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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, April 14, 2023

April 14, 2023

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Federal Reserve Board

Paper: It's Not Who You Know—It's Who Knows You: Employee Social Capital and Firm Performance

April 13, 2023

The Federal Reserve published a paper entitled, "It's Not Who You Know—It's Who Knows You: Employee Social Capital and Firm Performance."

Conference of State Bank Supervisors

Blog: Community Banker Sentiment in the Doldrums

April 13, 2023

The Conference of State Bank Supervisors published a blog post entitled, "Community Banker Sentiment in the Doldrums."

Office of the Comptroller of the Currency

OCC Promotes National Financial Capability Month

April 13, 2023

The Office of the Comptroller of the Currency (OCC) encourages national banks and federal savings associations to support the financial capability and financial health of their customers, particularly during National Financial Capability Month in April.

Home Mortgage Disclosure Act: FFIEC's 2023 'A Guide to HMDA Reporting: Getting It Right!'

April 13, 2023

The OCC announced the issuance of the Federal Financial Institutions Examination Council's revised "A Guide to HMDA Reporting: Getting It Right!"

Consumer Financial Protection Bureau

Testimony of CFPB Senior Advisor Brian Shearer on Junk Fees Before the Pennsylvania House of Representatives Consumer Protection, Technology, and Utilities Committee

April 13, 2023

Consumer Financial Protection Bureau (CFPB) Senior Advisor Brian Shearer gave testimony on junk fees before the Pennsylvania House of Representatives Consumer Protection, Technology, and Utilities Committee.

Federal Housing Finance Agency

FHFA to Request Input on Multifamily Tenant Protections

April 13, 2023

In May 2023, the Federal Housing Finance Agency will issue a Request for Input on multifamily tenant protections.

Freddie Mac

Freddie Mac Lists Securities Transitioning from LIBOR, Together with Fallback Reference Rates

April 13, 2023

Freddie Mac posted to its website a list of more than 34,000 Freddie Mac floating-rate securities transitioning from LIBOR to replacement indices based on the Secured Overnight Financing Rate.

Bank Policy Institute

Research Note: The CFPB's Deeply Flawed Proposal on Credit Card Late Fees – Part 1

April 13, 2023

The Bank Policy Institute published a research note entitled, "The CFPB's Deeply Flawed Proposal on Credit Card Late Fees – Part 1."

International

Bank of England

Bank Liabilities Survey - 2023 Q1

April 13, 2023

The Bank of England released the results of the Bank Liabilities Survey for Q1 2023.

Credit Conditions Survey - 2023 Q1

April 13, 2023

The Bank of England released the results of the Credit Conditions Survey for Q1 2023.

Bank of England Prudential Regulation Authority

Consultation Paper: Regulated fees and levies: Rates proposals 2023/24

April 13, 2023

The Prudential Regulation Authority released a consultation paper entitled, "Regulated fees and levies: Rates proposals 2023/24."

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)

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)

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 Trading 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.