PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, January 20, 2023
January 20, 2023
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Major Developments
Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit
January 19, 2023
U.S. Secretary of the Treasury Janet L. Yellen sent a letter to all members of Congressional leadership regarding the debt limit.
Federal Agencies
Federal Reserve Board
Speech: Staying the Course to Bring Inflation Down
January 19, 2023
Federal Reserve Board Vice Chair Lael Brainard gave a speech entitled, "Staying the Course to Bring Inflation Down."
Federal Reserve Bank of Boston
Speech: The National and Regional Economy: Navigating Near-term Changes and Long-term Challenges
January 19, 2023
Federal Reserve Bank of Boston President and CEO Susan M. Collins gave a speech entitled, "The National and Regional Economy: Navigating Near-term Changes and Long-term Challenges."
Office of the Comptroller of the Currency
Branches and Relocations: Revised Comptroller's Licensing Manual Booklet
January 19, 2023
The Office of the Comptroller of the Currency issued the "Branches and Relocations" booklet of the Comptroller's Licensing Manual.
Commodity Futures Trading Commission
Speech: Crypto's Crisis of Trust: Lessons Learned from FTX's Collapse
January 19, 2023
Commodity Futures Trading Commission Commissioner Christy Goldsmith Romero gave a keynote address at The Wharton School and the University of Pennsylvania Carey Law School entitled, "Crypto's Crisis of Trust: Lessons Learned from FTX's Collapse."
Consumer Financial Protection Bureau
CFPB Issues Guidance to Root Out Tactics Which Charge People Fees for Subscriptions They Don't Want
January 19, 2023
The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that companies offering "negative option" subscription services must comply with federal consumer financial protection law.
Federal Housing Finance Agency
FHFA Announces Updates to the Enterprises' Single-Family Pricing Framework
January 19, 2023
The Federal Housing Finance Agency announced further changes to Fannie Mae's and Freddie Mac's single-family pricing framework by introducing redesigned and recalibrated upfront fee matrices for purchase, rate-term refinance, and cash-out refinance loans.
International
Bank of England
Credit Conditions Survey - 2022 Q4
January 19, 2023
The Bank of England released the results of the Credit Conditions Survey for Q4 2022.
Bank Liabilities Survey - 2022 Q4
January 19, 2023
The Bank of England released the results of the Bank Liabilities Survey for Q4 2022.
Bank of England Prudential Regulation Authority
Response to the remit for the Prudential Regulation Committee - January 2023
January 19, 2023
Bank of England Governor Andrew Bailey sent a letter to Chancellor of the Exchequer Jeremy Hunt regarding the remit for the Prudential Regulation Committee.
UK Financial Conduct Authority
Thematic review of retirement income advice
January 19, 2023
The UK Financial Conduct Authority announced it is undertaking a thematic review assessing the advice consumers are receiving on meeting their income needs in retirement.
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 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)
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)
- vDirector 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)
- 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)
Commodity Futures Trade 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)
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.