces Process to Fill Upcoming Vacancies on the National Adjudicatory Council
September 25, 2023
FINRA published an election notice announcing the process to fill upcoming vacancies on the National Adjudicatory Council.
Freddie Mac
Economic, Housing and Mortgage Market Outlook – September 2023
September 25, 2023
Freddie Mac released the September 2023 Economic, Housing and Mortgage Market Outlook.
Bank Policy Institute
Blog: How Can the New Market Risk Capital Requirements Be Fixed?
September 25, 2023
The Bank Policy Institute published a blog post entitled, "How Can the New Market Risk Capital Requirements Be Fixed?"
International
European Commission
EU calls for greater market access and fair competition at EU-China High-Level Dialogue
September 25, 2023
European Commission Executive Vice-President, Valdis Dombrovskis, and Vice Premier of the State Council, He Lifeng, co-chaired the 10th EU-China High-level Economic and Trade Dialogue (HED). The HED is the main platform for the EU and China to discuss economic and financial matters, as well as trade and investment cooperation.
Bank of England Prudential Regulation Authority
UK Financial Conduct Authority
The FCA and PRA propose measures to boost diversity and inclusion in financial services
September 25, 2023
In consultation papers published today, the Prudential Regulation Authority and Financial Conduct Authority have set out proposals to boost diversity and inclusion to support healthy work cultures, reduce groupthink and unlock talent.
Speech: The role of regulation in encouraging investment in the City
September 25, 2023
Financial Conduct Authority Executive Director Sarah Pritchard gave a speech at the City and Financial Global: Future of UK Capital Markets Regulation event entitled, "The role of regulation in encouraging investment in the City."
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.