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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, April 12, 2023

April 12, 2023

FedACTion Task Force

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Federal Agencies

U.S. Department of the Treasury

Remarks by Secretary of the Treasury Janet L. Yellen at Press Conference as Part of 2023 IMF-World Bank Annual Spring Meetings

April 11, 2023

Secretary of the Treasury Janet L. Yellen gave remarks on the global macroeconomy, sovereign debt, Ukraine and multilateral development banks at a press conference as part of the 2023 IMF-World Bank Annual Spring Meetings.

Federal Reserve Board

Paper: Contagion in Debt and Collateral Markets

April 11, 2023

The Board of Governors of the Federal Reserve System (Federal Reserve) published a paper entitled, "Contagion in Debt and Collateral Markets."

Paper: Private Equity and Debt Contract Enforcement: Evidence from Covenant Violations

April 11, 2023

The Federal Reserve published a paper entitled, "Private Equity and Debt Contract Enforcement: Evidence from Covenant Violations."

Paper: Racial Unemployment Gaps and the Disparate Impact of the Inflation Tax

April 11, 2023

The Federal Reserve published a paper entitled, "Racial Unemployment Gaps and the Disparate Impact of the Inflation Tax."

Federal Reserve Bank of New York

Statement Regarding the Annual Report on Open Market Operations during 2022

April 11, 2023

The Open Market Trading Desk at the Federal Reserve Bank of New York published its annual report, Open Market Operations During 2022.

Blog: Deposit Betas: Up, Up, and Away?

April 11, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics bog post entitled,
"Deposit Betas: Up, Up, and Away?"

Bank Policy Institute

Blog: Seasonal Credit and Committed Liquidity Facilities

April 11, 2023

The Bank Policy Institute published a blog post entitled, "Seasonal Credit and Committed Liquidity Facilities."

International

Bank of England Prudential Regulation Authority

Critical third parties to the UK financial sector – third party survey

April 11, 2023

The Bank of England, Prudential Regulation Authority, and UK Financial Conduct Authority have issued a survey to aid analysis into the costs and benefits of a potential critical third-party regime in the UK.

UK Financial Conduct Authority

FCA to lead GFIN Greenwashing TechSprint

April 11, 2023

The Financial Conduct Authority (FCA) will be among 13 international regulators so far taking part in the Global Financial Innovation Network's first ever Greenwashing TechSprint.

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.