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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, January 10, 2023

January 10, 2023

By FedACTion Task Force

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Federal Agencies

Federal Reserve Bank of New York

Survey of Consumer Expectations: Short-Term Inflation Expectations Continue to Decline, Tick up Slightly in Longer Term

January 9, 2023

The Federal Reserve Bank of New York's Center for Microeconomic Data released the December 2022 Survey of Consumer Expectations, which shows that inflation expectations continued to decline in the short term and were unchanged over the medium term.

Blog: Bank Profits and Shareholder Payouts: The Repurchases Cycle

January 9, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Bank Profits and Shareholder Payouts: The Repurchases Cycle."

Commodity Futures Trading Commission

Dissenting Statement of Commissioner Summer K. Mersinger Regarding CFTC's Regulatory Agenda

January 9, 2023

Commodity Futures Trading Commission Commissioner Summer K. Mersinger issued a dissenting statement on the CFTC's regulatory agenda.

Consumer Financial Protection Bureau

Blog: What new supervised institutions need to know about working with the CFPB

January 9, 2023

The Consumer Financial Protection Bureau published a blog post entitled, "What new supervised institutions need to know about working with the CFPB."

International

Bank of England

Speech: UK monetary policy outlook

January 9, 2023

Bank of England Chief Economist and Executive Director of Monetary Analysis Huw Pill gave a speech entitled, "UK monetary policy outlook."

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 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)

Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)

Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)

Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)

National Credit Union Administration – Todd M. Harper (effective January 20, 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.

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