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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, August 22, 2023

August 22, 2023

FedACTion Task Force

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Congress

U.S. House of Representatives

Committee on Small Business

Committee on Small Business Announces September Hearing Schedule

August 18, 2023

The House Committee on Small Business announced its September hearing schedule.

Subcommittee on Economic Growth, Tax, and Capital Access Hearing: "Enabling Success: Examining the Competitive Landscape for Small Businesses"

Date & Time: Wednesday, September 13th at 10:00 AM

Full Committee Markup

Date & Time: Thursday, September 14th at 9:45 AM

Full Committee Hearing: "Athletes and Innovators: Analyzing NIL's Impact on Entrepreneurial Collegiate Athletes"

Date & Time: Wednesday, September 20th at 10:00 AM

Full Committee Hearing: "Action Through Innovation: Private Sector Solutions to Recouping Stolen Pandemic Loan Funds"

Date & Time: Wednesday, September 27th at 10:00 AM

Subcommittee on Rural Development, Energy, and Supply Chains Hearing: "Energy Independence: How Burdensome Regulations are Crushing Small Offshore Energy Producers"

Date & Time: Thursday, September 28th at 10:00 AM

Federal Agencies

Federal Reserve Board

Working Paper: Default Clustering Risk Premium and its Cross-Market Asset Pricing Implications

August 18, 2023

The Board of Governors of the Federal Reserve Systempublished a working paper entitled, "Default Clustering Risk Premium and its Cross-Market Asset Pricing Implications."

Federal Housing Finance Agency

Prepayment Monitoring Report Second Quarter 2023

August 18, 2023

The Federal Housing Finance Agency published the Prepayment Monitoring Report for the second quarter 2023.

International

Bank of England

Statement of policy on the Bank's supervisory approach to market oversight for wholesale cash distribution

August 18, 2023

The Bank of England published a statement of policy on the Bank's supervisory approach to market oversight for wholesale cash distribution.

Responses to the consultation on the Bank of England's supervisory approach to wholesale cash distribution

August 18, 2023

The Bank of England published responses to the consultation on the Bank of England's supervisory approach to wholesale cash distribution.

UK Financial Conduct Authority

Financial Services & Markets Act 2023 gives FCA new powers to protect access to cash

August 18, 2023

Through the Financial Services & Markets Act 2023, Parliament has asked the Financial Conduct Authority to seek to ensure reasonable provision of cash deposit and withdrawal services for personal and business current accounts in the UK or part of the UK.

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.