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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, July 14, 2023

July 14, 2023

FedACTion Task Force

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Major Developments

Joint Trades Submit Letter to Federal Reserve on Implementation of Capital Proposals

July 13, 2023

The Bank Policy Institute, American Bankers Association, Financial Services Forum, Institute of International Bankers and Securities Industry and Financial Markets Association submitted a letter to Federal Reserve Chair Jerome Powell expressing concern about a forthcoming proposal to implement the Basel agreement of 2017.

Congress

U.S. House of Representatives

Committee on Financial Services

Hearing: Reforming the Proxy Process to Safeguard Investor Interests

July 13, 2023

The U.S. House Committee on Financial Services Subcommittee on Capital Markets held a hearing entitled, "Reforming the Proxy Process to Safeguard Investor Interests."

Hearing: Oversight of the Proxy Advisory Industry

July 13, 2023

The U.S. House Committee on Financial Services Subcommittee on Oversight and Investigations held a hearing entitled, "Oversight of the Proxy Advisory Industry."

Committee on Small Business

Hearing: Stolen Taxpayer Funds: Reviewing the SBA and OIG Reports of Fraud in Pandemic Lending Programs

July 13, 2023

The U.S. House Committee on Small Business held a hearing titled "Stolen Taxpayer Funds: Reviewing the SBA and OIG Reports of Fraud in Pandemic Lending Programs."

Federal Agencies

Federal Reserve Board

Working Paper: Forward Looking Exporters

July 13, 2023

The Federal Reserve Board published a working paper entitled, "Forward Looking Exporters."

Federal Reserve Bank of New York

Blog: Inflating Away the Debt: The Debt-Inflation Channel of German Hyperinflation

July 13, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Inflating Away the Debt: The Debt-Inflation Channel of German Hyperinflation."

Federal Reserve Bank of Boston

Paper: What Is Driving Inflation—Besides the Usual Culprits?

July 13, 2023

The Federal Reserve Bank of Boston published a policy perspectives paper entitled, "What Is Driving Inflation—Besides the Usual Culprits?"

Federal Deposit Insurance Corporation

2022 Financial Institution Diversity Self-Assessments: Voluntary Self-Assessments Accepted Now through September 30, 2023

July 13, 2023

The Federal Deposit Insurance Corporation published a financial institution letter encouraging supervised financial institutions to voluntarily conduct and submit self-assessments of their diversity policies and practices by September 30, 2023.

Consumer Financial Protection Bureau

Blog: Initial Fresh Start program changes followed by increased credit scores for affected student loan borrowers

July 13, 2023

The Consumer Financial Protection Bureau Office of Research published a blog post entitled, "Initial Fresh Start program changes followed by increased credit scores for affected student loan borrowers."

Federal Housing Finance Agency

Foreclosure Prevention, Refinance, and Federal Property Manager's Report - April 2023

July 13, 2023

The Federal Housing Finance Agency published the "Foreclosure Prevention, Refinance, and Federal Property Manager's Report" for April 2023.

Blog: Secure Connections: FDX's Collaborative Effort to Engineer Data-Sharing Standards

July 13, 2023

The Bank Policy Institute published a blog post entitled, "Secure Connections: FDX's Collaborative Effort to Engineer Data-Sharing Standards."

International

European Banking Authority

EBA publishes fourth Opinion on money laundering and terrorist financing risks across the EU

July 13, 2023

The European Banking Authority published its fourth biennial Opinion on the risks of money laundering and terrorist financing (ML/TF) affecting the European Union's financial sector.

EU/EEA banking sector shows rising profitability, but asset quality and profitability related risks are looming

July 13, 2023

The European Banking Authority published its Q1 2023 quarterly Risk Dashboard.

Bank of England

Bank Liabilities Survey - 2023 Q2

July 13, 2023

The Bank of England released the bank liabilities survey for Q2 2023.

Credit Conditions Survey - 2023 Q2

July 13, 2023

The Bank of England released the credit conditions survey for Q2 2023.

Administration Changes

Vacancies

Board of Governors of the Federal Reserve System

  • Vice Chair – Vacant (Vice Chair Leal Brainard resigned effective on or around February 20, 2023)

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)

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)

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.

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