PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, February 28, 2023
February 28, 2023
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Major Developments
Consumer Financial Protection Bureau
SCOTUS to Review Constitutionality of Consumer Financial Protection Bureau
February 27, 2023
The Supreme Court of the United States granted a petition for certiorari to review the Fifth Circuit's decision in October that the statute providing funding to the Consumer Financial Protection Bureau violates the appropriations clause in Article I, Section 9 of the Constitution.
- Court Order
- Senate Banking Committee Chair Brown Statement
- Senate Banking Committee Ranking Member Scott Statement
- House Financial Services Committee Chair Statement
Federal Agencies
U.S. Department of the Treasury
Secretary of the Treasury Janet L. Yellen Meets with President of Ukraine Volodymyr Zelenksyy
February 27, 2023
Secretary of the Treasury Janet L. Yellen met with President of Ukraine Volodymyr Zelenskyy.
Remarks by Secretary of the Treasury Janet L. Yellen in Kyiv, Ukraine
February 27, 2023
Secretary of the Treasury Janet L. Yellen gave remarks in Kyiv, Ukraine, outlining the United States' commitment to support Ukraine during the war with Russia and met with President Volodymyr Zelenskyy, Prime Minister Denys and Finance Minister Marchenko.
- Remarks
Readout with President Zelenski - Remarks with President Zelenski
- Readout with Prime Minster Shmyhal.
- Remarks with Prime Minster Shmyhal
- Readout with Finance Minster Marchenko
- Remarks at Wreath Laying
Federal Reserve Board
Speech: Recent Inflation and the Dual Mandate
February 27, 2023
Federal Reserve Board Governor Phillip P. Jefferson gave a speech entitled, "Recent Inflation and the Dual Mandate."
Federal Reserve Bank of New York
Report: Market-Function Asset Purchases
February 27, 2023
The Federal Reserve Bank of New York published a staff report entitled, "Market-Function Asset Purchases."
Report: Noncognitive Skills at the Time of COVID-19: An Experiment with Professional Traders and Students
February 27, 2023
The Federal Reserve Bank of New York published a staff report entitled, "Noncognitive Skills at the Time of COVID-19: An Experiment with Professional Traders and Students."
Report: Workers' Perceptions of Earnings Growth and Employment Risk
February 27, 2023
The Federal Reserve Bank of New York published a staff report entitled, "Workers' Perceptions of Earnings Growth and Employment Risk."
Blog: Does the CRA Increase Household Access to Credit?
February 27, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Does the CRA Increase Household Access to Credit?"
Consumer Financial Protection Bureau
Seeking public input: new proposal for alternative mortgage disclosures for construction loans
February 27, 2023
The Consumer Financial Protection Bureau announced it is seeking public input on a new proposal for alternative mortgage disclosures for construction loans.
Financial Crimes Enforcement Network
FinCEN Alert on Nationwide Surge in Mail Theft-Related Check Fraud Schemes Targeting the U.S. Mail
February 27, 2023
The Financial Crimes Enforcement Network issued an alert to financial institutions on the nationwide surge in check fraud schemes targeting the U.S. Mail. Fraud, including check fraud, is the largest source of illicit proceeds in the United States and is one of the anti-money laundering/countering the financing of terrorism (AML/CFT) National Priorities.
National Credit Union Administration
NCUA Chairman Todd M. Harper Remarks at the 2023 Governmental Affairs Conference
February 27, 2023
National Credit Union Administration Chairman Todd M. Harper gave remarks at the 2023 Governmental Affairs Conference.
Federal Housing Finance Agency
FHFA Announces 2023 Roundtable Discussions and Wrap-Up Listening Session for its FHLBank System at 100: Focusing on the Future Initiative
February 27, 2023
The Federal Housing Finance Agency announced upcoming roundtable discussions and a three-day wrap-up listening session as part of its comprehensive review of the Federal Home Loan Bank System.
Fannie Mae
Fannie Mae Releases January 2023 Monthly Summary
February 27, 2023
Fannie Mae released its monthly summary for January 2023.
Bank Policy Institute
Report: BITS Multifactor Authentication
February 27, 2023
The Bank Policy Institute published a report entitled, "BITS Multifactor Authentication."
International
European Banking Authority
EBA publishes a no-action letter on the boundary between the banking book and the trading book provisions
February 27, 2023
The European Banking Authority published a no-action letter stating that competent authorities should not prioritise any supervisory or enforcement action in relation to the new banking book – trading book boundary provisions.
Bank of England
Bank Overground: Mind the (smaller) gap? Implications of the narrowing gap between modelled and standardised residential mortgage risk weights
February 27, 2023
The Bank of England published a Bank Overground post entitled, "Mind the (smaller) gap? Implications of the narrowing gap between modelled and standardised residential mortgage risk weights."
Bank of England Prudential Regulation Authority
Consultation Paper: Remuneration: Enhancing proportionality for small firms
February 27, 2023
The Bank of England Prudential Regulation Authority published a consultation paper entitled, "Remuneration: Enhancing proportionality for small firms."
Consultation Paper: The Strong and Simple Framework: Liquidity and Disclosure requirements for Simpler-regime Firms
February 27, 2023
The Bank of England Prudential Regulation Authority published a consultation paper entitled, "The Strong and Simple Framework: Liquidity and Disclosure requirements for Simpler-regime Firms."
Speech: The regulatory foundations of international competitiveness and growth
February 27, 2023
The Bank of England Prudential Regulation Authority Executive Director Victoria Saporta gave a speech entitled, "The regulatory foundations of international competitiveness and growth."
UK Financial Conduct Authority
IFPR implementation observations: quantifying threshold requirements and managing financial resources
February 27, 2023
The UK Financial Conduct Authority published a multi-firm review entitled, "IFPR implementation observations: quantifying threshold requirements and managing financial resources."
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)
- 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)
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.