Daily Financial Regulation Update -- Wednesday, May 24, 2023

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Major Developments

Congress

U.S. House of Representatives

Committee on Financial Services

Hearing: FHFA Oversight: Protecting Homeowners and Taxpayers

May 23, 2023

The U.S. House Committee on Financial Services held a hearing entitled, "FHFA Oversight: Protecting Homeowners and Taxpayers."

• Hearing
• Committee Memorandum
• Committee Vice Chair Hill Statement
• Committee Ranking Member Waters Statement
• FHFA Director Thompson Testimony

Committee on Small Business

Committee on Small Business Announces June Hearing Schedule

May 23, 2023

The House Committee on Small Business announced its June hearing schedule.

Subcommittee on Economic Growth, Tax, and Capital Access: "American Ingenuity: Promoting Innovation Through the Tax Code"

• Date & Time: Tuesday, June 6^th at 10:00 AM
• Location: Hearing Room, 2360 Rayburn

Full Committee Hearing: "Prices on the Rise: Examining the Effects of Inflation on Small Businesses"

• Date & Time: Wednesday, June 7^th at 2:00 PM
• Location: Hearing Room, 2360 Rayburn

Full Committee Hearing: "Assisting Entrepreneurs: Examining Private and Public Resources Helping Small Businesses"

• Date & Time: Tuesday, June 13^th at 2:00 PM
• Location: Hearing Room, 2360 Rayburn

Full Committee Hearing: "Reviewing the SBA's Office of Advocacy Report on the Regulatory Flexibility Act"

• Date & Time: Thursday, June 22^nd at 2:00 PM
• Location: Hearing Room, 2360 Rayburn
• Press Release

Federal Agencies

Federal Reserve Board

Paper: Measuring Job Loss during the Pandemic Recession in Real Time with Twitter Data

May 23, 2023

The Board of Governors of the Federal Reserve System (Federal Reserve) published a working paper entitled, "Measuring Job Loss during the Pandemic Recession in Real Time with Twitter Data."

• Paper

Paper: More than Words: Twitter Chatter and Financial Market Sentiment

May 23, 2023

The Federal Reserve published a working paper entitled, "More than Words: Twitter Chatter and Financial Market Sentiment."

• Paper

Federal Reserve Bank of New York

Blog: Financial Stability and Interest Rates

May 23, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Financial Stability and Interest Rates."

• Blog

Federal Reserve Bank of Boston

Small business health, minority entrepreneurs' access to capital, in focus at Boston Fed summit

May 23, 2023

The Federal Reserve Bank of Boston held the first annual Financial Summit which focused on the economic importance of small businesses.

• Press Release

Federal Deposit Insurance Corporation

Remarks by Chairman Martin J. Gruenberg on Cities for Financial Empowerment Fund at the 2023 Bank On National Conference

May 23, 2023

Federal Deposit Insurance Corporation (FDIC) Chair Martin J. Gruenberg gave remarks on Cities for Financial Empowerment Fund at the 2023 Bank On National Conference.

• Remarks

Office of the Comptroller of the Currency

Acting Comptroller Discusses Financial Inclusion

May 23, 2023

Acting Comptroller of the Currency (OCC) Michael J. Hsu today discussed the OCC's commitment to a fair and inclusive financial system in remarks at the Bank On National Conference.

• Remarks
• Press Release

Bank Policy Institute

BPI Calls on SEC to Better Balance Investor Transparency and Cybersecurity Risks

May 23, 2023

The Bank Policy Institute reiterated comments late yesterday to the Securities and Exchange Commission (SEC) concerning its efforts to give investors more transparency into a company's cybersecurity risk and incident response practices.

• Comment Letter
• Press Release

Blog: Why is the FRTB Expected Shortfall Calculation Designed as It Is?

May 23, 2023

The Bank Policy Institute published a blog post entitled, "Why is the FRTB Expected Shortfall Calculation Designed as It Is?"

• Blog

International

European Banking Authority

ESAs publish Joint Annual Report for 2022

May 23, 2023

The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published its 2022 Annual Report, which provides an account of its joint work completed over the past year.

• Report
• Press Release

Bank of England

Andrew Bailey's Annual Report for the Treasury Select Committee

May 23, 2023

Bank of England Governor Andrew Bailey published his Annual Report for the Treasury Select Committee hearing on May 23, 2023.

• Annual Report

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 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 Reserve Bank of Boston names Egon Zakrajšek as Director of Economic Research (May 17, 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.