PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, June 2, 2023
June 02, 2023
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Major Developments
DFPI, Federal Reserve Issue Joint Consent Order to Oversee Silvergate Bank Voluntary Liquidation
June 1, 2023
The California Department of Financial Protection and Innovation (DFPI) and the Board of Governors of the Federal Reserve System (Federal Reserve) issued a joint consent order to facilitate the implementation of the voluntary liquidation plan announced by Silvergate Capital Corporation and Silvergate Bank on March 8, 2023.
Congress
U.S. House of Representatives
Federal Agencies
Federal Reserve Board
Consumer Financial Protection Bureau
Federal Deposit Insurance Corporation
Federal Housing Finance Agency
National Credit Union Administration
Office of the Comptroller of the Currency
Agencies request comment on quality control standards for automated valuation models proposed rule
June 1, 2023
Six federal regulatory agencies are requesting public comment on a proposed rule designed to ensure the credibility and integrity of models used in real estate valuations.
Federal Reserve Bank of New York
Measuring the Natural Rate of Interest – May 2023
June 1, 2023
The Federal Reserve Bank of New York released the Laubach-Williams and Holston-Laubach-Williams models measuring the natural rate of interest for May 2023.
Blog: What Drove Racial Disparities in the Paycheck Protection Program?
June 1, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "What Drove Racial Disparities in the Paycheck Protection Program?"
Federal Deposit Insurance Corporation
Summary of Deposits Survey and Filing for June 30, 2023
June 1, 2023
The Federal Deposit Insurance Corporation (FDIC) published a Financial Institution Letter regarding the Summary of Deposits Survey responses due July 31, 2023.
Remarks by Vice Chairman Travis Hill at the ICBA ThinkTECH Accelerator Program
June 1, 2023
FDIC Vice Chair Travis Hill gave remarks at the ICBA ThinkTECH Accelerator Program.
Consumer Financial Protection Bureau
CFPB Spotlight Addresses Payment Apps that May Lack Federal Deposit Insurance
June 1, 2023
The Consumer Financial Protection Bureau (CFPB) published an issue spotlight on digital payment apps, warning consumers that funds held by such platforms may not be subject to federal deposit insurance in the event of a bank failure.
Blog: Algorithms, artificial intelligence, and fairness in home appraisals
June 1, 2023
CFPB Director Rohit Chopra published a blog post entitled, "Algorithms, artificial intelligence, and fairness in home appraisals."
National Credit Union Administration
Comment Period Open for Charitable Donation Accounts Proposal
June 1, 2023
The 60-day comment period for stakeholders to submit comments on the National Credit Union Administration's (NCUA) proposed rule that would amend the charitable donation accounts section of the NCUA's incidental powers regulation is now open.
NCUA Designates June as MDI Awareness Month
June 1, 2023
The NCUA is designating June as Minority Depository Institution Awareness Month to enhance the public's understanding of the vital work minority depository institution credit unions perform in underserved communities nationwide.
Ginnie Mae
Global Markets Analysis Report – May 2023
June 1, 2023
Ginnie Mae released the Global Markets Analysis Report for May 2023.
International
European Banking Authority
ESAs present common understanding of greenwashing and warn on related risks
June 1, 2023
The European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published their progress Reports on greenwashing in the financial sector.
Bank of England
Monthly Decision Maker Panel data - May 2023
June 1, 2023
The Bank of England released the monthly Decision Maker Panel data for May 2023.
UK Financial Conduct Authority
Annual Percentage Rate of Charge calculations
June 1, 2023
The Financial Conduct Authority (FCA) issued a statement regarding Annual Percentage Rate of Charge calculations.
Speech: Do the right thing
June 1, 2023
FCA Joint Executive Director of Enforcement and Market Oversight Therese Chambers gave a speech at the City & Financial FCA Investigations and Enforcement Summit entitled, "Do the right thing."
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)
- 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 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)
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)
- CFTC 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)
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.