PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, January 25, 2023
January 25, 2023
By Paul Hastings Professional
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Major Developments
Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit
January 24, 2023
U.S. Secretary of the Treasury Janet L. Yellen sent a letter to all members of Congressional leadership regarding the debt limit.
Congress
U.S. Senate
Committee on Small Business and Entrepreneurship
Senators Reintroduce Bill to Provide Payroll Tax Relief to Businesses Shut Out of SBA's Restaurant Revitalization Fund Program
January 24, 2023
U.S. Senator Ben Cardin (D-Md.), Chair of the Senate Committee on Small Business and a member of the Senate Finance Committee, and Senators Sherrod Brown (D-OH) and Patty Murray (D-WA), reintroduced The Restaurant Revitalization Tax Credit Act.
Federal Agencies
U.S. Department of the Treasury
Remarks by Secretary of the Treasury Janet L. Yellen at Green Climate Fund Agriculture Site
January 24, 2023
Secretary of the Treasury Janet L. Yellen gave remarks at the Green Climate Fund agriculture site.
Conference of State Bank Supervisors
Blog: Recession? Economists Versus Community Bankers
January 24, 2023
The Conference of State Bank Supervisors published a blog post entitled, "Recession? Economists Versus Community Bankers."
Consumer Financial Protection Bureau
CFPB Seeks Public Input on Consumer Credit Card Market
January 24, 2023
The Consumer Financial Protection Bureau issued a request for information seeking public feedback on how the consumer credit market is functioning as part of a biennial review of the industry.
FINRA
FINRA Announces Departure of Enforcement Head Jessica Hopper
January 24, 2023
FINRA announced that Jessica Hopper plans to leave FINRA on February 3, after an 18-year tenure culminating in her leadership of the Department of Enforcement. Christopher Kelly, Senior Vice President and Deputy Head of Enforcement, has been named the Acting Head of Enforcement until FINRA selects a new Head of Enforcement.
Federal Housing Finance Agency
Foreclosure Prevention, Refinance, and Federal Property Manager's Report - October 2022
January 24, 2023
The Federal Housing Finance Agency published the Foreclosure Prevention, Refinance and Federal Property Manager's Report for October 2022.
Bank Policy Institute
Blog: Basel Finalization: The History and Implications for Capital Regulation – Part 1
January 24, 2023
The Bank Policy Institute staff published a blog post entitled, "Basel Finalization: The History and Implications for Capital Regulation – Part 1."
Blog: Striking the Basel Balance
January 24, 2023
The Bank Policy Institute staff published a blog post entitled, "Striking the Basel Balance."
International
UK Financial Conduct Authority
Speech: Building better foundations in AI
January 24, 2023
UK Financial Conduct Authority Chief Data, Information and Intelligence Officer Jessica Rusu gave a speech at The Alan Turing Institute's Framework for Responsible Adoption of Artificial Intelligence in the Financial Services event entitled, "Building better foundations in AI."
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)
- Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
- Vice Chair Lael Brainard (sworn in May 23, 2022)
- Governor Phillip N Jefferson (sworn in May 23, 2022)
- Governor Lisa D. Cook (sworn in May 23, 2022)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
- Vincent Alvarez Designated Chair of New York Fed Board of Directors; Rosa Gil Designated Deputy Chair (January 10, 2023)
- Pat Wang Appointed as a Class C Director to New York Fed Board of Directors (January 10, 2023)
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)
- SEC Announces Appointment of Cristina Martin Firvida as Investor Advocate (January 10, 2023)
- Paul Munter Named Chief Accountant (January 11, 2023)
- Erik Gerding Named Director of Division of Corporation Finance (January 13, 2023)
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.