PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, May 13, 2023
May 13, 2023
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Federal Agencies
Federal Reserve Board
Speech: The Evolving Nature of Banking, Bank Culture, and Bank Runs
May 12, 2023
Federal Reserve Board (Federal Reserve) Governor Michelle W. Bowman gave a speech at the 21st Annual Symposium on Building the Financial System of the 21st Century: An Agenda for Europe and the United States entitled, "The Evolving Nature of Banking, Bank Culture, and Bank Runs."
Paper: Optimal Bidder Selection in Clearing House Default Auctions
May 12, 2023
The Federal Reserve published a working paper entitled, "Optimal Bidder Selection in Clearing House Default Auctions."
Paper: Recovery of 1933
May 12, 2023
The Federal Reserve Board published a working paper entitled, "Recovery of 1933."
Paper: The Dual U.S. Labor Market Uncovered
May 12, 2023
The Federal Reserve Board published a working paper entitled, "The Dual U.S. Labor Market Uncovered."
Federal Reserve Bank of New York
SCE Household Spending Survey – April 2023
May 12, 2023
The Federal Reserve Bank of New York released the findings from the April 2023 SCE Household Spending Survey.
U.S. Economy in a Snapshot – May 2023
May 12, 2023
The Federal Reserve Bank of New York released the U.S. Economy in a Snapshot for May 2023.
Blog: Banks Runs and Information
May 12, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Banks Runs and Information."
Securities and Exchange Commission
Commisioner Uyeda's Remarks at ICAEW Event – World-Class Regulation: Building Trust and Transparency in International Markets
May 12, 2023
Securities and Exchange Commission Commissioner Mark T. Uyeda gave remarks at ICAEW Event – World Class Regulation: Building Trust and Transparency in International Markets.
International
and 28 investments.
Bank of England
Market Notice: Asset Purchase Facility: corporate bond sales programme
May 12, 2023
The Bank of England released a supplementary market notice describing the Bank of England's updated operational approach for the program of sales of corporate bonds held in the Asset Purchase Facility.
Market Participants Survey results - May 2023
May 12, 2023
The Bank of England released the Market Participants Survey results for May 2023.
UK Financial Conduct Authority
Consultation Paper: Remuneration: enhancing proportionality for dual-regulated firms
May 12, 2023
The Financial Conduct Authority published a consultation paper entitled, "Remuneration: enhancing proportionality for dual-regulated firms."
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 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 Phillip N Jefferson (sworn in May 23, 2022)
- Governor Lisa D. Cook (sworn in May 23, 2022)
- 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 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 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)
- 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
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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.