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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, July 19, 2023

July 19, 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

Hearing on Oversight of the SEC's Division of Corporation Finance

July 18, 2023

The House Financial Services Subcommittee on Capital Markets, held a hearing entitled, "Oversight of the SEC's Division of Corporation Finance."

Hearing Examines Partisan Climate Policies into Banking Regulations

July 18, 2023

The House Financial Services Subcommittee on Financial Institutions and Monetary Policyheld a hearing entitled "Climate-Risk: Are Financial Regulators Politically Independent?"

Hearing: How Mandates Like ESG Distort Markets and Drive Up Costs for Insurance and Housing

July 18, 2023

The Housing and Insurance Subcommittee held a hearing entitled, "How Mandates Like ESG Distort Markets and Drive Up Costs for Insurance and Housing."

Committee on Small Business

Federal Agencies

Federal Reserve Board

Speech: Furthering the Vision of the Fair Housing Act, by Federal Reserve Vice Chair for Supervision Michael S. Barr

July 18, 2023

Speech by Federal Reserve Vice Chair for Supervision Michael S. Barr, delivered at "Fair Housing at 55—Advancing a Blueprint for Equity" National Fair Housing Alliance 2023 National Conference, Washington, D.C

Office of the Comptroller of the Currency

Congressional Testimony: Senior Deputy Comptroller for Large Bank Supervision Greg Coleman Testifies on Climate-Related Financial Risks

July 18, 2023

Office of the Comptroller of the Currency (OCC) Senior Deputy Comptroller for Large Bank Supervision Greg Coleman today testified before the U.S. House of Representatives' Committee on Financial Services' Subcommittee on Financial Institutions and Monetary Policy on the aOCC's supervision of climate-related financial risks.

National Credit Union Administration

Congressional Testimony: National Credit Union Administration Deputy Executive Director Rendell L. Jones Testimony Before the U.S. House of Representatives Subcommittee on Financial Institutions and Monetary Policy - Climate-related Financial Risk

July 18, 2023

National Credit Union Administration Deputy Executive Director Rendell L. Jones testified before the U.S. House of Representatives Subcommittee on Financial Institutions and Monetary Policy about climate-related financial risk.

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)

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)

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.