PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, September 16, 2023
September 16, 2023
FedACTion Task Force
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Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Senator Brown Sends Letter to Regulators Regarding Crypto Market Transparency
September 14, 2023
U.S. Senator Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Treasury Secretary Janet Yellen, Securities and Exchange Commission Chair Gary Gensler, and Commodity Futures Trade Commission Chair Rostin Behnam urging them to strengthen transparency in cryptocurrency markets.
Federal Agencies
U.S. Department of the Treasury
Remarks by Assistant Secretary for International Finance Brent Neiman at the Program on International Financial Systems' U.S.-China Symposium in Hong Kong
September 15, 2023
Assistant Secretary for International Finance Brent Neiman gave remarks at the Program on International Financial Systems' U.S.-China Symposium in Hong Kong.
Federal Reserve Board
Data: G.17 Industrial Production and Capacity Utilization
September 15, 2023
The Federal Reserve Board released the G.17 industrial production and capacity utilization data for August 2023.
Federal Reserve Bank of New York
Empire State Manufacturing Survey – September 2023
September 15, 2023
The Federal Reserve Bank of New York released the results of the September 2023 Empire State Manufacturing Survey.
Nowcast – Week of September 15, 2023
September 15, 2023
The Federal Reserve Bank of New York staff released the Nowcast for the week of September 15, 2023.
Securities and Exchange Commission
Updated Investor Bulletin: An Introduction to ABLE Accounts
September 15, 2023
The Securities and Exchange Commission updated an investor bulletin entitled, "An Introduction to ABLE Accounts."
Ginnie Mae
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Ginnie Mae Announces First-Ever Social Bond Enhancements to Define its Significant Impact in Promoting Broader Access to Mortgage Financing |
September 14, 2023
Ginnie Mae announced the launch of its "Social Bond" label for Single-Family Forward Mortgage-Backed Securities (MBS) prospectuses and released the Social Impact and Sustainability Framework.
International
Bank of England
Bank of England/Ipsos Inflation Attitudes Survey - August 2023
September 15, 2023
The Bank of England released the results of the quarterly Inflation Attitudes Survey conducted by Ipsos for August 2023.
Consolidated worldwide claims - 2023 Q2
September 15, 2023
The Bank of England released the consolidated worldwide claims for Q2 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)
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)
- Vice Chair Phillip N Jefferson (sworn in September 13, 2023)
- Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
- Governor Michelle W. Bowman (sworn in November 26, 2018)
- Governor Christopher J. Waller (sworn in December 18, 2020)
- Governor Lisa D. Cook (sworn in September 13, 2022)
- Governor Adriana D. Kugler (sworn in September 13, 2023)
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)
- Vice Chairman Travis Hill (sworn in January 5, 2023)
- Director Jonathan McKernan (sworn in January 5, 2023)
- Director Michael Hsu (Acting Comptroller of the Currency)
- Director Rohit Chopra (Director of Consumer Financial Protection Bureau)
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)
Financial Crimes Enforcement Network – Andrea Gacki (effective July 13, 2023)
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.