PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, February 17, 2023
February 17, 2023
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PH Fintech Tracker on Executive Order for Digital Assets
Federal Agencies
U.S. Department of the Treasury
Treasury Releases Financial Report of the U.S. Government
February 16, 2023
The U.S. Department of the Treasury, in consultation with the Office of Management and Budget, released the fiscal year 2022 (FY 2022) Financial Report of the U.S. Government today.
Federal Reserve Board
Bank Relationships and the Geography of PPP Lending
February 16, 2023
The Federal Reserve Board published a working paper entitled, "Bank Relationships and the Geography of PPP Lending."
Federal Reserve Bank of New York
Total Household Debt Reaches $16.90 trillion in Q4 2022; Mortgage and Auto Loan Growth Slows
February 16, 2023
The Federal Reserve Bank of New York's Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit.
Blog: Younger Borrowers Are Struggling with Credit Card and Auto Loan Payments
February 16, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Younger Borrowers Are Struggling with Credit Card and Auto Loan Payments."
Business Leaders Survey – February 2023
February 16, 2023
The Federal Reserve Bank of New York published the results of the Business Leaders Survey and Supplemental Survey for February 2023.
Federal Reserve Bank of Boston
Paper: Forecasting CPI Shelter under Falling Market-Rent Growth
February 16, 2023
The Federal Reserve Bank of Boston published a paper entitled, "Forecasting CPI Shelter under Falling Market-Rent Growth."
Office of the Comptroller of the Currency
Change in Bank Control: Revised Comptroller's Licensing Manual Booklet
February 16, 2023
The Office of the Comptroller of the Currency issued the "Change In Bank Control" booklet of the Comptroller's Licensing Manual.
Consumer Financial Protection Bureau
Blog: Why the largest credit card companies are suppressing actual payment data on your credit report
February 16, 2023
The Consumer Financial Protection Bureau published a blog post entitled, "Why the largest credit card companies are suppressing actual payment data on your credit report."
National Credit Union Administration
NCUA Board Approves Final Rule on Cyber Incident Reporting Requirements
February 16, 2023
The National Credit Union Administration (NCUA) Board held its second open meeting of 2023 and approved two items:
- A final rule on cyber incident reporting requirements; and
- A notice of proposed rulemaking to amend the NCUA's federal credit union chartering and field-of-membership rules.
In addition, the NCUA's Chief Financial Officer briefed the NCUA Board on the performance of the National Credit Union Share Insurance Fund during the fourth quarter of 2022.
- Final Rule
- Proposed Rule
- Brief
- Press Release
- Chair Harper Statement – Final Rule
- Chair Harper Statement – Proposed Rule
- Chair Harper Statement – Share Insurance Fund Report
- Board Member Hood Statement – Final Rule
- Board Member Hood Statement – Proposed Rule
- Board Member Hood Statement – Share Insurance Fund Report
Federal Housing Finance Agency
Foreclosure Prevention, Refinance, and Federal Property Manager's Report -November 2022
February 16, 2023
The Federal Housing Finance Agency released the Foreclosure Prevention, Refinance, and Federal Property Manager's Report for November 2022.
State Agencies
California Department of Financial Protection and Innovation
DFPI Launches Scam Tracker to Help the Public Spot Crypto Scams
February 16, 2023
The Department of Financial Protection and Innovation announced that it has launched the DFPI Crypto Scam Tracker to help Californians spot and avoid crypto scams.
International
Bank of England
Speech: Inflation is a 'wicked problem'
February 16, 2023
Bank of England Chief Economist and Executive Director of Monetary Analysis Huw Pill gave a speech entitled, "Inflation is a 'wicked problem'."
Administration Changes
Vacancies
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 for Supervision Michael Barr (sworn in July 19, 2022)
- Vice Chair Lael Brainard (sworn in May 23, 2022)
- Governor Phillip N Jefferson (sworn in May 23, 2022)
- Governor Lisa D. Cook (sworn in May 23, 2022)
- Federal Reserve Board announces appointment of Joshua Gallin as secretary of the Federal Open Market Committee (February 2, 2023)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
- Vincent Alvarez Designated Chair of New York Fed Board of Directors; Rosa Gil Designated Deputy Chair (January 10, 2023)
- Pat Wang Appointed as a Class C Director to New York Fed Board of Directors (January 10, 2023)
- New York Fed Names Roberto Perli SOMA Manager (February 2, 2023)
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)
- FDIC Announces Senior Leadership Changes in Division of Risk Management Supervision (January 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)
Commodity Futures Trade 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)
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.