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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, March 7, 2023

March 07, 2023

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

U.S. Department of the Treasury

Remarks by Under Secretary for International Affairs Jay Shambaugh at the Institute of International Bankers' Annual Washington Conference

March 6, 2023

Under Secretary for International Affairs Jay Shambaugh gave remarks at the Institute of International Bankers' Annual Washington Conference, addressing global economic issues.

Federal Reserve Bank of New York

New York Fed Case Study on Private Investments in Multifamily Affordable Housing Finds Investment Managers Plan to Increase Equity Raised; Spending on Both New Construction and Preservation

March 6, 2023

The Federal Reserve Bank of New York today released a case study focused on private investment vehicles in multifamily affordable rental housing.

Blog: Insights from Newly Digitized Banking Data from 1867-1904

March 6, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Insights from Newly Digitized Banking Data, 1867-1904."

Federal Reserve Bank of Boston

Paper: House Prices and Rents in the 21st Century

March 6, 2023

The Federal Reserve Bank of Boston published a working paper entitled, "House Prices and Rents in the 21st Century."

Federal Deposit Insurance Corporation

Remarks by FDIC Chairman Martin Gruenberg at the Institute of International Bankers

March 6, 2023

Federal Deposit Insurance Corporation Chair Martin Gruenberg gave remarks at the Institute of International Bankers.

Office of the Comptroller of the Currency

Acting Comptroller Discusses Trust in Global Banking, Lessons for Crypto

March 6, 2023

Acting Comptroller of the Currency Michael J. Hsu discussed building and maintaining trust in global banking in remarks at the Institute for International Bankers.

Securities and Exchange Commission

Remarks at the "Going Public in the 2020s" Conference

March 6, 2023

Securities and Exchange Commission Commissioner Mark T. Uyeda gave remarks at the "Going Public in the 2020s" Conference at the Columbia Law School/Business School Program in the Law and Economics of Capital Markets.

Federal Housing Finance Agency

Paper: The Value of Intermediaries for GSE Loans

March 6, 2023

The Federal Housing Finance Agency published a working paper entitled, "The Value of Intermediaries for GSE Loans."

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 Trade 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.