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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, June 10, 2023

June 10, 2023

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

Federal Agencies

Office of the Comptroller of the Currency

OCC Requests Comment for Survey on Trust in Banking

June 9, 2023

The Office of the Comptroller of the Currency (OCC) announced a request for information to gather input on a proposed annual trust survey with the goal of understanding, measuring, and tracking the public's trust in banking and bank supervision by the OCC and other banking regulators over time.

Acting Comptroller Discusses Trust and Banking

June 9, 2023

OCC Acting Comptroller Michael J. Hsu discussed the OCC's efforts to promote and safeguard trust in banking at the Woodstock Institute's 50th anniversary celebration in Chicago.

Bank Policy Institute

How Regulators Could Strengthen the Banking System Without Sacrificing the Economy

June 9, 2023

The Bank Policy Institute today released a series of policy recommendations to strengthen the resilience of the banking system while allowing banks to continue funding economic growth.

Blog: The Answer to Recent Bank Turmoil is Not Higher Capital Requirements for All Larger Banks

June 9, 2023

The Bank Policy Institute published a blog post entitled, "The Answer to Recent Bank Turmoil is Not Higher Capital Requirements for All Larger Banks."

State Agencies

California Department of Financial Protection and Innovation

DFPI Reports Continuing Success in Implementation of California Consumer Financial Protection Law

June 8, 2023

The Department of Financial Protection and Innovation announced it has made significant progress growing its reach and impact in key areas affecting California consumers, two years into implementing one of the most expansive consumer financial protection laws in the nation.

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.