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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, January 12, 2023

January 13, 2023

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Major Developments

CFPB Proposes Rule to Establish Public Registry of Terms and Conditions in Form Contracts That Claim to Waive or Limit Consumer Rights and Protections

January 11, 2023

The Consumer Financial Protection Bureau proposed a rule to establish a public registry of supervised nonbanks' terms and conditions in what the Bureau describes as "take it or leave it" form contracts, that purport to waive or limit consumer rights and protections, like bankruptcy rights, liability amounts, complaint rights or impose limits on class actions or require arbitration.

Federal Agencies

Federal Reserve Bank of New York

Blog: Foreign Banking Organizations in the United States and the Price of Dollar Liquidity

January 11, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Foreign Banking Organizations in the United States and the Price of Dollar Liquidity."

Fannie Mae

Housing Insights: Financial Benefits Motivated Homebuying During the Pandemic, More So Than Space or Location Preferences

January 11, 2023

Fannie Mae published a Housing Insights report entitled, "Financial Benefits Motivated Homebuying During the Pandemic, More So Than Space or Location Preferences."

U.S. Department of Education

New Proposed Regulations Would Transform Income-Driven Repayment by Cutting Undergraduate Loan Payments in Half and Preventing Unpaid Interest Accumulation

January 10, 2023

The U.S. Department of Education proposed regulations to reduce the cost of federal student loan payments, especially for low and middle-income borrowers.

International

European Banking Authority

EBA publishes peer review on authorisation under the Payment Services Directive

January 11, 2023

The European Banking Authority published its peer review on authorisation of payment institutions and e-money institutions under the revised Payment Services Directive.

UK Financial Conduct Authority

Financial watchdog consults about protections for insurance customers in financial difficulty

January 11, 2023

The UK Financial Conduct Authority is proposing to update guidance, introduced during the Covid-19 pandemic, to support insurance customers in financial difficulty.

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)

  • Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
  • Vice Chair Lael Brainard (sworn in May 23, 2022)
  • Governor Phillip N Jefferson (sworn in May 23, 2022)
  • Governor Lisa D. Cook (sworn in 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)

  • 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 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.