PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, July 28, 2023
July 28, 2023
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Major Developments
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Agencies Proposed Rules to Strengthen Capital Requirements for Large Banks
July 27, 2023
The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency are requesting comment on a proposal to increase the strength and resilience of the banking system. The proposal would modify large bank capital requirements to better reflect underlying risks and increase the consistency of how banks measure their risks.
- Regulatory Capital Proposed Rule
- GSIB Surcharge Proposal
- Press Release
- Fact Sheet
- Overview
- Open Board Meeting
- Federal Reserve Board Memorandum
- FDIC Board Memorandum
- FDIC Financial Institutions Letter
- OCC Bulletin
- Federal Reserve Chair Powell Statement
- Federal Reserve Vice Chair Barr Statement
- Federal Reserve Governor Bowman Statement
- Federal Reserve Governor Waller Statement
- FDIC Chair Gruenberg Statement
- FDIC Vice Chair Hill Statement
- FDIC Governor McKernan Statement
- Acting Comptroller Statement
- CFPB Director Chopra Statement
- BPI CEO Baer Statement
Congress
U.S. House of Representatives
Committee on Financial Services
Committee Holds Markup of Stablecoin, ESG Legislation
July 27, 2023
The U.S. House Committee on Financial Services held a full committee markup of legislation related to the following stablecoins and environmental, social, and governance legislation:
H.R. 4766, the "Clarity for Payment Stablecoins Act of 2023"
HR 4841, the "Keep Your Coins Act of 2023"
H.R. 4790, the "Guiding Uniform and Responsible Disclosure Requirements and Information Limits (GUARDRAIL) Act of 2023"
H.R. 4767, the "Protecting Americans' Retirement Savings from Politics Act"
H.R. 4823, the "American Financial Institution Regulator Sovereignty and Transparency Act"
H.R. 4655, the "Businesses Over Activists Act"
H.J. Res. 66, a joint resolution disapproving the rule submitted by the Consumer Financial Protection Bureau relating to "Small Business Lending Under the Equal Credit Opportunity Act (Regulation B)"
Federal Agencies
U.S. Department of the Treasury
Treasury Announces New Climate Counselor
July 27, 2023
Secretary of the Treasury Janet L. Yellen announced the appointment of Ethan Zindler to serve as the Treasury Department's new Climate Counselor.
Federal Reserve Board
Federal Reserve Board announces the individual capital requirements for all Large Banks, effective on October 1
July 27, 2023
The Federal Reserve Board announced the individual capital requirements for all large banks effective on October 1.
Securities and Exchange Commission
Statement: The Potential Pitfalls of Purported Crypto "Assurance" Work
July 27, 2023
Securities and Exchange Commission Chief Accountant Paul Munter issued a statement entitled, "The Potential Pitfalls of Purported Crypto 'Assurance' Work."
Consumer Financial Protection Bureau
Blog: Financial struggles in Puerto Rico bite deeper than the rest of the United States
July 27, 2023
The Consumer Financial Protection Bureau published a blog post entitled, "Financial struggles in Puerto Rico bite deeper than the rest of the United States."
Blog: Federal housing agencies strongly encourage landlords to provide tenants written notice of their rights
July 27, 2023
The Consumer Financial Protection Bureau published a blog post entitled, "Federal housing agencies strongly encourage landlords to provide tenants written notice of their rights."
National Credit Union Administration
NCUA Chairman Todd M. Harper Remarks at the Credit Union Leadership Convention
July 27, 2023
National Credit Union Administration Chairman Todd M. Harper said the credit union system remains well positioned to handle any economic disruptions and market uncertainty during his remarks at the Credit Union Leadership Convention in Las Vegas.
U.S. Department of Housing and Urban Development/Federal Housing Administration
HUD Affirms Renter Protections and Releases $10 Million Funding Opportunity for Tenant Education and Outreach
July 27, 2023
The U.S. Department of Housing and Urban Development announced three new actions to increase fairness in the rental market and further renter protections in housing.
Federal Housing Finance Agency
FHFA Director Sandra L. Thompson's Statement on Best Practices For Adverse Action Notices for Renters
July 27, 2023
Federal Housing Finance Agency Director Sandra L. Thompson issued a statement on best practices for adverse action notices for renters.
Fannie Mae
Stress Test Results
July 27, 2023
Fannie Mae has completed its reevaluation of its 2021 stress test results.
Fannie Mae Releases June 2023 Monthly Summary
July 27, 2023
Fannie Mae has released its June 2023 Monthly Summary.
International
European Banking Authority
The EBA and ESMA assess the implementation of the revised Shareholder Rights Directive and identify areas for progress
July 27, 2023
The European Banking Authority, jointly with the European Securities and Markets Authority, published a Report assessing the implementation of the Shareholder Rights Directive 2.
Bank of England
Prudential Regulation Authority
Financial Conduct Authority
Regulators finalize clearer, more transparent Complaints Scheme
July 27, 2023
The Bank of England, Prudential Regulation Authority, and Financial Conduct Authority finalized a revised scheme for those who have complaints about the regulators, following a consultation.
Bank of England
Statistics: Capital Issuance - June 2023
July 27, 2023
The Bank of England released capital issuance statistics for June 2023.
Bank of England Prudential Regulation Authority
Consultation Paper: Updating UK Technical Standards on the identification of global systemically important institutions (G-SIIs)
July 27, 2023
The Prudential Regulation Authority published a consultation paper entitled, "Updating UK Technical Standards on the identification of global systemically important institutions (G-SIIs)."
Consultation Paper: Securitization: General requirements
July 27, 2023
The Prudential Regulation Authority published a consultation paper entitled, "Securitisation: General requirements."
UK Financial Conduct Authority
Supervisory flexibility on transaction reporting
July 27, 2023
The Financial Conduct Authority announced it is putting in place further temporary measures for the reporting of certain fields in UK MiFIR transaction reports.
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)
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 Phillip N Jefferson (nominated May 12, 2023)
- Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
- Governor Michelle W. Bowman (sworn in November 26, 2018)
- Governor Christopher J. Waller (sworn in December 18, 2020)
- Governor Lisa D. Cook (sworn in May 23, 2022)
- Governor Adriana Kugler (nominated May 12, 2023)
- Federal Reserve announces appointment of Joshua Gallin as Secretary of the Federal Open Market Committee (February 2, 2023)
- President Biden nominates Dr. Philip Jefferson for Vice Chair and Dr. Adriana Kugler to serve as a Member on the Federal Reserve Board, and renominates Dr. Lisa Cook for an additional full term as Member (May 12, 2023)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
- Vincent Alvarez designated Chair of Federal Reserve Bank of New York Board of Directors; Rosa Gil designated Deputy Chair (January 10, 2023)
- Pat Wang appointed as a Class C Director to Federal Reserve Bank of New York Board of Directors (January 10, 2023)
- Federal Reserve Bank of New York names Roberto Perli SOMA Manager (February 2, 2023)
- Cali Brooks and Miguel Soto-Class appointed to Federal Reserve Bank of New York Community Advisory Board (April 4, 2023)
- Federal Reserve Bank of New York names Mihaela Nistor as Chief Risk Officer and Head of the Risk Group (May 31, 2023)
- Federal Reserve Bank of New York names Beverly Hirtle as Research Advisor and begins search for new Director of Research (June 6, 2023)
- Aisha Benson appointed to the Federal Reserve Bank of New York Community Advisory Group (June 20, 2023)
Federal Reserve Bank of Boston – Susan M. Collins (effective July 1, 2022)
- Federal Reserve Bank of Boston announces 2023 Board of Directors (January 10, 2023)
- Federal Reserve Bank of Boston announces new external advisory council members (April 10, 2023)
- Federal Reserve Bank of Boston names Egon Zakrajšek as Director of Economic Research (May 17, 2023)
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)
- FDIC names three bankers to Minority Depository Institutions Subcommittee (May 25, 2023)
- FDIC names eight new members to Advisory Committee on Community Banking (May 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)
- SEC appoints Deborah J. Jeffrey as Inspector General (April 17, 2023)
- Eric R. Werner named Director of Fort Worth Regional Office (April 25, 2023)
- Natasha Vij Greiner and Keith E. Cassidy named Interim Acting Co-Directors of the Division of Examinations (July 25, 2023)
Commodity Futures Trading Commission – Rostin Behnam (effective December 17, 2021)
- Commissioner Pham announces members of the CFTC's Global Markets Advisory Committee (January 12, 2023)
- Commissioner Pham announces additional staff appointment (February 7, 2023)
- Chairman Behnam announces veteran Federal prosecutor Ian McGinley as Enforcement Director (February 28, 2023)
- Commissioner Goldsmith Romero announces Yevgeny Shrago as Senior Counsel and Policy Advisor (April 14, 2023)
- CFTC appoints Jeffrey Sutton as Executive Director (April 18, 2023)
- Commissioner Goldsmith Romero announces Scott Lee as Senior Counsel and Policy Advisor (July 11, 2023)
Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)
- CFPB announces appointments of New Advisory Committee Members (March 1, 2023)
National Credit Union Administration – Todd M. Harper (effective January 20, 2021)
- Cory Phariss named New AMAC President (February 9, 2023)
Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)
- Senate confirms Dilwar Syed as Deputy Administrator for the U.S. Small Business Administration (June 8, 2023)
- Dilawar Syed sworn in as Deputy Administrator of the U.S. Small Business Administration (July 11, 2023)
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)
- Statement by Secretary of the Treasury Janet L. Yellen on the appointment of Andrea Gacki as FinCEN Director (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.