PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, February 23, 2023
February 23, 2023
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Federal Agencies
Federal Reserve Board
Minutes of the Federal Open Market Committee, January 31-February 1, 2023
February 22, 2023
The Federal Reserve Board released the minutes of the Federal Open Market Committee meeting held January 31 – February 1, 2023.
Federal Reserve Bank of New York
Blog: How Much Can GSCPI Improvements Help Reduce Inflation?
February 22, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "How Much Can GSCPI Improvements Help Reduce Inflation?"
Federal Reserve Bank of Boston
Paper: Forecasting CPI Shelter under Falling Market-Rent Growth
February 22, 2023
The Federal Reserve Bank of Boston published a Current Policy Perspectives paper entitled, "Forecasting CPI Shelter under Falling Market-Rent Growth."
Federal Deposit Insurance Corporation
Proposed Revisions to the Consolidated Reports of Condition and Income (Call Reports) and the FFIEC 002 Report
February 22, 2023
The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency, under the auspices of the Federal Financial Institutions Examination Council (FFIEC), published proposed regulatory reporting changes in the Federal Register for public comment. These proposed changes apply to all three versions of the Call Report (FFIEC 031, FFIEC 041, and FFIEC 051) and to the Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks (FFIEC 002), as applicable, and are proposed to take effect as of the June 30, 2023, report date.
Securities and Exchange Commission
Statement on the Final Rule on Extending Form 144 EDGAR Filing Hours and Celebrating the EDGAR System on its 30th Anniversary
February 22, 2023
Mark T. Uyeda, Commissioner of the Securities and Exchange Commission, issued a statement on the final rule extending Form 144 EDGAR filing hours and celebrating the EDGAR system on its 30th anniversary.
Federal Housing Finance Agency
FHFA Announces Public Comment Period on Federal Home Loan Bank Members' Community Support Performance
February 22, 2023
The Federal Housing Finance Agency (FHFA) announced that the FHFA will review all applicable Federal Home Loan Bank members in 2023 under FHFA's community support program regulation.
International
Bank of England
Minutes of the Meeting of the Court of Directors held on 15 December 2022
February 22, 2023
The Bank of England Court of Directors released minutes from the meeting held on December 15, 2022.
Court minutes from 2020 that were previously redacted
February 22, 2023
The Bank of England Court of Directors released previously redacted information in minutes from meetings held in 2020.
Blog: What do we know about the demand for Bank of England reserves?
February 22, 2023
The Bank of England published a Bank Overground blog post entitled, "What do we know about the demand for Bank of England reserves?"
UK Financial Conduct Authority
Speech: Call of Duty: How putting customers front and centre will help industry innovate
February 22, 2023
UK Financial Conduct Authority Executive Director Sheldon Mills gave a speech entitled, "Call of Duty: How putting customers front and centre will help industry innovate."
Administration Changes
Vacancies
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)
- Vice Chair Lael Brainard (sworn in May 23, 2022)
- Governor Phillip N Jefferson (sworn in May 23, 2022)
- Governor Lisa D. Cook (sworn in May 23, 2022)
- Federal Reserve Board 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 New York Fed Board of Directors; Rosa Gil Designated Deputy Chair (January 10, 2023)
- Pat Wang Appointed as a Class C Director to New York Fed Board of Directors (January 10, 2023)
- New York Fed Names Roberto Perli SOMA Manager (February 2, 2023)
Federal Reserve Bank of Boston – Susan M. Collins (effective July 1, 2022)
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)
Commodity Futures Trade 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)
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.