PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, April 21, 2023
April 21, 2023
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Major Developments
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Brown
Leadership Urges Review Of Failed Banks' Borrowing From FHLBanks
April 20, 2023
Leadership on Banking, Housing, and Urban Affairs, sent a letter to Federal Housing Finance Agency (FHFA) Director Sandra Thompson about Federal Home Loan Bank (FHLBank) System advances made to Silvergate, Silicon Valley Bank, and Signature Bank leading up to the banks' failures.
Ranking Member Seeks Answers on CFPB Data Breach
April 19, 2023
Senator Tim Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, is requesting a briefing and further information from Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra concerning a breach of sensitive data.
U.S. House of Representatives
Committee on Financial Services
Subcommittee Leadership Demands Briefing from CFPB on Major Data Breach
April 19, 2023
Chairman of the Financial Services Subcommittee on Oversight and Investigations, Bill Huizenga (MI-04) sent a letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra demanding a staff briefing regarding a "major incident," in which a CFPB employee made an unauthorized transfer of sensitive records.
Federal Agencies
U.S. Department of the Treasury
Statement by the Secretary of the Treasury Janet L. Yellen on President Biden's Announcement of new U.S. Funding to the Green Climate Fund
April 20, 2023
Secretary of the Treasury Janet L. Yellen issued a statement on President Joe Biden's announcement at the Major Economies Forum on Energy and Climate of $1 billion in U.S. finding to the Green Climate Fund.
Remarks by Secretary of the Treasury Janet L. Yellen on the U.S. - China Economic Relationship at Johns Hopkins School of Advanced International Studies
April 20, 2023
Secretary of the Treasury Janet L. Yellen gave remarks on the U.S.-China economic relationship and the Johns Hopkins School of Advanced International Studies.
Federal Reserve Board
OIG Report: Following Established Processes Helped FRB New York and the Board Reduce Risks Associated With Lending Facility Contracts
April 20, 2023
The Federal Reserve Office of Inspector General released a report entitled, "Following Established Processes Helped FRB New York and the Board Reduce Risks Associated With Lending Facility Contracts."
Speech: Innovation and the Future of Finance
April 20, 2023
Federal Reserve Governor Christopher J. Waller gave remarks at the Cryptocurrency and the Future of Global Finance event entitled, "Innovation and the Future of Finance."
Remarks at Fed Listens Event
April 20, 2023
Federal Reserve Governor Michelle W. Bowman gave remarks at the Fed Listens Event hosted by the Federal Reserve Bank of Dallas.
Federal Reserve Bank of New York
Blog: CRISK: Measuring the Climate Risk Exposure of the Financial System
April 20, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "CRISK: Measuring the Climate Risk Exposure of the Financial System."
Blog: Moving Out of a Flood Zone? That May Be Risky!
April 20, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Moving Out of a Flood Zone? That May Be Risky!"
Speech: Attaining and Maintaining Price Stability
April 19, 2023
Federal Reserve Bank of New York President and CEO John C. Williams gave a speech entitled, "Attaining and Maintaining Price Stability."
Consumer Financial Protection Bureau
Director Chopra's Prepared Remarks at Justice Department Interagency Event in Newark, New Jersey to Highlight Efforts to Combat Modern-Day Redlining
April 19, 2023
Consumer Financial Protection Bureau Director Rohit Chopra gave remarks at a Department of Justice interagency even in Newwark, New Jersey to highlight efforts to combat modern-day redlining.
Prepared Statement of James S. Rice before the Committee on Veterans' Affairs United States Senate
April 19, 2023
Consumer Financial Protection Bureau Assistant Director of the Office of Servicemember Affairs testified before the U.S. Senate Committee on Veterans' Affairs.
National Credit Union Administration
NCUA Board Approves Request for Information on Climate Financial Risk
April 20, 2023
The National Credit Union Administration Board held its fourth open meeting of 2023 and approved a request for information on climate-related financial risk. The Board also was briefed on the maximum interest rate ceiling for federal credit unions and the cybersecurity threats affecting federally insured credit unions and the broader financial system.
- Request for Information
- Interest Rate Ceiling Brief
- Cybersecurity Threats Brief
- Press Release
- Chair Harper Request for Information Statement
- Chair Harper Cybersecurity Briefing Statement
- Chair Harper Interest Rate Ceiling Briefing Statement
Bank Policy Institute
One-Pager: Rhetoric vs. Reality: The CFPB's Irresponsible Commentary on Credit Card Late Fees
April 20, 2023
The Bank Policy Institute issued a one-pager entitled, "Rhetoric vs. Reality: The CFPB's Irresponsible Commentary on Credit Card Late Fees."
International
Bank of England
Minutes of the Standards Advisory Panel - March 2023
April 20, 2023
The Bank of England released the minutes of the Standards Advisory Panel meeting held March 21, 2023.
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)
- SEC appoints Deborah J. Jeffrey as Inspector General (April 17, 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)
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.