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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, May 6, 2023

May 05, 2023

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Major Developments

Federal Agencies

Federal Reserve Board

Paper: A Financial Stress Index for a Small Open Economy: The Australian Case

May 5, 2023

The Board of Governors of the Federal Reserve System (Federal Reserve) published a paper entitled, "A Financial Stress Index for a Small Open Economy: The Australian Case."

Paper: The Effects of Volatility on Liquidity in the Treasury Market

May 5, 2023

The Federal Reserve published a paper entitled, "The Effects of Volatility on Liquidity in the Treasury Market."

Paper: Financial and Macroeconomic Data Through the Lens of a Nonlinear Dynamic Factor Model

May 5, 2023

The Federal Reserve published a paper entitled, "Financial and Macroeconomic Data Through the Lens of a Nonlinear Dynamic Factor Model."

Paper: Less Bank Regulation, More Non-Bank Lending

May 5, 2023

The Federal Reserve published a paper entitled, "Less Bank Regulation, More Non-Bank Lending."

Paper: Implications of Student Loan COVID-19 Pandemic Relief Measures for Families with Children

May 5, 2023

The Federal Reserve published a paper entitled, "Implications of Student Loan COVID-19 Pandemic Relief Measures for Families with Children."

Paper: The Role of Property Assessment Oversight in School Finance Inequality

May 5, 2023

The Federal Reserve published a paper entitled, "The Role of Property Assessment Oversight in School Finance Inequality."

Speech: Govenor Cook: Commencement Address

May 5, 2023

Federal Reserve Governor Lisa D. Cook gave a commencement address at the Michigan State University spring convocation.

Federal Reserve Bank of New York

Article: Key Takeaways From Our Recent Work on Private Investments in Affordable Housing

May 5, 2023

The Federal Reserve Bank of New York published a The Teller Window article entitled, "Key Takeaways From Our Recent Work on Private Investments in Affordable Housing."

Blog: MCT Update: Inflation Persistence Continued to Decline in March

May 5, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "MCT Update: Inflation Persistence Continued to Decline in March."

Securities and Exchange Commission

Speech: Chair Gensler's Remarks before the 10th Annual Conference on Financial Market Regulation

May 5, 2023

Securities and Exchange Commission (SEC) Chair Gary Gensler gave remarks before the 10th Annual Conference on Financial Market Regulation.

National Credit Union Administration

Speech: Board Member Hood's Remarks at UK Building Societies Association 2023 Conference

May 5, 2023

National Credit Union Administration Board Member Rodney E. Hood gave remarks at the UK Building Societies Association 2023 Conference.

Bank Policy Institute

Blog: The CFPB's Deeply Flawed Proposal on Credit Card Late Fees – Part 2

May 5, 2023

The Bank Policy Institute published a blog post entitled, "The CFPB's Deeply Flawed Proposal on Credit Card Late Fees – Part 2."

Blog: Something Missing: Omissions and Surprises in the Federal Reserve's SVB Report

May 5, 2023

The Bank Policy Institute published a blog post entitled, "Something Missing: Omissions and Surprises in the Federal Reserve's SVB Report."

International

Bank of England

Minutes of the CBDC Technology Forum - March 2023

May 5, 2023

The Bank of England released the minutes of the sixth meeting of the CBDC Technology Forum held on March 14, 2023.

UK Financial Conduct Authority

FCA continues action against unregistered crypto ATMs across the UK

May 5, 2023

The Financial Conduct Authority (FCA) has inspected sites in Exeter, Nottingham and Sheffield suspected of hosting illegally operated crypto ATMs, as part of a continued crackdown on this illicit sector.

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.