PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, January 18, 2023
January 18, 2023
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Major Developments
Acting Comptroller Discusses Management of Large Banks
January 17, 2023
Acting Comptroller of the Currency Michael J. Hsu discussed large bank manageability in remarks at Brookings.
Federal Agencies
Federal Reserve Board
Federal Reserve Board provides additional details on how its pilot climate scenario analysis exercise will be conducted and the information on risk management practices that will be gathered over the course of the exercise
January 17, 2023
The Federal Reserve Board provided additional details on how its pilot climate scenario analysis exercise will be conducted and the information on risk management practices that will be gathered over the course of the exercise.
Federal Reserve Bank of New York
Blog: The Recent Rise in Discount Window Borrowing
January 17, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The Recent Rise in Discount Window Borrowing."
Household Survey Shows Modest Retreat in Reported and Expected Spending Growth
January 17, 2023
The Federal Reserve Bank of New York's Center for Microeconomic Data released the December 2022 Survey of Consumer Expectations (SCE) Household Spending Survey, which provides information on individuals' experiences and expectations regarding household spending.
Report: Does the Community Reinvestment Act Improve Consumers' Access to Credit?
January 17, 2023
The Federal Reserve Bank of New York published a staff report entitled, "Does the Community Reinvestment Act Improve Consumers' Access to Credit?"
Federal Deposit Insurance Corporation
National Rates and Rate Caps – January 2023
January 17, 2023
The Federal Deposit Insurance Corporation released the monthly rates and rate caps for January 2023.
Office of the Comptroller of the Currency
Civil Money Penalties: Notice Adjusting Maximum Civil Money Penalties for 2023
January 17, 2023
The Office of the Comptroller of the Currency published a notice updating the inflation-adjusted maximum CMPs that the OCC may impose.
U.S. Department of Education
Statement by Secretary Cardona in Response to Filing of Student Debt Relief Amicus Briefs
January 17, 2023
U.S. Secretary of Education Miguel Cardona issued a statement in response to the filing of more than a dozen amicus curiae briefs with the U.S. Supreme Court in support of the Biden Administration's student debt relief program.
Bank Policy Institute
NDAA Requirements Will Improve Fed Account Transparency, but the Fed Should Go Further
January 17, 2023
The Bank Policy Institute submitted a letter to the Board of Governors of the Federal Reserve calling for it to go beyond the minimum requirements established in the 2023 National Defense Authorization Act (NDAA) for improving transparency around access to Federal Reserve master accounts and services.
International
European Banking Authority
EBA publishes its annual quantitative monitoring report on minimum requirement for own funds and eligible liabilities complemented by a related impact assessment
January 16, 2023
The European Banking Authority published its annual quantitative Report on minimum requirement for own funds and eligible liabilities (MREL) with data as of December 2021.
Bank of England
Exchange of letters between the Governor and the Chancellor on the Asset Purchase Facility - January 2023
January 16, 2023
Bank of England Governor Andrew Bailey and Chancellor of the Exchequer Jeremy Hunt exchanged letters on the asset purchase facility.
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 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)
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)
- vDirector Michael Hsu (Acting Comptroller of the Currency)
- Director Rohit Chopra (Director of Consumer Financial Protection Bureau)
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)
- 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)
Commodity Futures Trade 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.