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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, March 2, 2023

March 02, 2023

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

U.S. Department of the Treasury

Remarks by Under Secretary for Domestic Finance Nellie Liang at the Atlantic Council on the Next Steps in the Future of Money and Payments, including Central Bank Digital Currencies

March 1, 2023

Under Secretary for Domestic Finance Nellie Liang gave remarks at the Atlantic Council on the next steps in the future of money and payments.

Congress

U.S. House of Representatives

Committee on Financial Services

Committee on Financial Services Announces Upcoming Hearing Schedule

March 1, 2023

The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced the following hearings:

Full Committee Hearing Entitled: "The Federal Reserve's Semi-Annual Monetary Policy Report"

Time: 10:00 AM ET

Date: Wednesday, March 8, 2023

Witness: The Honorable Jerome H. Powell, Chair, Board of Governors of the Federal Reserve System

Oversight and Investigations Subcommittee Hearing Entitled: "Holding the Biden Administration Accountable for Wasteful Spending and Regulatory Overreach"

Time: 2:00 PM ET

Date: Wednesday, March 8, 2023

Federal Agencies

Federal Reserve Bank of New York

Blog: The Dollar's Imperial Circle

March 1, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The Dollar's Imperial Circle."

Federal Reserve Bank of Boston

Report: Recipients of loans through COVID-era Fed program saw significant improvements relative to peers

March 1, 2023

The Federal Reserve Bank of Boston published a staff report entitled, ""The Main Street Lending Program: Who Borrowed and How Have They Benefited?"

Consumer Financial Protection Bureau

New CFPB Issue Spotlight Examines High Fees that Chip Away at Public Benefits

March 1, 2023

The Consumer Financial Protection Bureau released a new issue spotlight examining how the financial products used to deliver public benefits, like Social Security and unemployment compensation, affect individuals' ability to fully access the assistance provided through those programs.

National Credit Union Administration

Letter: Permissible Loan Interest Rate Ceiling Extended

March 1, 2023

The National Credit Union Administration sent a letter to federal credit unions announcing that the Board has extended the temporary 18-percent interest rate ceiling for loans made by federal credit unions through September 10, 2024.

Ginnie Mae

Global Markets Analysis Report – February 2023

March 1, 2023

Ginnie Mae released the Global Markets Analysis Report for February 2023.

Bank Policy Institute

Blog: Capital Requirements, Nonbank Finance, and Financial Fragility

March 1, 2023

The Bank Policy Institute published a blog post entitled, "Capital Requirements, Nonbank Finance, and Financial Fragility."

International

Bank of England

Report: The cost of living squeeze: insights from the Bank of England's outreach programmes

March 1, 2023

The Bank of England published a report entitled, "The cost of living squeeze: insights from the Bank of England's outreach programmes."

Speech: The cost of living

March 1, 2023

Bank of England Governor Andrew Bailey gave a speech entitled, "The cost of living."

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 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.