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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, July 26, 2023

July 26, 2023

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. House of Representatives

Federal Agencies

Securities and Exchange Commission

Remarks for the SEC / DFI / NASAA Joint Public Roundtable

July 25, 2023

Securities and Exchange Commission (SEC) Chair Gary Gensler gave remarks at a roundtable co-hosted by the SEC, North American Securities Administrators Association (NASAA) and the Wisconsin Department of Financial Institutions (DFI).

Consumer Financial Protection Bureau

Prepared Remarks of Director Rohit Chopra for Community Table on White House Blueprint for a Renters Bill of Rights

July 25, 2023

Consumer Financial Protection Bureau Director Rohit Chopra gave remarks at a community roundtable on the White House Blueprint for a Renters Bill of Rights.

Federal Housing Finance Agency

FHFA House Price Index Up 0.7 Percent in May; Up 2.8 Percent from Last Year

July 25, 2023

The Federal Housing Finance Agency released the July 2023 House Price Index (HPI) with data from May 2023.

Bank Policy Institute

BPI and ABA Seek Transparency Around Fed Supervisory Models and Stress Scenarios

July 25, 2023

The Bank Policy Institute and American Bankers Association filed petitions for rulemaking with the Federal Reserve Board seeking release for public comment of both the supervisory models and stress scenarios that the Federal Reserve uses to calculate binding capital requirements through its annual stress tests.

Blog: "Bank On" Transaction Accounts and Financial Inclusion: New Data Shows Continuing Success

July 25, 2023

The Bank Policy Institute published a blog post entitled, ""Bank On" Transaction Accounts and Financial Inclusion: New Data Shows Continuing Success."

International

European Banking Authority

Banks plan to issue more debt instruments to counterbalance expected decline in central bank funding, the EBA funding plans Report shows

July 25, 2023

The European Banking Authority published its annual funding plans Report, covering 159 banks that submitted their funding plans for a forecast period from 2023 to 2025.

The EBA consults on Guidelines on the application of the group capital test for investment firm groups

July 25, 2023

The European Banking Authority launched a consultation on the draft Guidelines on the application of the group capital test for investment firm groups.

Bank of England

Asset Purchase Facility Quarterly Report - 2023 Q2

July 25, 2023

The Bank of England released the Asset Purchase Facility Quarterly Report for Q2 2023.

UK Financial Conduct Authority

Newsletter on market conduct and transaction reporting issues.

July 25, 2023

The Financial Conduct Authority published a newsletter on market conduct and transaction reporting issues.

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.