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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, May 13, 2023

May 13, 2023

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Federal Agencies

Federal Reserve Board

Speech: The Evolving Nature of Banking, Bank Culture, and Bank Runs

May 12, 2023

Federal Reserve Board (Federal Reserve) Governor Michelle W. Bowman gave a speech at the 21st Annual Symposium on Building the Financial System of the 21st Century: An Agenda for Europe and the United States entitled, "The Evolving Nature of Banking, Bank Culture, and Bank Runs."

Paper: Optimal Bidder Selection in Clearing House Default Auctions

May 12, 2023

The Federal Reserve published a working paper entitled, "Optimal Bidder Selection in Clearing House Default Auctions."

Paper: Recovery of 1933

May 12, 2023

The Federal Reserve Board published a working paper entitled, "Recovery of 1933."

Paper: The Dual U.S. Labor Market Uncovered

May 12, 2023

The Federal Reserve Board published a working paper entitled, "The Dual U.S. Labor Market Uncovered."

Federal Reserve Bank of New York

SCE Household Spending Survey – April 2023

May 12, 2023

The Federal Reserve Bank of New York released the findings from the April 2023 SCE Household Spending Survey.

U.S. Economy in a Snapshot – May 2023

May 12, 2023

The Federal Reserve Bank of New York released the U.S. Economy in a Snapshot for May 2023.

Blog: Banks Runs and Information

May 12, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Banks Runs and Information."

Securities and Exchange Commission

Commisioner Uyeda's Remarks at ICAEW Event – World-Class Regulation: Building Trust and Transparency in International Markets

May 12, 2023

Securities and Exchange Commission Commissioner Mark T. Uyeda gave remarks at ICAEW Event – World Class Regulation: Building Trust and Transparency in International Markets.

International

and 28 investments.

Bank of England

Market Notice: Asset Purchase Facility: corporate bond sales programme

May 12, 2023

The Bank of England released a supplementary market notice describing the Bank of England's updated operational approach for the program of sales of corporate bonds held in the Asset Purchase Facility.

Market Participants Survey results - May 2023

May 12, 2023

The Bank of England released the Market Participants Survey results for May 2023.

UK Financial Conduct Authority

Consultation Paper: Remuneration: enhancing proportionality for dual-regulated firms

May 12, 2023

The Financial Conduct Authority published a consultation paper entitled, "Remuneration: enhancing proportionality for dual-regulated firms."

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.