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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, February 8, 2023

February 08, 2023

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. House of Representatives

Committee on Financial Services

Ranking Member Waters Calls on Chair McHenry to Immediately Convene Hearing Examining Looming Debt Default, Unprecedented Threat of Financial and Economic Downfall

February 7, 2023

Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, sent a letter to Chairman Patrick McHenry (R-NC) urging the Chair to move promptly to convene a hearing to discuss how Congress will act to protect the creditworthiness of the United States.

Hearing: Combatting the Economic Threat from China

February 7, 2023

The U.S. House Committee on Financial Services held a hearing entitled, "Combatting the Economic Threat from China."

Federal Agencies

Federal Reserve Board

Remarks at the "Banking on Financial Inclusion" Conference

February 7, 2023

Federal Reserve Board Vice Chair for Supervision Michael S. Barr gave remarks at the "Banking on Financial Inclusion" conference.

Data: G.19 Consumer Credit – December 2022

February 7, 2023

The Federal Reserve Board released the data for the G.19 Consumer Credit survey for December 2022.

Federal Reserve Bank of New York

Blog: Inflation Persistence—An Update with December Data

February 7, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Inflation Persistence—An Update with December Data."

Office of the Comptroller of the Currency

Branch Closings: Revised Comptroller's Licensing Manual Booklet

February 7, 2023

The Office of the Comptroller of the Currency issued the "Branch Closings" booklet of the Comptroller's Licensing Manual.

Securities and Exchange Commission

SEC Division of Examinations Announces 2023 Priorities

February 7, 2023

The Securities and Exchange Commission's Division of Examinations announced its 2023 examination priorities.

SEC Seeks Applicants for Public Company Accounting Oversight Board Seat

February 7, 2023

The Securities and Exchange Commission announced the start of the selection process to fill a seat on the Public Company Accounting Oversight Board (PCAOB) that will become vacant in October.

Remarks to the Small Business Capital Formation Advisory Committee

February 7, 2023

Securities and Exchange Commission Chair Gary Gensler and Commissioners Jaime Lizárraga, Mark T. Uyeda, gave remarks to the Small Business Capital Formation Advisory Committee.

Consumer Financial Protection Bureau

CFPB Issues Guidance to Protect Mortgage Borrowers from Pay-to-Play Digital Comparison-Shopping Platforms

February 7, 2023

The Consumer Financial Protection Bureau issued an advisory opinion regarding digital mortgage comparison-shopping platforms.

Report: Banks' overdraft/NSF fee revenue declines significantly compared to pre-pandemic levels

February 7, 2023

The Consumer Financial Protection Bureau published a report entitled, "Banks' overdraft/NSF fee revenue declines significantly compared to pre-pandemic levels."

Bank Policy Institute

BPI Comments on Fed Principles for Climate-Related Financial Risk Management for Large Financial Institutions

February 7, 2023

The Bank Policy Institute commented on the Board of Governors of the Federal Reserve System's draft Statement of Principles for Climate-Related Financial Risk Management for Large Financial Institutions.

International

Bank of England

Results of the Semi-Annual FX Turnover Surveys in October 2022

February 7, 2023

The Bank of England released the results of the Semi-Annual FX Turnover Surveys in October 2022.

HM Treasury and Bank of England consider plans for a digital pound

February 7, 2023

HM Treasury and the Bank of England are consulting on a potential digital pound, or central bank digital currency.

Speech: The digital pound

February 7, 2023

Bank of England Deputy Governor for Financial Stability Jon Cunliffe gave a speech entitled, "The digital pound."

Administration Changes

Vacancies

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.