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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, July 1, 2023

July 01, 2023

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Major Developments

Federal Agencies

U.S. Department of the Treasury

Treasury Releases Assessment of Small Insurer Competitiveness in the Terrorism Risk Insurance Marketplace

June 30, 2023

The U.S. Department of the Treasury's Federal Insurance Office (FIO) has released its 2023 "Study of Small Insurer Competitiveness in the Terrorism Risk Insurance Marketplace."

Remarks by Secretary of the Treasury Janet L. Yellen on Centering Equity in Economic Policy at the Essence Festival's Global Black Economic Forum

June 30, 2023

Secretary of the Treasury Janet L. Yellen gave remarks on centering equity in economic policy at Essence Festival's Global Black Economic Forum.

Remarks by Secretary of the Treasury Janet L. Yellen at PosiGen in New Orleans, Louisiana

June 30, 2023

Secretary of the Treasury Janet L. Yellen gave remarks at PosiGen in New Orleans, Louisiana addressing the economic recovery/

Commodity Futures Trading Commission

Speech: Future Proofing Financial Markets Regulation

June 29, 2023

CFTC Commissioner Kristin N. Johnson gave a keynote speech at the Salzburg Global Finance Forum entitled, "Future Proofing Financial Markets Regulation."

Federal Housing Finance Agency

Paper: Geographic Disaggregation of House Price Stress Paths: Implications for Single-Family Credit Risk Measurement

June 30, 2023

The Federal Housing Finance Agency published a working paper entitled, "Geographic Disaggregation of House Price Stress Paths: Implications for Single-Family Credit Risk Measurement."

Fannie Mae

Fannie Mae Releases 2022 Environmental, Social, and Governance Report

June 30, 2023

Fannie Mae published its 2022 Environmental, Social, and Governance (ESG) Report.

International

Bank of England

Paper: Yield curve sensitivity to investor positioning around economic shocks

June 30, 2023

The Bank of England published a staff working paper entitled, "Yield curve sensitivity to investor positioning around economic shocks."

Banking sector regulatory capital - 2023 Q1

June 30, 2023

The Bank of England released the banking sector regulatory capital statistics for Q1 2023.

Bank of England Prudential Regulation Authority

Policy Statement: Depositor Protection

June 30, 2023

The Prudential Regulation Authority published a policy statement entitled, "Depositor Protection."

UK Financial Conduct Authority

FCA enable firms to provide mortgage breathing space

June 30, 2023

The Financial Conduct Authority (FCA) has made changes to its rulebook to support key commitments made by lenders at last week's mortgage summit held by the Chancellor.

Whistleblowing quarterly data 2023 Q1

June 30, 2023

The FCA released whistleblowing quarterly data for Q1 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)

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.