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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, August 23, 2023

August 23, 2023

FedACTion Task Force

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Congress

Federal Agencies

Federal Reserve Board

Governor Bowman Gives Welcoming Remarks at Fed Listens Event

August 22, 2023

Governor Michelle W. Bowman of the Federal Reserve Board of Govenors (the "Federal Reserve") gave opening remarks at "Fed Listens: Joining the Labor Force after COVID, A Discussion on Youth Employment," hosted by the Federal Reserve Bank of Chicago, Chicago, Illinois.

Minutes of the Board's discount rate meetings from July 17 and July 26, 2023

August 22, 2023

The Federal Reserve Board released the minutes from its recent meetings to review and determine the discount rates provided to depository institutions through the discount window held on July 17 and 26, 2023.

Federal Deposit Insurance Corporation

National Rates and Rate Caps – August 2023

August 22, 2023

The Federal Deposit Insurance Corporation updated the monthly rates and rate capes for August 2023.

U.S. Small Business Administration

SBA Announces Extension of Moratorium on 8(a) Eligibility Requirement

August 22, 2023

The U.S. Small Business Administration announced the extension of the 8(a) Business Development Bona Fide Place of Business (BFPOB) Requirement Moratorium through September 30, 2024.

Bank Policy Institute

BPI and ABA to Regulators: Capital Increases, Court Uncertainty Could Complicate Banks' CRA Programs

August 22, 2023

The Bank Policy Institute and the American Bankers Association sent a joint-letter to the Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency regarding two recent policy developments that could fundamentally alter banks Community Reinvestment Act programs and that policymakers should avoid finalizing proposed changes to the CRA rules until these issues are resolved.

Blog: The Middle Course: What Fed History Teaches Us About Liquidity Requirements

August 22, 2023

The Bank Policy Institute published a blog post entitled, "The Middle Course: What Fed History Teaches Us About Liquidity Requirements."

International

Bank of England

Bank Overground: How vulnerable are UK companies to higher interest rates?

August 22, 2023

The Bank of England published a Bank Overground blog post entitled, "How vulnerable are UK companies to higher interest rates?"

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.