PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, July 14, 2023
July 14, 2023
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Major Developments
Joint Trades Submit Letter to Federal Reserve on Implementation of Capital Proposals
July 13, 2023
The Bank Policy Institute, American Bankers Association, Financial Services Forum, Institute of International Bankers and Securities Industry and Financial Markets Association submitted a letter to Federal Reserve Chair Jerome Powell expressing concern about a forthcoming proposal to implement the Basel agreement of 2017.
Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: Reforming the Proxy Process to Safeguard Investor Interests
July 13, 2023
The U.S. House Committee on Financial Services Subcommittee on Capital Markets held a hearing entitled, "Reforming the Proxy Process to Safeguard Investor Interests."
- Hearing
- Committee Memorandum
- Subcommittee Chair Wagner Statement
- Committee Ranking Member Waters Statement
Hearing: Oversight of the Proxy Advisory Industry
July 13, 2023
The U.S. House Committee on Financial Services Subcommittee on Oversight and Investigations held a hearing entitled, "Oversight of the Proxy Advisory Industry."
Committee on Small Business
Hearing: Stolen Taxpayer Funds: Reviewing the SBA and OIG Reports of Fraud in Pandemic Lending Programs
July 13, 2023
The U.S. House Committee on Small Business held a hearing titled "Stolen Taxpayer Funds: Reviewing the SBA and OIG Reports of Fraud in Pandemic Lending Programs."
Federal Agencies
Federal Reserve Board
Working Paper: Forward Looking Exporters
July 13, 2023
The Federal Reserve Board published a working paper entitled, "Forward Looking Exporters."
Federal Reserve Bank of New York
Blog: Inflating Away the Debt: The Debt-Inflation Channel of German Hyperinflation
July 13, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Inflating Away the Debt: The Debt-Inflation Channel of German Hyperinflation."
Federal Reserve Bank of Boston
Paper: What Is Driving Inflation—Besides the Usual Culprits?
July 13, 2023
The Federal Reserve Bank of Boston published a policy perspectives paper entitled, "What Is Driving Inflation—Besides the Usual Culprits?"
Federal Deposit Insurance Corporation
2022 Financial Institution Diversity Self-Assessments: Voluntary Self-Assessments Accepted Now through September 30, 2023
July 13, 2023
The Federal Deposit Insurance Corporation published a financial institution letter encouraging supervised financial institutions to voluntarily conduct and submit self-assessments of their diversity policies and practices by September 30, 2023.
Consumer Financial Protection Bureau
Blog: Initial Fresh Start program changes followed by increased credit scores for affected student loan borrowers
July 13, 2023
The Consumer Financial Protection Bureau Office of Research published a blog post entitled, "Initial Fresh Start program changes followed by increased credit scores for affected student loan borrowers."
Federal Housing Finance Agency
Foreclosure Prevention, Refinance, and Federal Property Manager's Report - April 2023
July 13, 2023
The Federal Housing Finance Agency published the "Foreclosure Prevention, Refinance, and Federal Property Manager's Report" for April 2023.
Blog: Secure Connections: FDX's Collaborative Effort to Engineer Data-Sharing Standards
July 13, 2023
The Bank Policy Institute published a blog post entitled, "Secure Connections: FDX's Collaborative Effort to Engineer Data-Sharing Standards."
International
European Banking Authority
EBA publishes fourth Opinion on money laundering and terrorist financing risks across the EU
July 13, 2023
The European Banking Authority published its fourth biennial Opinion on the risks of money laundering and terrorist financing (ML/TF) affecting the European Union's financial sector.
EU/EEA banking sector shows rising profitability, but asset quality and profitability related risks are looming
July 13, 2023
The European Banking Authority published its Q1 2023 quarterly Risk Dashboard.
Bank of England
Bank Liabilities Survey - 2023 Q2
July 13, 2023
The Bank of England released the bank liabilities survey for Q2 2023.
Credit Conditions Survey - 2023 Q2
July 13, 2023
The Bank of England released the credit conditions survey for Q2 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 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 New York names Mihaela Nistor as Chief Risk Officer and Head of the Risk Group (May 31, 2023)
- Federal Reserve Bank of New York names Beverly Hirtle as Research Advisor and begins search for new Director of Research (June 6, 2023)
- Aisha Benson appointed to the Federal Reserve Bank of New York Community Advisory Group (June 20, 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)
- FDIC names three bankers to Minority Depository Institutions Subcommittee (May 25, 2023)
- FDIC names eight new members to Advisory Committee on Community Banking (May 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)
- 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)
- Commissioner Goldsmith Romero announces Scott Lee as Senior Counsel and Policy Advisor (July 11, 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)
- Senate confirms Dilwar Syed as Deputy Administrator for the U.S. Small Business Administration (June 8, 2023)
- Dilawar Syed sworn in as Deputy Administrator of the U.S. Small Business Administration (July 11, 2023)
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)
Financial Crimes Enforcement Network – Andrea Gacki (effective July 13, 2023)
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.