PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, May 6, 2023
May 05, 2023
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Major Developments
Federal Agencies
Federal Reserve Board
Paper: A Financial Stress Index for a Small Open Economy: The Australian Case
May 5, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) published a paper entitled, "A Financial Stress Index for a Small Open Economy: The Australian Case."
Paper: The Effects of Volatility on Liquidity in the Treasury Market
May 5, 2023
The Federal Reserve published a paper entitled, "The Effects of Volatility on Liquidity in the Treasury Market."
Paper: Financial and Macroeconomic Data Through the Lens of a Nonlinear Dynamic Factor Model
May 5, 2023
The Federal Reserve published a paper entitled, "Financial and Macroeconomic Data Through the Lens of a Nonlinear Dynamic Factor Model."
Paper: Less Bank Regulation, More Non-Bank Lending
May 5, 2023
The Federal Reserve published a paper entitled, "Less Bank Regulation, More Non-Bank Lending."
Paper: Implications of Student Loan COVID-19 Pandemic Relief Measures for Families with Children
May 5, 2023
The Federal Reserve published a paper entitled, "Implications of Student Loan COVID-19 Pandemic Relief Measures for Families with Children."
Paper: The Role of Property Assessment Oversight in School Finance Inequality
May 5, 2023
The Federal Reserve published a paper entitled, "The Role of Property Assessment Oversight in School Finance Inequality."
Speech: Govenor Cook: Commencement Address
May 5, 2023
Federal Reserve Governor Lisa D. Cook gave a commencement address at the Michigan State University spring convocation.
Federal Reserve Bank of New York
Article: Key Takeaways From Our Recent Work on Private Investments in Affordable Housing
May 5, 2023
The Federal Reserve Bank of New York published a The Teller Window article entitled, "Key Takeaways From Our Recent Work on Private Investments in Affordable Housing."
Blog: MCT Update: Inflation Persistence Continued to Decline in March
May 5, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "MCT Update: Inflation Persistence Continued to Decline in March."
Securities and Exchange Commission
Speech: Chair Gensler's Remarks before the 10th Annual Conference on Financial Market Regulation
May 5, 2023
Securities and Exchange Commission (SEC) Chair Gary Gensler gave remarks before the 10th Annual Conference on Financial Market Regulation.
National Credit Union Administration
Speech: Board Member Hood's Remarks at UK Building Societies Association 2023 Conference
May 5, 2023
National Credit Union Administration Board Member Rodney E. Hood gave remarks at the UK Building Societies Association 2023 Conference.
Bank Policy Institute
Blog: The CFPB's Deeply Flawed Proposal on Credit Card Late Fees – Part 2
May 5, 2023
The Bank Policy Institute published a blog post entitled, "The CFPB's Deeply Flawed Proposal on Credit Card Late Fees – Part 2."
Blog: Something Missing: Omissions and Surprises in the Federal Reserve's SVB Report
May 5, 2023
The Bank Policy Institute published a blog post entitled, "Something Missing: Omissions and Surprises in the Federal Reserve's SVB Report."
International
Bank of England
Minutes of the CBDC Technology Forum - March 2023
May 5, 2023
The Bank of England released the minutes of the sixth meeting of the CBDC Technology Forum held on March 14, 2023.
UK Financial Conduct Authority
FCA continues action against unregistered crypto ATMs across the UK
May 5, 2023
The Financial Conduct Authority (FCA) has inspected sites in Exeter, Nottingham and Sheffield suspected of hosting illegally operated crypto ATMs, as part of a continued crackdown on this illicit sector.
- https://www.fca.org.uk/news/press-releases/fca-continues-action-against-unregistered-crypto-atms-across-ukPress Release
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)
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
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.