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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, April 8, 2023

April 08, 2023

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

Federal Reserve Bank of New York

Blog: How Do Interest Rates (and Depositors) Impact Measures of Bank Value?

April 7, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "How Do Interest Rates (and Depositors) Impact Measures of Bank Value?"

Blog: What's New with Corporate Leverage?

April 7, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "What's New with Corporate Leverage?"

Federal Housing Finance Agency

Blog: Measures of Home Retention Following a Loan Modification

April 7, 2023

The Federal Housing Finance Agency published a blog post entitled, "Measures of Home Retention Following a Loan Modification."

Fannie Mae

HPSI: Consumer Confidence in Housing Market Remains Near Historic Lows

April 7, 2023

Fannie Mae released the Home Purchase Sentiment Index (HPSI) for March 2023.

Bank Policy Institute

Ensuring Clarity on What's Insured: FDIC Should Avoid Prescriptive Approach

April 7, 2023

The Bank Policy Institute and American Bankers Association submitted a comment letter to the Federal Deposit Insurance Corporation regarding its proposal to modernize its sign and advertising rules.

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.