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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, August 1, 2023

August 01, 2023

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Major Developments

Federal Agencies

CFIUS 2002 Annual Report Released

July 31, 2023

The Department of the Treasury, as Chair of the Committee on Foreign Investment in the United States (CFIUS), released its Annual Report to Congress for calendar year 2022.

Federal Reserve Board

Working Paper: Disclosure Regulation, Intangible Capital and the Disappearance of Public Firms

July 31, 2023

The Federal Reserve Board published a working paper entitled, "Disclosure Regulation, Intangible Capital and the Disappearance of Public Firms."

Working Paper: Sticky Leverage: Comment

July 31, 2023

The Federal Reserve Board published a working paper entitled, "Sticky Leverage: Comment."

Senior Loan Officer Opinion Survey on Bank Lending Practices – July 2023

July 31, 2023

The Federal Reserve Board released the July 2023 results of the Senior Loan Officer Opinion Survey on Bank Lending Practices.

International

European Commission

Commission Adopts European Sustainability Reporting Standards

July 31, 2023

The European Commission has adopted European Sustainability Reporting Standards requirements for large and listed companies.

European Banking Authority

EBA publishes its final amending technical standards on supervisory reporting to introduce new reporting on interest rate risk in the banking book

July 31, 2023

The European Banking Authority published its final implementing technical standards on supervisory reporting with respect to monitoring of institutions' Interest Rate Risk in the Banking Book.

Bank of England

Statistical Release: Money and Credit - June 2023

July 31, 2023

The Bank of England released the Money and Credit statistics for June 2023. Included in the release is commentary on the June 2023 effective interest rates.

Credit union annual statistics – 2022

July 31, 2023

The Bank of England released the credit union annual statistics for 2022.

Results of the Semi-Annual FX Turnover Surveys in April 2023

July 31, 2023

The Bank of England released the results of the semi-annual FX Turnover Surveys in April 2023.

Minutes of Money Market Committee meeting – June 2023

July 31, 2023

The Bank of England released the minutes of the Money Market Committee meeting for June 2023.

UK Financial Conduct Authority

FCA sets out 14-point action plan on cash savings

July 31, 2023

The Financial Conduct Authority has set out a 14-point action plan to ensure banks and building societies are passing on interest rate rises to savers appropriately, that they're communicating with customers much more effectively and offering them better savings rate deals.

Consumer Duty sets higher standards for financial services customers

July 31, 2023

The Financial Conduct Authority released Consumer Duty rules setting higher standards of consumer protection in financial services.

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)

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)

Financial Crimes Enforcement Network – Andrea Gacki (effective July 13, 2023)

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.