PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, April 12, 2023
April 12, 2023
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Federal Agencies
U.S. Department of the Treasury
Remarks by Secretary of the Treasury Janet L. Yellen at Press Conference as Part of 2023 IMF-World Bank Annual Spring Meetings
April 11, 2023
Secretary of the Treasury Janet L. Yellen gave remarks on the global macroeconomy, sovereign debt, Ukraine and multilateral development banks at a press conference as part of the 2023 IMF-World Bank Annual Spring Meetings.
Federal Reserve Board
Paper: Contagion in Debt and Collateral Markets
April 11, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) published a paper entitled, "Contagion in Debt and Collateral Markets."
Paper: Private Equity and Debt Contract Enforcement: Evidence from Covenant Violations
April 11, 2023
The Federal Reserve published a paper entitled, "Private Equity and Debt Contract Enforcement: Evidence from Covenant Violations."
Paper: Racial Unemployment Gaps and the Disparate Impact of the Inflation Tax
April 11, 2023
The Federal Reserve published a paper entitled, "Racial Unemployment Gaps and the Disparate Impact of the Inflation Tax."
Federal Reserve Bank of New York
Statement Regarding the Annual Report on Open Market Operations during 2022
April 11, 2023
The Open Market Trading Desk at the Federal Reserve Bank of New York published its annual report, Open Market Operations During 2022.
Blog: Deposit Betas: Up, Up, and Away?
April 11, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics bog post entitled,
"Deposit Betas: Up, Up, and Away?"
Bank Policy Institute
Blog: Seasonal Credit and Committed Liquidity Facilities
April 11, 2023
The Bank Policy Institute published a blog post entitled, "Seasonal Credit and Committed Liquidity Facilities."
International
Bank of England Prudential Regulation Authority
Critical third parties to the UK financial sector – third party survey
April 11, 2023
The Bank of England, Prudential Regulation Authority, and UK Financial Conduct Authority have issued a survey to aid analysis into the costs and benefits of a potential critical third-party regime in the UK.
UK Financial Conduct Authority
FCA to lead GFIN Greenwashing TechSprint
April 11, 2023
The Financial Conduct Authority (FCA) will be among 13 international regulators so far taking part in the Global Financial Innovation Network's first ever Greenwashing TechSprint.
Administration Changes
Vacancies
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)
- 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 Phillip N Jefferson (sworn in May 23, 2022)
- Governor Lisa D. Cook (sworn in May 23, 2022)
- Federal Reserve 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 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)
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)
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.