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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, January 18, 2023

January 18, 2023

By FedACTion Task Force

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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)

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)

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.

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