PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, February 24, 2023
February 24, 2023
FedACTion Task Force
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PH Fintech Tracker on Executive Order for Digital Assets
Major Developments
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Agencies issue joint statement on liquidity risks resulting from crypto-asset market vulnerabilities
February 23, 2023
The Federal Reserve Board, Federal Deposit Corporation, and Office of the Comptroller of the Currency issued a joint statement highlighting liquidity risks to banking organizations associated with certain sources of funding from crypto-asset-related entities and some effective practices to manage those risks.
Congress
Federal Agencies
Federal Reserve Bank of New York
Blog: A Turning Point in Wage Growth?
February 23, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "A Turning Point in Wage Growth?"
Conference of State Bank Supervisors
Students to Study How Community Banks are Planning for Success
February 23, 2023
Forty student teams from 34 universities across the nation have entered the Conference of State Bank Supervisors (CSBS) 2023 Community Bank Case Study Competition.
Federal Deposit Insurance Corporation
Money Smart Newsletter - February 2023
February 23, 2023
The Federal Deposit Insurance Corporation released the Money Smart Newsletter for February 2023.
Securities and Exchange Commission
Updated Investor Bulletin: Leveraged and Inverse ETFs
February 23, 2023
The Securities and Exchange Office of Investor Advocacy and Education along with FINRA issued an updated Investor Bulletin on leveraged and inverse exchange-traded funds.
Consumer Financial Protection Bureau
Blog: Our auto finance data pilot
February 23, 2023
The Consumer Financial Protection Bureau published a blog post entitled, "Our auto finance data pilot."
FINRA
Cybersecurity Alert - Ongoing Phishing Campaign
February 23, 2023
FINRA issued an alert to warn member firms of an ongoing phishing campaign that involves fraudulent emails purporting to be from FINRA and using either the domain name "@finra.eu" and "@finrarec.com".
Federal Housing Finance Agency
FHFA Issues Notice of Proposed Rulemaking Modifying Certain Provisions of the Enterprise Regulatory Capital Framework
February 23, 2023
The Federal Housing Finance Agency announced that it is seeking comment on a notice of proposed rulemaking that would amend several provisions of the Enterprise Regulatory Capital Framework for Fannie Mae and Freddie Mac.
Ginnie Mae
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Ginnie Mae President Alanna McCargo Statement on Reduced FHA Annual Mortgage Insurance Premiums |
February 23, 2023
Ginnie Mae applauds the recent announcement from the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) to reduce the annual mortgage insurance premiums (annual MIP) it charges homebuyers for its mortgage insurance from 0.85 percent to 0.55 percent for most new borrowers.
Bank Policy Institute
Paper: Is It Time For a Holistic Review of Liquidity Requirements?
February 23, 2023
The Bank Policy Institute published a research paper entitled, "Is It Time For a Holistic Review of Liquidity Requirements?"
International
Bank of England
Speech: Expectations, lags, and the transmission of monetary policy
February 23, 2023
Bank of England Monetary Policy Committee Member Catherine L. Mann gave a speech entitled, "Expectations, lags, and the transmission of monetary policy."
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.