PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, May 25, 2023
May 25, 2023
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Major Developments
Congress
U.S. House of Representatives
Committee on Oversight & Accountability
Subcommittee on Heath Care and Financial Services
Hearing: A Failure of Supervision: Bank Failures and The San Francisco Federal Reserve
- Video
- Testimony of Michael E. Clements, U.S. Government Accountability Office
- Testimony of Jeremy Newell, Bank Policy Institute
- BPI Press Release on Newell testimony
Hearing: Saluting Service: Supporting Veteran Owned Small Businesses
May 24, 2023
The U.S. House Committee on Small Business held a hearing entitled, "Saluting Service: Supporting Veteran Owned Small Businesses."
Hearing
Hearing Notice
Committee Chair Williams Statement
Committee on Small Business
Hearing: Saluting Service: Supporting Veteran Owned Small Businesses
May 24, 2023
The U.S. House Committee on Small Business held a hearing entitled, "Saluting Service: Supporting Veteran Owned Small Businesses."
Federal Agencies
Federal Reserve Board
Minutes of the Federal Open Market Committee, May 2-3, 2023
May 24, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) released the minutes of the Federal Open Market Committee held on May 2-3, 2023.
Speech: Hike, Skip, or Pause?
May 24, 2023
Federal Reserve Governor Christopher J. Waller gave a speech at the 2023 Santa Barbara County Economic Summit entitled, "Hike, Skip, or Pause?"
Federal Reserve Bank of New York
Blog: Measuring the Financial Stability Real Interest Rate, r**
May 24, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Measuring the Financial Stability Real Interest Rate, r**."
Consumer Financial Protection Bureau
Report: Overdraft/NSF revenue down nearly 50% versus pre-pandemic levels
May 24, 2023
The Consumer Financial Protection Bureau (CFPB) published a report entitled, "Overdraft/NSF revenue down nearly 50% versus pre-pandemic levels."
Blog: Mortgage data shows that borrowers could save $100 a month (or more) by choosing cheaper lenders
May 24, 2023
The CFPB published a blog post entitled, "Mortgage data shows that borrowers could save $100 a month (or more) by choosing cheaper lenders."
FINRA
FINRA Foundation-CFA Institute Research Focuses on Gen Z Investors
May 24, 2023
Financial Industry Regulatory Authority (FINRA) Investor Education Foundation and CFA Institute have released a new report entitled, "Gen Z and Investing: Social Media, Crypto, FOMO, and Family."
Investor Insights: Know What Triggers a Margin Call
May 24, 2023
FINRA published an Investor Insights article entitled, "Know What Triggers a Margin Call."
International
European Commission
Policy guidance under the European Semester: Sustaining reforms and investments to secure the EU's long-term prosperity, competitiveness, fairness and resilience
May 24, 2023
The European Commission is today providing guidance to Member States under the 2023 European Semester Spring Package to build a robust and future-proof economy that secures competitiveness and long-term prosperity for all in the face of a challenging geopolitical environment.
- Semester Spring Package Documents
- Questions and Answers
- Press Release
- Executive VP Dombrovskis Remarks
Capital Markets Union: Commission proposes new rules to protect and empower retail investors in the EU
May 24, 2023
The Commission has adopted a Retail Investment Package that places the consumers' interests at the centre of retail investing.
European Banking Authority
EBA publishes corrigendum of Guidelines on DGS contributions, amending the Guidelines on available financial means of DGS
May 24, 2023
The European Banking Authority published a corrigendum of the revised Guidelines on methods for calculating contributions to deposit guarantee schemes under the DGSD (EBA/GL/2023/02).
UK Financial Conduct Authority
FCA finds young investors are more likely to have long-term goals in mind when dating than when investing
May 24, 2023
New research from the Financial Conduct Authority has found that young investors think longer-term and are less influenced by social media when dating compared to their investing behaviours.
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 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)
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.