PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, September 20, 2023
September 20, 2023
FedACTion Task Force
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Major Developments
Congress
U.S. Senate
Committee on Financial Services
Hearing: Oversight of the SEC's Division of Investment Management
September 19, 2023
The U.S. House Committee on Financial Services Subcommittee on Capital Markets held a hearing entitled, "Oversight of the SEC's Division of Investment Management."
Hearing: A Holistic Review of Regulators: Regulatory Overreach and Economic Consequences
September 19, 2023
The U.S. House Committee on Financial Services Subcommittee on Financial Institutions and Monetary Policy held a hearing entitled, "A Holistic Review of Regulators: Regulatory Overreach and Economic Consequences."
- Hearing
- Committee Memorandum
- Subcommittee Chair Barr Statement
- Committee Ranking Member Waters Statement
Committee on Small Business
Small Business Snapshot – September 2023
September 19, 2023
The U.S. House Committee on Small Business published the Small Business Snapshot for September 2023.
Federal Agencies
U.S. Department of the Treasury
Treasury Releases Principles for Net-Zero Financing & Investment, Applauds $340 Million Philanthropic Commitment and Other Pledges
September 19, 2023
The U.S. Department of the Treasury published the Principles for Net-Zero Financing & Investment.
U.S. Department of the Treasury Senior Leadership Meets with Financial Institution Leaders to Discuss Net-Zero Transition Planning Efforts
September 19, 2023
Treasury Secretary Janet Yellen, Under Secretary for Domestic Finance Nellie Liang, and Climate Counselor Ethan Zindler met with leaders from a range of financial institutions.
U.S. Department of the Treasury Senior Leadership Meets with Technical NGO Leaders to Discuss Net-Zero Transition Planning Efforts
September 19, 2023
Treasury Secretary Janet Yellen, Under Secretary for Domestic Finance Nellie Liang, and Climate Counselor Ethan Zindler, met with leaders of some of the largest technical non-governmental organizations (NGOs) focused on supporting the implementation of net-zero commitments by financial institutions and facilitating the transition to a clean energy economy.
U.S. Department of the Treasury Senior Leadership Meets with Philanthropy Leaders to Discuss Net-Zero Transition Planning Efforts
September 19, 2023
Treasury Secretary Janet Yellen, Under Secretary for Domestic Finance Nellie Liang, and Climate Counselor Ethan Zindler, met with leadership from philanthropies that support the implementation of financial institution net-zero commitments and related transition planning efforts.
Remarks by Secretary of the Treasury Janet L. Yellen on Global Food Security in New York, New York
September 18, 2023
Secretary of the Treasury Janet L. Yellen gave remarks on global food security in New York, New York.
Federal Reserve Bank of Boston
Article: What is "financial stability"?
September 19, 2023
The Federal Reserve Bank of Boston published an article entitled, "What is 'financial stability'?"
Federal Deposit Insurance Corporation
FDIC State Profiles – Q2 2023
September 19, 2023
The Federal Deposit Insurance Corporation released the FDIC State Profiles for the second quarter 2023.
Securities and Exchange Commission
Chair's Remarks Before Meeting of Small Business Capital Formation Advisory Committee
September 19, 2023
Securities and Exchange Commission Chair Gary Gensler and Commissioner Hester M. Peirce.
Consumer Financial Protection Bureau
CFPB Issues Guidance on Credit Denials by Lenders Using Artificial Intelligence
September 19, 2023
The Consumer Financial Protection Bureau issued guidance about certain legal requirements that lenders must adhere to when using artificial intelligence and other complex models.
FINRA
Investor Insights: Watch for These 5 Behaviors by Your Registered Financial Professional
September 19, 2023
FINRA published an Investor Insights alert entitled, "Watch for These 5 Behaviors by Your Registered Financial Professional."
International
European Commission
NextGenerationEU: Implementation of the Recovery and Resilience Facility firmly underway
September 19, 2023
The Commission has adopted its second annual report on the implementation of the Recovery and Resilience Facility (RRF), the €800 billion reform and investment tool at the heart of NextGenerationEU.
Bank of England
Summary Minutes of Sub-Group and Task Force Meetings - July
September 19, 2023
The Bank of England published the Working Group in Sterling Risk-Free Reference Rates Sub-Group and Task Force Meetings held in July 2023.
Bank of England Prudential Regulation Authority
Speech: Competitiveness and growth: continuing the conversation
September 19, 2023
Bank of England executive Director for Prudential Policy gave a speech entitled, "Competitiveness and growth: continuing the conversation."
UK Financial Conduct Authority
FCA sets out initial findings on bank account access and closures
September 19, 2023
The Financial Conduct Authority published the findings of its initial data exercise on bank account access and closures.
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.