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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, February 9, 2023

February 09, 2023

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. House of Representatives

Committee on Financial Services

Hearing: Empowering Entrepreneurs: Removing Barriers to Capital Access for Small Businesses

February 8, 2023

The U.S. House Committee on Financial Services Subcommittee on Capital Markets held a hearing entitled, "Empowering Entrepreneurs: Removing Barriers to Capital Access for Small Businesses."

Hearing: Sophistication or Discrimination? How the Accredited Investor Definition Unfairly Limits Investment Access for the Non-wealthy and the Need for Reform

February 8, 2023

The U.S. House Committee on Financial Services Subcommittee on Capital Markets held a hearing entitled, "Sophistication or Discrimination? How the Accredited Investor Definition Unfairly Limits Investment Access for the Non-wealthy and the Need for Reform"

Hearing: Revamping and Revitalizing Banking in the 21st Century

February 8, 2023

The U.S. House Committee on Financial Services Subcommittee on Financial Institutions and Monetary Policy entitled, "Revamping and Revitalizing Banking in the 21st Century."

Federal Agencies

U.S. Department of the Treasury

New Treasury Report Assesses Opportunities, Challenges Facing Financial Sector Cloud-Based Technology Adoption

February 8, 2023

The U.S. Department of the Treasury released a report on the potential benefits and challenges associated with the increasing trend of financial sector firms adopting cloud services technology.

Federal Reserve Board

Speech: The Inflation Rate for Necessities: A Look at Food, Energy and Shelter Inflation

February 8, 2023

Federal Reserve Board Governor Christopher J. Waller gave a speech entitled, "The Inflation Rate for Necessities: A Look at Food, Energy and Shelter Inflation."

Federal Reserve Bank of New York

Report: The Bitcoin–Macro Disconnect

February 8, 2023

The Federal Reserve Bank of New York published a staff report entitled, "The Bitcoin–Macro Disconnect."

Blog: Is There a Bitcoin–Macro Disconnect?

February 8, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Is There a Bitcoin–Macro Disconnect?"

Federal Deposit Insurance Corporation

Paper: Is There Crowd Out in Mortgage Refinance?

February 8, 2023

The Federal Deposit Insurance Corporation published a working paper entitled, "Is There Crowd Out in Mortgage Refinance?"

U.S. Department of Housing and Urban Development/Federal Housing Administration

HUD Secretary Announces Major Milestone of Assisting Nearly 2 Million Homeowners Stay in their Homes

February 8, 2023

The U.S. Department of Housing and Urban Development Secretary Marcia L. Fudge announced that, thanks to Federal Housing Administration (FHA) programs, approximately 2 million homeowners with FHA mortgages were able to stay in their homes from the beginning of the COVID-19 pandemic in March 2020 through December 2022.

Ginnie Mae

Ginnie Mae Publishes Fiscal Year 2022 Annual Report

 

February 8, 2023

Ginnie Mae published its 2022 Annual Report, detailing its support for affordable homeownership and rental housing, and commitment to strengthening the government mortgage market on behalf of households in rural, urban, suburban, and tribal communities across America.

State Agencies

New York State Department of Financial Services

DFS Adopts Community Reinvestment Act Regulation to Improve Lending to Minority-and Women-Owned Businesses

February 8, 2023

Superintendent of Financial Services Adrienne A. Harris announced that the New York State Department of Financial Services (DFS) has adopted an update to the Community Reinvestment Act (CRA) regulation, following the revised proposal published in October 2022.

International

European Banking Authority

EBA consults on the amending ITS on supervisory disclosures

February 8, 2023

The European Banking Authority launched a public consultation on its draft Implementing Technical Standards on supervisory disclosures.

Bank of England

The Bank of England's policy on outsourcing and third party risk management for Financial Market Infrastructures (FMIs)

February 8, 2023

The Bank has published its policy on outsourcing and third party risk management for FMIs.

Bank of England Prudential Regulation Authority

Consultation Paper: Dealing with insurers in financial difficulties

February 8, 2023

The Bank of England Prudential Regulation Authority published a consultation paper entitled, "Dealing with insurers in financial difficulties."

UK Financial Conduct Authority

Speech: How to organise a COO

February 8, 2023

UK Financial Conduct Authority Chief Operating Officer Emily Shepperd gave a speech entitled, 'How to organise a COO."

Administration Changes

Vacancies

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 Trade 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.