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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, June 15, 2023

June 15, 2023

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Major Developments

Federal Reserve Board

Federal Reserve issues FOMC statement

June 14, 2023

The Federal Open Market Committee announced that the Board of Governors of the Federal Reserve System (Federal Reserve) has voted unanimously to maintain the interest rate paid on reserve balances at 5.15 percent.

Federal Reserve Board and Federal Open Market Committee release economic projections from the June 13-14 FOMC Meeting

June 14, 2023

The Federal Reserve released economic projections made by the Federal Open Market Committee participants in conjunction with the June 13-14 meeting.

Congress

U.S. House of Representatives

Committee on Financial Services

Letter to FSOC on Nonbank Financial Institution Supervisory Guidance

June 14, 2023

U.S. House Committee on Financial Services Chair Patrick McHenry (NC-10) sent a letter to U.S. Treasury Secretary Janet Yellen in her capacity as Chair of the Financial Stability Oversight Council (FSOC). In the letter, Chairman McHenry demands FSOC revisit its April decision to evaluate risks posed by non-bank financial entities based on size, rather than the activities they undertake.

Hearing: The Semi-Annual Report of the Bureau of Consumer Financial Protection

June 14, 2023

The U.S. House Committee on Financial Services held a hearing entitled, "The Semi-Annual Report of the Bureau of Consumer Financial Protection."

Federal Agencies

U.S. Department of the Treasury

Treasury Department Seeks to Bolster Semiconductor Supply Chain Confidence with CHIPS Investment Tax Credit Guidance

June 14, 2023

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) are proposing new rules for taxpayers seeking to utilize the elective payment option to more quickly gain the benefits of the section 48D Advanced Manufacturing Investment Credit, which was established by the CHIPS Act of 2022.

U.S. Department of the Treasury, IRS Release Guidance on Provisions to Expand Reach of Clean Energy Tax Credits Through President Biden's Investing in America Agenda

June 14, 2023

The U.S. Department of the Treasury and the IRS released guidance on key provisions in the Inflation Reduction Act to expand the reach of the clean energy tax credits and help build projects more quickly and affordably.

Remarks by Deputy Secretary of the Treasury Wally Adeyemo at Roundtable on Expanding Access to Capital for Minority Entrepreneurs and Small Business Owners

June 14, 2023

Deputy Secretary of the Treasury Wally Adeyemo participated in a roundtable on expanding access to capital for minority entrepreneurs and small business owners with representatives from the U.S. Department of Commerce and the Office of the Vice President.

Office of the Comptroller of the Currency

OCC Report Identifies Key Risks Facing Federal Banking System

June 14, 2023

The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Spring 2023.

Securities and Exchange Commission

Remarks at the Small Business Capital Formation Advisory Committee Meeting

June 14, 2023

Securities and Exchange Commission (SEC) Chair Gary Gensler and Commissioners Jaime Lizarraga and Mark T. Uyeda gave remarks at the Small Business Capital Formation Advisory Committee meeting.

National Credit Union Administration

NCUA Releases Q1 2023 State-Level Credit Union Data Report

June 14, 2023

The National Credit Union Administration released the Quarterly U.S. Map Review with state-level credit union data for Q1 2023.

Ginnie Mae

Ginnie Mae Extends Use of Electronic Signatures and Remote Online Notarization

 

June 14, 2023

Ginnie Mae announced that it is extending the use of electronic signatures in conjunction with Remote Online Notarization to include power of attorney mortgage documents.

International

European Banking Authority

EBA issues Opinion in response to the European Commission's proposed amendments to the draft technical standards on crowdfunding service providers

June 14, 2023

The European Banking Authority (EBA) published an Opinion on the amendments proposed by the European Commission to the EBA final draft Regulatory Technical Standards on requirements on credit scoring of crowdfunding projects, pricing of crowdfunding offers, and risk management policies and procedures.

EBA updates list of risk indicators and analysis tools

June 14, 2023

The European Banking Authority published an updated list of indicators for risk assessment and risk analysis tools, together with the accompanying methodological guide.

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

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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.