PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, April 18, 2023
April 18, 2023
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Federal Agencies
Remarks by Secretary of the Treasury Janet L. Yellen at United Nations Forum on Financing for Development
April 17, 2023
Secretary of the Treasury Janet L. Yellen gave remarks at the United Nations Forum on Financing for Development.
Treasury Convenes Roundtable Discussion on Inflation Reduction Act Incentives for Underserved Communities
April 14, 2023
U.S Department of the Treasury Chief Implementation Officer Laurel Blatchford and Counselor for Racial Equity Janis Bowdler led one of a series of roundtable discussions with nearly 30 environmental justice stakeholders on how the Low-Income Communities Bonus Credit Program will incentivize investment in underserved communities and ensure all Americans benefit from the growth of the clean energy economy.
Federal Reserve Board
Paper: The Role of Wages in Trend Inflation: Back to the 1980s?
April 17, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) published a paper entitled, "The Role of Wages in Trend Inflation: Back to the 1980s?"
Federal Reserve Bank of New York
Empire State Manufacturing Survey – April 2023
April 17, 2023
The Federal Reserve Bank of New York released the findings from the April 2023 Empire State Manufacturing Survey.
SCE Labor Market Survey – March 2023
April 17, 2023
The Federal Reserve Bank of New York released the findings from the March 2023 SCE Labor Market Survey.
Blog: Financial Fragility without Banks
April 17, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Financial Fragility without Banks."
Consumer Financial Protection Bureau
Blog: As outstanding credit card debt hits new high, the CFPB is focusing on ways to increase competition and reduce costs
April 17, 2023
The Consumer Financial Protection Bureau (CFPB) published a blog post entitled, "As outstanding credit card debt hits new high, the CFPB is focusing on ways to increase competition and reduce costs."
Federal Housing Finance Agency
Advisory Bulletin: FHLBank Changes to Internal Market Risk Models
April 17, 2023
The Federal Housing Finance Agency (FLHA) released an advisory bulletin updating previous guidance on how a Federal Home Loan Bank should obtain approval to implement significant changes to a previously approved internal market risk model after proper notification to the FHFA.
State Agencies
New York State Department of Financial Services
DFS Announces Adoption of Virtual Currency Assessment Regulation
April 17, 2023
The New York State Department of Financial Services has adopted a final regulation establishing how companies holding a DFS-issued Bitlicense will be assessed for costs of their supervision and examination.
International
Bank of England
Speech: The shape of things to come: innovation in payments and money
April 17, 2023
Bank of England Deputy Governor for Financial Stability Sir Jon Cunliffe gave a speech at the Innovate Finance Global Summit entitled, "The shape of things to come: innovation in payments and money."
UK Financial Conduct Authority
Joint Regulatory Oversight Committee sets out recommendations for the next phase of open banking in the UK
April 17, 2023
The Joint Regulatory Oversight Committee, co-chaired by the FCA and the Payment Systems Regulator, has published its recommendations for the next phase of open banking in the UK.
Speech: Innovation, AI & the future of financial regulation
April 17, 2023
Financial Conduct Authority Chief Data, Information and Intelligence Officer Jessica Rusu gave a speech at the Innovate Finance Global Summit entitled, "Innovation, AI & the future of financial regulation."
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)
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)
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.