PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, September 3, 2020
By FedACTion Task Force
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Congress
Federal Agencies
Federal Reserve Bank of New York
A New Chapter for the FOMC Monetary Policy Framework
September 2, 2020
John C. Williams, President and Chief Executive Officer for the Federal Reserve Bank of New York, gave remarks at “In Conversation: New York Fed Presidents on COVID-19,” on the Bretton Woods Committee Webinar.
State Agencies
New York State Department of Financial Services
Superintendent Lacewell Announces DFS’ Opposition to Federal Government’s Proposed True Lender Rule
September 2, 2020
Superintendent Linda A. Lacewell announced the New York State Department of Financial Services’ (DFS) opposition to the U.S. Office of the Comptroller of the Currency’s (OCC) proposed true lender rule. If enacted, the OCC’s proposed rule would enable lenders to make loans with triple-digit interest rates, well beyond those normally permitted by New York law.
International
Bank of England
Gertjan Vlieghe's Annual Report for the Treasury Select Committee
September 2, 2020
Gertjan Vlieghe, External Member of the Monetary Policy Committee of the Bank of England, released a Report to the Treasury Committee. Mr. Vlieghe’s report discusses economic conditions in the UK, including the dramatic economic impact of the ongoing COVID-19 pandemic, the economic outlook and his efforts in explaining monetary policy.