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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, May 25, 2023

May 25, 2023

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Major Developments

Congress

U.S. House of Representatives

Committee on Oversight & Accountability
Subcommittee on Heath Care and Financial Services

Hearing: A Failure of Supervision: Bank Failures and The San Francisco Federal Reserve

Hearing: Saluting Service: Supporting Veteran Owned Small Businesses

May 24, 2023

The U.S. House Committee on Small Business held a hearing entitled, "Saluting Service: Supporting Veteran Owned Small Businesses."

Hearing

Hearing Notice

Committee Chair Williams Statement

Committee on Small Business

Hearing: Saluting Service: Supporting Veteran Owned Small Businesses

May 24, 2023

The U.S. House Committee on Small Business held a hearing entitled, "Saluting Service: Supporting Veteran Owned Small Businesses."

Federal Agencies

Federal Reserve Board

Minutes of the Federal Open Market Committee, May 2-3, 2023

May 24, 2023

The Board of Governors of the Federal Reserve System (Federal Reserve) released the minutes of the Federal Open Market Committee held on May 2-3, 2023.

Speech: Hike, Skip, or Pause?

May 24, 2023

Federal Reserve Governor Christopher J. Waller gave a speech at the 2023 Santa Barbara County Economic Summit entitled, "Hike, Skip, or Pause?"

Federal Reserve Bank of New York

Blog: Measuring the Financial Stability Real Interest Rate, r**

May 24, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Measuring the Financial Stability Real Interest Rate, r**."

Consumer Financial Protection Bureau

Report: Overdraft/NSF revenue down nearly 50% versus pre-pandemic levels

May 24, 2023

The Consumer Financial Protection Bureau (CFPB) published a report entitled, "Overdraft/NSF revenue down nearly 50% versus pre-pandemic levels."

Blog: Mortgage data shows that borrowers could save $100 a month (or more) by choosing cheaper lenders

May 24, 2023

The CFPB published a blog post entitled, "Mortgage data shows that borrowers could save $100 a month (or more) by choosing cheaper lenders."

FINRA

FINRA Foundation-CFA Institute Research Focuses on Gen Z Investors

May 24, 2023

Financial Industry Regulatory Authority (FINRA) Investor Education Foundation and CFA Institute have released a new report entitled, "Gen Z and Investing: Social Media, Crypto, FOMO, and Family."

Investor Insights: Know What Triggers a Margin Call

May 24, 2023

FINRA published an Investor Insights article entitled, "Know What Triggers a Margin Call."

International

European Commission

Policy guidance under the European Semester: Sustaining reforms and investments to secure the EU's long-term prosperity, competitiveness, fairness and resilience

May 24, 2023

The European Commission is today providing guidance to Member States under the 2023 European Semester Spring Package to build a robust and future-proof economy that secures competitiveness and long-term prosperity for all in the face of a challenging geopolitical environment.

Capital Markets Union: Commission proposes new rules to protect and empower retail investors in the EU

May 24, 2023

The Commission has adopted a Retail Investment Package that places the consumers' interests at the centre of retail investing.

European Banking Authority

EBA publishes corrigendum of Guidelines on DGS contributions, amending the Guidelines on available financial means of DGS

May 24, 2023

The European Banking Authority published a corrigendum of the revised Guidelines on methods for calculating contributions to deposit guarantee schemes under the DGSD (EBA/GL/2023/02).

UK Financial Conduct Authority

FCA finds young investors are more likely to have long-term goals in mind when dating than when investing

May 24, 2023

New research from the Financial Conduct Authority has found that young investors think longer-term and are less influenced by social media when dating compared to their investing behaviours.

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

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.