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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, May 18, 2023

May 18, 2023

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Major Developments

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: Strengthening Accountability at the Federal Reserve: Lessons and Opportunities for Reform

May 17, 2023

The U.S. Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Economic Policy held a hearing entitled, "Strengthening Accountability at the Federal Reserve: Lessons and Opportunities for Reform."

U.S. House of Representatives

Committee on Financial Services

Joint Hearing: Continued Oversight Over Regional Bank Failures

May 17, 2023

The U.S. House Committee on Financial Services Subcommittee on Financial Institutions and Monetary Policy and Subcommittee on Oversight and Investigations held a joint hearing entitled, "Continued Oversight Over Regional Bank Failures."

Hearing: The Current Mortgage Market: Undermining Housing Affordability with Politics

May 17, 2023

The U.S. House Committee on Financial Services Subcommittee on Housing and Insurance held a hearing entitled, "The Current Mortgage Market: Undermining Housing Affordability with Politics."

Committee on Small Business

Hearing: Taking on More Risk: Examining the SBA's Changes to the 7(a) Lending Program Part II

May 17, 2023

The U.S. House Committee on Small Business held a hearing entitled, "Taking on More Risk: Examining the SBA's Changes to the 7(a) Lending Program Part II."

Federal Agencies

U.S. Department of the Treasury

Deputy Secretary of the Treasury Wally Adeyemo Meets with Bank Policy Institute

May 17, 2023

U.S. Deputy Secretary of the Treasury Wally Adeyemo met with CEOs and executives convened by the Bank Policy Institute to discuss President Biden's economic priorities.

Federal Reserve Bank of New York

Blog: Look Out for Outlook-at-Risk

May 17, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Look Out for Outlook-at-Risk."

Securities and Exchange Commission

SEC Proposes Rule Amendments and New Rule to Improve Risk Management and Resilience of Covered Clearing Agencies

May 17, 2023

The Securities and Exchange Commission (SEC) proposed rule changes that would improve the resilience and recovery and wind-down planning of covered clearing agencies.

Commodity Futures Trading Commission

CFTC Staff Issues an Advisory Related to Prime Brokerage Arrangements and Derivatives Clearing Organization Registration Requirements

May 17, 2023

The Commodity Futures Trading Commission's (CFTC) Division of Clearing and Risk issued a staff advisory that encourages entities using prime brokerage arrangements that provide credit substitution on a centralized basis to examine the specific nature of their activities for the potential need to register as a DCO.

Consumer Financial Protection Bureau

Blog: Building resilience and durability into mortgage rules

May 17, 2023

The Consumer Financial Protection Bureau (CFPB) published a blog post entitled, "Building resilience and durability into mortgage rules."

International

Bank of England

Speech: Getting inflation back to the 2% target

May 17, 2023

Bank of England Governor Andrew Bailey gave a speech at the British Chamber of Commerce Annual Conference entitled, "Getting inflation back to the 2% target."

Bank of England Prudential Regulation Authority

Supervisory Statement: Model risk management principles for banks

May 17, 2023

The Prudential Regulation Authority published a supervisory statement entitled, "Model risk management principles for banks."

UK Financial Conduct Authority

Help is available for those who need it, says FCA

May 17, 2023

The Financial Conduct Authority (FCA) has reminded borrowers they can get help from their lenders if they are struggling to keep up with payments, as it found the number of people struggling to meet bills and credit repayments has risen by 3.1m since May 2022 (10.9m, compared to 7.8m in May 2022).

Speech: How to change in response to changing threats

May 17, 2023

FCA Executive Director Sarah Pritchard gave a speech at XLOD Blogal New York entitled, "How to change in response to changing threats."

Administration Changes

Vacancies

Board of Governors of the Federal Reserve System

  • Vice Chair – Phillip N Jefferson (nominated May 12, 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

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.