PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, February 14, 2023
February 14, 2023
FedACTion Task Force
Subscribe to PH FedACTion: Financial Regulatory Updates
PH Fintech Tracker on Executive Order for Digital Assets
Federal Agencies
U.S. Department of the Treasury
Joint Statement on the U.S.-EU Financial Regulatory Forum
February 13, 2023
The U.S.-EU Joint Regulatory Forum took place on February 7-8, 2023, with participants from U.S. and EU financial regulators exchanging views on six themes:
(1) market developments and financial stability risks;
(2) sustainable finance and climate-related financial risks;
(3) regulatory developments in banking and insurance;
(4) operational resilience and digital finance;
(5) regulatory and supervisory cooperation in capital markets; and
(6) anti-money laundering and countering the financing of terrorism (AML/CFT).
Federal Reserve Board
Paper: Household, Bank, and Insurer Exposure to Miami Hurricanes: a flow-of-risk analysis
February 13, 2023
The Federal Reserve Board published a working paper entitled, "Household, Bank, and Insurer Exposure to Miami Hurricanes: a flow-of-risk analysis."
Federal Reserve Bank of New York
Inflation Expectations Mostly Stable; Household Income Growth Expectations Drop
February 13, 2023
The Federal Reserve Bank of New York's Center for Microeconomic Data today released the January 2023 Survey of Consumer Expectations, which shows little change in inflation expectations at the short-, medium-, and long-term horizons.
Commodity Futures Trading Commission
Opening Statement of Commissioner Kristin N. Johnson Regarding Global Markets Advisory Committee
February 13, 2023
Commissioner Kristin N. Johnson of the Commodity Futures Trading Commission gave the opening statement at the Global Markets Advisory Committee meeting.
National Credit Union Administration
NCUA's Funds Receive Clean Audit Opinions
February 13, 2023
The National Credit Union Administration's four funds again earned unmodified, or "clean," audit opinions for 2022, according to audited financial statements released today by the agency's Office of the Inspector General.
Ginnie Mae
Blog: Enhanced Disclosures Can Drive Progress Towards Meeting the Needs of Future Homeowners
February 13, 2023
Ginnie Mae published a Housing Analysis and Policy Spotlight blog post entitled, "Enhanced Disclosures Can Drive Progress Towards Meeting the Needs of Future Homeowners."
International
European Banking Authority
EBA seeks input from credit institutions on green loans and mortgages
February 13, 2023
The European Banking Authority launched an industry survey to receive input from credit institutions on their green loans and mortgages as well as market practices related to these loans.
Bank of England
CHAPS Tariff Consultation Response
February 13, 2023
The Bank of England published a consultation response paper entitled, "CHAPS Tariff Consultation Response."
Consultation Response Paper: Roadmap for the Real-Time Gross Settlement service beyond 2024
February 13, 2023
The Bank of England published a consultation response paper entitled, "Roadmap for the Real-Time Gross Settlement service beyond 2024."
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.