PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, February 9, 2023
February 09, 2023
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Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: Empowering Entrepreneurs: Removing Barriers to Capital Access for Small Businesses
February 8, 2023
The U.S. House Committee on Financial Services Subcommittee on Capital Markets held a hearing entitled, "Empowering Entrepreneurs: Removing Barriers to Capital Access for Small Businesses."
Hearing: Sophistication or Discrimination? How the Accredited Investor Definition Unfairly Limits Investment Access for the Non-wealthy and the Need for Reform
February 8, 2023
The U.S. House Committee on Financial Services Subcommittee on Capital Markets held a hearing entitled, "Sophistication or Discrimination? How the Accredited Investor Definition Unfairly Limits Investment Access for the Non-wealthy and the Need for Reform"
Hearing: Revamping and Revitalizing Banking in the 21st Century
February 8, 2023
The U.S. House Committee on Financial Services Subcommittee on Financial Institutions and Monetary Policy entitled, "Revamping and Revitalizing Banking in the 21st Century."
Federal Agencies
U.S. Department of the Treasury
New Treasury Report Assesses Opportunities, Challenges Facing Financial Sector Cloud-Based Technology Adoption
February 8, 2023
The U.S. Department of the Treasury released a report on the potential benefits and challenges associated with the increasing trend of financial sector firms adopting cloud services technology.
Federal Reserve Board
Speech: The Inflation Rate for Necessities: A Look at Food, Energy and Shelter Inflation
February 8, 2023
Federal Reserve Board Governor Christopher J. Waller gave a speech entitled, "The Inflation Rate for Necessities: A Look at Food, Energy and Shelter Inflation."
Federal Reserve Bank of New York
Report: The Bitcoin–Macro Disconnect
February 8, 2023
The Federal Reserve Bank of New York published a staff report entitled, "The Bitcoin–Macro Disconnect."
Blog: Is There a Bitcoin–Macro Disconnect?
February 8, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Is There a Bitcoin–Macro Disconnect?"
Federal Deposit Insurance Corporation
Paper: Is There Crowd Out in Mortgage Refinance?
February 8, 2023
The Federal Deposit Insurance Corporation published a working paper entitled, "Is There Crowd Out in Mortgage Refinance?"
U.S. Department of Housing and Urban Development/Federal Housing Administration
HUD Secretary Announces Major Milestone of Assisting Nearly 2 Million Homeowners Stay in their Homes
February 8, 2023
The U.S. Department of Housing and Urban Development Secretary Marcia L. Fudge announced that, thanks to Federal Housing Administration (FHA) programs, approximately 2 million homeowners with FHA mortgages were able to stay in their homes from the beginning of the COVID-19 pandemic in March 2020 through December 2022.
Ginnie Mae
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Ginnie Mae Publishes Fiscal Year 2022 Annual Report |
February 8, 2023
Ginnie Mae published its 2022 Annual Report, detailing its support for affordable homeownership and rental housing, and commitment to strengthening the government mortgage market on behalf of households in rural, urban, suburban, and tribal communities across America.
State Agencies
New York State Department of Financial Services
DFS Adopts Community Reinvestment Act Regulation to Improve Lending to Minority-and Women-Owned Businesses
February 8, 2023
Superintendent of Financial Services Adrienne A. Harris announced that the New York State Department of Financial Services (DFS) has adopted an update to the Community Reinvestment Act (CRA) regulation, following the revised proposal published in October 2022.
International
European Banking Authority
EBA consults on the amending ITS on supervisory disclosures
February 8, 2023
The European Banking Authority launched a public consultation on its draft Implementing Technical Standards on supervisory disclosures.
Bank of England
The Bank of England's policy on outsourcing and third party risk management for Financial Market Infrastructures (FMIs)
February 8, 2023
The Bank has published its policy on outsourcing and third party risk management for FMIs.
- Policy Statement
- Central Counterparties Supervisory Statement
- Central Securities Depositories Supervisory Statement
- Payment System Operators Supervisory Statement
- Code of Practice
- Press Release
Bank of England Prudential Regulation Authority
Consultation Paper: Dealing with insurers in financial difficulties
February 8, 2023
The Bank of England Prudential Regulation Authority published a consultation paper entitled, "Dealing with insurers in financial difficulties."
UK Financial Conduct Authority
Speech: How to organise a COO
February 8, 2023
UK Financial Conduct Authority Chief Operating Officer Emily Shepperd gave a speech entitled, 'How to organise a COO."
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)
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.