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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, July 7, 2023

July 07, 2023

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Major Developments

Congress

Federal Agencies

Federal Reserve Board

Working Paper: Aggregate Implications of Deviations from Modigliani-Miller: A Sufficient Statistics Approach

July 6, 2023

The Board of Governors of the Federal Reserve System (Federal Reserve) published a working paper entitled, "Aggregate Implications of Deviations from Modigliani-Miller: A Sufficient Statistics Approach."

Federal Reserve Bank of New York

Blog: Where Is Inflation Persistence Coming From?

July 6, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Where Is Inflation Persistence Coming From?"

Blog: The EGIs: Analyzing the Economy Through an Equitable Growth Lens

July 6, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The EGIs: Analyzing the Economy Through an Equitable Growth Lens."

Conference of State Bank Supervisors

Community Bankers' Economic Outlook Sinks to New Low

July 6, 2023

The Conference of State Bank Supervisors released the Community Bank Sentiment Index for Q2 2023.

Consumer Financial Protection Bureau

CFPB to distribute more than $3.5 million to consumers who were charged illegal fees to reduce or eliminate their federal student loans

July 6, 2023

The Consumer Financial Protection Bureau (CFPB) published a blog post entitled, "CFPB to distribute more than $3.5 million to consumers who were charged illegal fees to reduce or eliminate their federal student loans."

Federal Housing Finance Agency

Working Paper: The Credit Supply Channel of Monetary Policy Tightening and its Distributional Impacts

July 6, 2023

The Federal Housing Finance Authority published a working paper entitled, "The Credit Supply Channel of Monetary Policy Tightening and its Distributional Impacts."

Freddie Mac

Freddie Mac Issues Monthly Volume Summary for May 2023

July 6, 2023

Freddie Mac posted its Monthly Volume Summary for May 2023.

Bank Policy Institute

BPI Statement on the Regulated Liability Network Proof of Concept Findings

July 6, 2023

The Bank Policy Institute released a statement on the "Regulated Liability Network (RLN) U.S. Proof of Concept" released by a diverse group of payments industry participants from both the public and private sectors.

International

European Commission

2023 Strategic Foresight Report: sustainability and wellbeing at the heart of Europe's Open Strategic Autonomy

July 6, 2023

The European Commission presented the 2023 Strategic Foresight Report, which analyses how to put 'sustainability and people's wellbeing at the heart of Europe's Open Strategic Autonomy' and suggests ten concrete actions to achieve this aim.

European Banking Authority

EBA publishes validation requirements on initial margin models

July 6, 2023

The European Banking Authority published its final draft Regulatory Technical Standards on Initial Margin Model Validation under the European Markets Infrastructure Regulation.

Bank of England
UK Financial Conduct Authority

Transforming data collection: Bank of England and FCA deliver on phase one commitments

July 6, 2023

The Bank of England and Financial Conduct Authority released a join transformation program update on phase one commitments.

Bank of England
Prudential Regulation Authority

Annual Reports 2023

July 6, 2023

The Bank of England and Prudential Regulation Authority have published several annual reports.

Bank of England

Minutes of the London FXJSC Legal Sub-committee – 28 February 2023

July 6, 2023

The Bank of England released the minutes of the London Foreign Exchange Joint Standing Committee Legal Sub-committee meeting held February 28, 2023.

Minutes of the London FXJSC Operations Sub-committee Meeting – 1 March 2023

July 6, 2023

The Bank of England released the minutes of the London Foreign Exchange Joint Standing Committee Operations Sub-committee meeting held March 1, 2023.

Minutes of the London FXJSC Main Committee Meeting– 6 March 2023

July 6, 2023

The Bank of England released the minutes of the London Foreign Exchange Joint Standing Committee Main Committee meeting held March 6, 2023.

Monthly Decision Maker Panel data - June 2023

July 6, 2023

The Bank of England released the monthly Decision Maker Panel survey data for June 2023.

Bank of England Prudential Regulation Authority

UK Financial Conduct Authority

Asset managers told to review liquidity management in funds

July 6, 2023

The Financial Conduct Authority (FCA) has reviewed liquidity management in asset managers and found that firms need to increase their focus on liquidity risk. As things stand, gaps observed in liquidity management could lead to a risk of investor harm.

FCA sets out expectation for fair and competitive saving rates

July 6, 2023

The FCA issued a statement setting out expectations for fair and competitive saving rates.

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.