PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, June 21, 2023
June 21, 2023
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Major Developments
Federal Agencies
U.S. Department of the Treasury
Remarks by Deputy Secretary of the Treasury Wally Adeyemo at the Black Economic Alliance
June 20, 2023
Deputy Secretary of the Treasury Wally Adeyemo gave remarks at the Black Economic Alliance.
Federal Reserve Board
OIG Report: The Board Can Enhance Its Procedures and Controls for Protecting Confidential Information in Supervision Central
June 20, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) Office of Inspector General released a report entitled, "The Board Can Enhance Its Procedures and Controls for Protecting Confidential Information in Supervision Central."
Federal Reserve Bank of New York
Article: Understanding the Linkages between Climate Change and Inequality in the United States
June 20, 2023
The Federal Reserve Bank of New York published an Economic Policy Review research article entitled, "Understanding the Linkages between Climate Change and Inequality in the United States."
Article: Slow Road to Recovery: U.S.V.I. Sees Signs of Resilience Amid Range of Difficulties
June 20, 2023
The Federal Reserve Bank of New York published a The Teller Window article entitled, "Slow Road to Recovery: U.S.V.I. Sees Signs of Resilience Amid Range of Difficulties."
Blog: Is Work-from-Home Working?
June 20, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Is Work-from-Home Working?"
Commodity Futures Trading Commission
CFTC Whistleblower Office Issues Alert Seeking Tips Relating to Carbon Markets Misconduct
June 20, 2023
The Commodity Futures Trading Commission's (CFTC) Whistleblower Office in the Division of Enforcement issued an alert notifying the public on how to identify and report potential Commodity Exchange Act violations connected to fraud or manipulation in the carbon markets.
Consumer Financial Protection Bureau
CFPB Report Identifies Servicemembers' Financial Concerns
June 20, 2023
The Consumer Financial Protection Bureau (CFPB) released its annual report on the top financial concerns facing military families including the use of digital payment apps.
Blog: Worker Surveillance Poses Potential Privacy Harms
June 20, 2023
The CFPB published a blog post entitled, "Worker Surveillance Poses Potential Privacy Harms."
U.S. Small Business Administration
U.S. Small Business Administration Announces Strategic Alliance to Support Small Business Exporters
June 20, 2023
The U.S. Small Business Administration announced the signing of the Strategic Alliance Memorandum with the International Trade & Forfaiting Association.
Ginnie Mae
Blog: Ginnie Mae: A Leading Voice in Federal Enterprise Risk Management
June 20, 2023
Ginnie Mae published a Housing Analysis & Policy Spotlight blog entitled, "Ginnie Mae: A Leading Voice in Federal Enterprise Risk Management."
International
European Commission
EU budget: Commission proposes to reinforce long-term EU budget to face most urgent challenges
June 20, 2023
The European Commission released several proposals seeking to provide for targeted reinforcements in a limited number of priority areas, to ensure that the EU budget can continue to deliver on the most essential objectives. The main elements are:
i) A Ukraine facility to aid Ukraine's immediate needs, recovery and modernisation on its path towards the EU;
ii) A reinforcement of the EU budget to address internal and external dimensions of migration as well as needs arising from the global consequences of Russia's war of aggression in Ukraine, and to strengthen partnerships with key third countries;
iii) A Strategic Technologies for Europe Platform (STEP) to promote the EU's long-term competitiveness on critical technologies; and
iv) An EURI Instrument to cater for the higher NextGenerationEU funding costs due to the unprecedented surge in interest rates.
- EU Budget Questions and Answers
- EU Budget Press Release
- Ukraine Facility Press Release
- Ukraine Facility Factsheet
- Ukraine Facility Questions and Answers
- Strategic Technologies for Europe Platform (STEP)
- STEP Press Release
- STEP Questions and Answers
- President von der Leyen Statement
- Executive Vice-Presidents Vestager, Dombrovskis and Borrel Press Remarks
- Commissioner Hahn Press Remarks
EU budget: Commission puts forward an adjusted package for the next generation of own resources
June 20, 2023
As committed during the negotiations on the long-term EU budget 2021-2027, the European Commission has completed its proposal for a next generation of own resources.
Joint Communication: An EU approach to enhance economic security
The European Commission and the High Representative published an updated Joint Communication on a European Economic Security Strategy.
Bank of England
Speech: With leverage comes responsibility
June 20, 2023
Bank of England Financial Policy Committee member Jonathan Hall gave a speech at the National Institute of Economic and Social Research entitled, "With leverage comes responsibility."
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)
- 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 announces appointment of Joshua Gallin as Secretary of the Federal Open Market Committee (February 2, 2023)
- President Biden nominates Dr. Philip Jefferson for Vice Chair and Dr. Adriana Kugler to serve as a Member on the Federal Reserve Board, and renominates Dr. Lisa Cook for an additional full term as Member (May 12, 2023)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
- Vincent Alvarez designated Chair of Federal Reserve Bank of New York Board of Directors; Rosa Gil designated Deputy Chair (January 10, 2023)
- Pat Wang appointed as a Class C Director to Federal Reserve Bank of New York Board of Directors (January 10, 2023)
- Federal Reserve Bank of New York names Roberto Perli SOMA Manager (February 2, 2023)
- Cali Brooks and Miguel Soto-Class appointed to Federal Reserve Bank of New York Community Advisory Board (April 4, 2023)
- Federal Reserve Bank of New York names Mihaela Nistor as Chief Risk Officer and Head of the Risk Group (May 31, 2023)
- Federal Reserve Bank of New York names Beverly Hirtle as Research Advisor and begins search for new Director of Research (June 6, 2023)
- Aisha Benson appointed to the Federal Reserve Bank of New York Community Advisory Group (June 20, 2023)
Federal Reserve Bank of Boston – Susan M. Collins (effective July 1, 2022)
- Federal Reserve Bank of Boston announces 2023 Board of Directors (January 10, 2023)
- Federal Reserve Bank of Boston announces new external advisory council members (April 10, 2023)
- Federal Reserve Bank of Boston names Egon Zakrajšek as Director of Economic Research (May 17, 2023)
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)
- FDIC announces senior leadership changes in Division of Risk Management Supervision (January 26, 2023)
- FDIC names three bankers to Minority Depository Institutions Subcommittee (May 25, 2023)
- FDIC names eight new members to Advisory Committee on Community Banking (May 26, 2023)
Office of the Comptroller of the Currency – Michael Hsu (acting Comptroller, effective May 10, 2021)
- OCC announces Deputy Comptroller for Systemic Risk Identification and Support (January 11, 2023)
- Kristen Baldwin named OCC Chief Information Officer (February 8, 2023)
Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)
- SEC announces appointment of Cristina Martin Firvida as Investor Advocate (January 10, 2023)
- Paul Munter named Chief Accountant (January 11, 2023)
- Erik Gerding named Director of Division of Corporation Finance (January 13, 2023)
- Silvestre Fontes named Director of Boston Regional Office (January 25, 2023)
- Cicely LaMothe named Deputy Director, Disclosure Operations, for the Division of Corporation Finance (February 14, 2023)
- SEC appoints Deborah J. Jeffrey as Inspector General (April 17, 2023)
- Eric R. Werner named Director of Fort Worth Regional Office (April 25, 2023)
Commodity Futures Trading Commission – Rostin Behnam (effective December 17, 2021)
- Commissioner Pham announces members of the CFTC's Global Markets Advisory Committee (January 12, 2023)
- CFTC Commissioner Pham announces additional staff appointment (February 7, 2023)
- Chairman Behnam announces veteran Federal prosecutor Ian McGinley as Enforcement Director (February 28, 2023)
- Commissioner Goldsmith Romero announces Yevgeny Shrago as Senior Counsel and Policy Advisor (April 14, 2023)
- CFTC Appoints Jeffrey Sutton as Executive Director (April 18, 2023)
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.