PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, July 4, 2023

July 04, 2023

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Major Developments

Federal Agencies

Bank Policy Institute

Trade Associations: CFPB Must Resolve Hastily Crafted, Overreaching Policy on Abusive Acts or Practices

July 3, 2023

A broad coalition of financial services trade associations including the Bank Policy Institute, American Financial Services Association, Consumer Bankers Association, Credit Union National Association, Mortgage Bankers Association and the U.S. Chamber of Commerce submitted comments today to the Consumer Financial Protection Bureau on its Policy Statement governing abusive acts or practices.


Bank of England

Speech: Yesterday's Logic

July 3, 2023

Bank of England Executive Director Nathanael Benjamin gave a speech at UK Finance entitled, "Yesterday's Logic," addressing the transition to a new macro-economic environment

UK Financial Conduct Authority

The US dollar LIBOR panel has now ceased

July 3, 2023

The Financial Conduct Authority issued a release on the cessation of overnight and 12-month US dollar LIBOR settings. 1-, 3- and 6-month US dollar LIBOR settings will continue to be published using a synthetic methodology until September 2024.

FCA warns insurers about support provided to struggling customers

July 3, 2023

Following an increase in complaints about insurance claims, the Financial Conduct Authority uncovered examples of lengthy complaints handling times and people not given appropriate settlements. The regulator discovered instances of motor insurance customers being offered a price lower than their car's fair market value after it had been written off, which is against FCA rules.

Administration Changes


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)

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

Federal Reserve Bank of Boston – Susan M. Collins (effective July 1, 2022)

Federal Deposit Insurance Corporation – Martin Gruenberg (effective January 5, 2023)

Office of the Comptroller of the Currency – Michael Hsu (acting Comptroller, effective May 10, 2021)

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

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

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.

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