PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, May 16, 2023
May 16, 2023
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Major Developments
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Current and Former Members Sign on to an Amicus Brief Supporting CFPB
May 15, 2023
U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, and Congresswoman Maxine Waters (D-CA-43), Ranking Member of the House Financial Services Committee, led 144 current and former Members of Congress in filing an amicus brief in the United States Supreme Court defending the Consumer Financial Protection Bureau (CFPB) in the case of Consumer Financial Protection Bureau v. Community Financial Services Association of America, a case that seeks to challenge the constitutionality of the CFPB's funding structure and undercut the agency's important regulatory authority to protect consumers.
Federal Agencies
U.S. Department of the Treasury
Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit
May 15, 2023
U.S. Secretary of the Treasury Janet L. Yellen sent a letter to all members of Congressional leadership regarding the debt limit.
Treasury International Capital Data for March
May 15, 2023
The U.S. Department of the Treasury released Treasury International Capital (TIC) data for March 2023.
Treasury Department Announces Awards to Connect More Families and Businesses to High-Speed Internet
May 15, 2023
The U.S. Department of the Treasury announced the approval of Federal funds for multi-purpose community facility projects and broadband infrastructure projects in Delaware and Idaho under the American Rescue Plan's Capital Projects Fund.
Federal Reserve Board
Federal Reserve Supervision and Regulation Report – May 2023
May 15, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) released the Federal Reserve Supervision and Regulation Report for May 2023.
Federal Reserve Bank of New York
Total Household Debt Reaches $17.05 trillion in Q1 2023; Mortgage Loan Growth Slows
May 15, 2023
The Federal Reserve Bank of New York's Center for Microeconomic Data issued its Quarterly Report on Household Debt and Credit for Q1 2023.
New York Fed and Monetary Authority of Singapore to Release Project Cedar Phase II x Ubin+ Research Report
May 15, 2023
The Federal Reserve Bank of New York's New York Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) will issue a research report detailing the experiment and findings of Project Cedar Phase II x Ubin+ on Thursday, May 18, 2023 at 8:00 PM EDT / Friday, May 19 8:00 AM SGT.
Report: Empire State Manufacturing Survey – May 2023
May 15, 2023
The Federal Reserve Bank of New York released the Empire State Manufacturing Survey for May 2023.
Blog: The Great Pandemic Mortgage Refinance Boom
May 15, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The Great Pandemic Mortgage Refinance Boom."
Blog: First-Time Buyers Did Not Drive Strong House Price Appreciation in 2021
May 15, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "First-Time Buyers Did Not Drive Strong House Price Appreciation in 2021."
Federal Reserve Bank of Boston
Report: Job quality toward an inclusive economy: A critical review and reassessment
May 15, 2023
The Federal Reserve Bank of New York published a report entitled, "Job quality toward an inclusive economy: A critical review and reassessment."
Securities and Exchange Commission
Remarks of Chair Gensler: "Lessons from Mrs. O'Leary's Cow:" Remarks before the Atlanta Federal Reserve Financial Markets Conference
May 15, 2023
Securities and Exchange Commission (SEC) Chair Gary Gensler gave remarks before the Atlanta Federal Reserve Financial Markets Conference entitled, "Lessons from Mrs. O'Leary's Cow."
FINRA
Investor Insights: If a Brokerage Firm Closes Its Doors
May 15, 2023
Financial Industry Regulatory Authority (FINRA) issued an Investor Insights article entitled, "If a Brokerage Firm Closes Its Doors."
Federal Housing Finance Agency
FHFA Requests Input on the Enterprises' Single-Family Pricing Framework
May 15, 2023
The Federal Housing Finance Agency issued a Request for Input on Fannie Mae and Freddie Mac's single-family pricing framework.
Ginnie Mae
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Ginnie Mae Concludes Successful Digital Summit |
May 15, 2023
Ginnie Mae hosted its inaugural Digital Summit at its headquarters in Washington, D.C. The event brought together leaders from the housing finance sector to discuss the ongoing digital transformation of the U.S. mortgage industry.
International
European Commission
Spring 2023 Economic Forecast: An improved outlook amid persistent challenges
May 15, 2023
The European Commission released the Spring 2023 Economic Forecast.
European Banking Authority
European Supervisory Authorities draw consumers' attention to how rises in inflation and interest rates might affect their finances
May 15, 2023
The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published an interactive factsheet to help consumers understand how the recent increases in inflation and interest rates can affect their money.
Bank of England
Transforming data collection – Reporting Transformation Committee meeting – 28 November 2022
May 15, 2023
The Bank of England released the minutes of the Reporting Transformation Committee meeting held on November 28, 2022.
Transforming data collection – Data Standards Committee meeting – 24 November 2022
May 15, 2023
The Bank of England released the minutes of the Data Standards Committee meeting held on November 24, 2022.
Administration Changes
Vacancies
Board of Governors of the Federal Reserve System
- Vice Chair – Vacant (Governor Phillip N Jefferson was nominated May 12, 2023 to fill the role held by Leal Brainard, who resigned in February 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 Phillip N Jefferson (nominated May 12, 2023)
- 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 Lisa D. Cook (sworn in May 23, 2022)
- Governor Adriana Kugler (nominated May 12, 2023)
- Federal Reserve announces appointment of Joshua Gallin as Secretary of the Federal Open Market Committee (February 2, 2023)
- President Biden nominates Dr. Philip Jefferson for Vice Chair and Dr. Adriana Kugler to serve as a Member on the Federal Reserve Board, and renominates Dr. Lisa Cook for an additional full term as Member (May 12, 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)
- Eric R. Werner named Director of Fort Worth Regional Office (April 25, 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)
- CFTC Appoints Jeffrey Sutton as Executive Director (April 18, 2023)
Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)
- CFPB announces appointments of New Advisory Committee Members (March 1, 2023)
National Credit Union Administration – Todd M. Harper (effective January 20, 2021)
- Cory Phariss named New AMAC President (February 9, 2023)
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.