PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, August 15, 2023
August 15, 2023
FedACTion Task Force
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PH Fintech Tracker on Executive Order for Digital Assets
Major Developments
Federal Deposit Insurance Corporation
Speech: Lessons Learned
August 14, 2023
Federal Deposit Insurance Corporation Chair Martin J. Gruenberg gave remarks on the resolution of large regional banks and proposed regulatory responses at the Brookings Institution Center on Regulation and Markets
Federal Agencies
Federal Reserve Board
Working Paper: Options on Interbank Rates and Implied Disaster Risk
August 14, 2023
The Federal Reserve Board published a working paper entitled, "Options on Interbank Rates and Implied Disaster Risk."
Federal Reserve Bank of New York
Consumers' Inflation Expectations Decline at all Horizons, Expectations about Household Financial Situation Improve
August 14, 2023
The Federal Reserve Bank of New York's Center for Microeconomic Data released the July 2023 Survey of Consumer Expectations, which shows that inflation expectations declined at the short-, medium-, and longer-term horizons.
Key Takeaways from the 2023 Financial Innovations Roundtable on Climate, Equity, and the Social Drivers of Health
August 14, 2023
The Federal Reserve Bank of New York and the Center for Impact Finance at University of New Hampshire's Carsey School of Public Policy brought together leaders from the climate, health, and community development finance sectors for the annual Financial Innovations Roundtable.
Blog: The Federal Reserve's Two Key Rates: Similar but Not the Same?
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The Federal Reserve's Two Key Rates: Similar but Not the Same?"
Federal Deposit Insurance Corporation
FDIC Publishes 2023 Risk Review
August 14, 2023
The Federal Deposit Insurance Corporation published its 2023 Risk Review. The report summarizes conditions in the U.S. economy, financial markets, and banking industry.
Money Smart Newsletter – August 2023
August 14, 2023
The Federal Deposit Insurance Corporation published its Money Smart Newsletter for August 2023.
National Credit Union Administration
Letter: Cyber Incident Notification Requirements
August 14, 2023
The National Credit Union Administration issued a letter to federally insured credit unions announcing that beginning on September 1, 2023, all federally insured credit unions must notify the NCUA as soon as possible, and no later than 72 hours, after the credit union reasonably believes it has experienced a reportable cyber incident or received a notification from a third party regarding a reportable cyber incident.
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)
- Vice Chair Phillip N Jefferson (nominated May 12, 2023)
- Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
- Governor Michelle W. Bowman (sworn in November 26, 2018)
- Governor Christopher J. Waller (sworn in December 18, 2020)
- Governor Lisa D. Cook (sworn in May 23, 2022)
- Governor Adriana Kugler (nominated May 12, 2023)
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)
- Vice Chairman Travis Hill (sworn in January 5, 2023)
- Director Jonathan McKernan (sworn in January 5, 2023)
- Director Michael Hsu (Acting Comptroller of the Currency)
- Director Rohit Chopra (Director of Consumer Financial Protection Bureau)
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.