PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, March 9, 2023
March 09, 2023
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Major Developments
White House-State Legislative Convening on Combatting Junk Fees
March 8, 2023
Today, Julie Chavez Rodriguez, Senior Advisor to the President and Director of the White House Office of Intergovernmental Affairs, Ambassador Susan Rice, Assistant to the President and Domestic Policy Advisor, and Lael Brainard, Assistant to the President and National Economic Council Director, convened hundreds of state legislative leaders on state efforts to address junk fees.
- Readout
- Guide for States
- Senate Banking Committee Chair Brown Statement
- Housing and Urban Development Secretary Fudge Letter
- Bank Policy Institute Statement
Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: The Federal Reserve's Semi-Annual Monetary Policy Report
March 8, 2023
The U.S. House Committee on Financial Services held a hearing entitled, "The Federal Reserve's Semi-Annual Monetary Policy Report."
- Hearing
- Committee Memorandum
- Federal Reserve Board Chair Powell Testimony
- Committee Chair McHenry Statement
- Ranking Member Waters Statement
Hearing: Holding the Biden Administration Accountable for Wasteful Spending and Regulatory Overreach
March 8, 2023
The U.S. House Committee on Financial Services Subcommittee on Oversight and Investigations held a hearing entitled, "Holding the Biden Administration Accountable for Wasteful Spending and Regulatory Overreach."
- Hearing
- Committee Memorandum
- Federal Reserve Inspector General Bialek Testimony
- Treasury Acting Inspector General Delmar Testimony
- SEC Deputy Inspector General Sharek Testimony
- Subcommittee Chair Huizenga Statement
Committee on Small Business
Hearing: Small Business Perspectives on the Impacts of the Biden Administration's Waters of the United States (WOTUS) Rule
March 8, 2023
The U.S. House Committee on Small Business held a hearing entitled, "Small Business Perspectives on the Impacts of the Biden Administration's Waters of the United States (WOTUS) Rule."
- Hearing
- Hearing Notice
- Committee Memorandum
- Press Release
- Committee Chair Williams Statement
- Ranking Member Velazquez Statement
Federal Agencies
Federal Reserve Bank of Boston
Beige Book – March 2023
March 8, 2023
The Federal Reserve Board published the Beige Book for March 2023.
Commodity Futures Trading Commission
Chairman Rostin Behnam Testifies Before the U.S. Senate Committee on Agriculture, Nutrition, & Forestry
March 8, 2023
Commodity Futures Trading Commission Chair Rostin Behnam testified at a hearing before the U.S. Senate Committee on Agriculture, Nutrition & Forestry entitled, "Oversight of the Commodity Futures Trading Commission."
Statements before the Market Risk Advisory Committee
March 8, 2023
Commodity Futures Trading Commission Commissioners Kristin N. Johnson, Caroline D. Pham and Christy Goldsmith Romero statements before the Market Risk Advisory Committee.
Consumer Financial Protection Bureau
CFPB Report Addresses Illegal Junk Fees on Bank Accounts, Mortgages, and Student and Auto Loans
March 8, 2023
The Consumer Financial Protection Bureau released a special edition of its Supervisory Highlights that reports on unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets, including in mortgage, student, and payday lending.
FINRA
Blog: The $3.4 Million Tip
March 8, 2023
FINRA published a blog post entitled, "The $3.4 Million Tip."
National Credit Union Administration
Quarterly Data Summary Report: Credit Union Assets, Shares, and Deposits Grow in Fourth Quarter
March 8, 2023
The National Credit Union Administration released the Quarterly Data Summary Report for the fourth quarter 2022, showing total assets in federally insured credit unions rose by $108 billion, or 5.2%, to $2.17 trillion over the year ending in the fourth quarter of 2022. Insured shares and deposits grew $50 billion, or 3.1%, to $1.68 trillion.
International
European Commission
Fiscal policy guidance for 2024: Promoting debt sustainability and sustainable and inclusive growth
March 8, 2023
The European Commission is providing guidance to Member States on the conduct and coordination of fiscal policy for next year.
- Fiscal Policy Guidance Communication
- Reform Orientations Communication
- Questions and Answers
- Press Release
Bank of England
Prudential Regulation Authority
Financial Conduct Authority
Payment Systems Regulator
Payment systems memorandum of understanding
March 8, 2023
The Bank of England, Prudential Regulation Authority, Financial Conduct Authority and Payment Systems Regulator reviewed their memorandum of understanding in relation to payment systems in the UK.
Bank of England
Speech: A cost-of-living crisis: Inflation during an unprecedented terms of trade shock
March 8, 2023
Bank of England Monetary Policy Committee Member Swati Dhingra gave a speech entitled, "A cost-of-living crisis: Inflation during an unprecedented terms of trade shock."
Minutes of the London FXJSC Main Committee Meeting - 22 November 2022
March 8, 2023
The Bank of England released the minutes of the London Foreign Exchange Joint Standing Committee main meeting held November 22, 2022.
Minutes of the London FXJSC Operations Sub-Committee Meeting – 15 November 2022
March 8, 2023
The Bank of England released the minutes of the London the London Foreign Exchange Joint Standing Committee Operations Sub-Committee meeting held November 15, 2022.
Minutes of the London FXJSC Legal Sub-Committee Meeting – 15 November 2022
March 8, 2023
The Bank of England released the minutes of the London Foreign Exchange Joint Standing Committee Legal Sub-Committee meeting held November 15, 2022.
UK Financial Conduct Authority
FCA takes further action against unregistered crypto ATMs in East London
March 8, 2023
The Financial Conduct Authority has used its powers to inspect several sites in East London suspected of hosting illegally operating crypto ATMs, as it continues its crackdown on the illicit sector.
Blog: Driving success through embracing equity
March 8, 2023
The Financial Conduct Authority published a blog post entitled, "Driving success through embracing equity."
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 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)
- Chairman Behnam Announces Veteran Federal Prosecutor Ian McGinley as Enforcement Director (February 28, 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.