PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, July 26, 2023
July 26, 2023
FedACTion Task Force
Subscribe to PH FedACTion: Financial Regulatory Updates
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)
- Vice Chair Phillip N Jefferson (nominated May 12, 2023)
- Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
- Governor Michelle W. Bowman (sworn in November 26, 2018)
- Governor Christopher J. Waller (sworn in December 18, 2020)
- Governor Lisa D. Cook (sworn in May 23, 2022)
- Governor Adriana Kugler (nominated May 12, 2023)
- Federal Reserve announces appointment of Joshua Gallin as Secretary of the Federal Open Market Committee (February 2, 2023)
- President Biden nominates Dr. Philip Jefferson for Vice Chair and Dr. Adriana Kugler to serve as a Member on the Federal Reserve Board, and renominates Dr. Lisa Cook for an additional full term as Member (May 12, 2023)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
- Vincent Alvarez designated Chair of Federal Reserve Bank of New York Board of Directors; Rosa Gil designated Deputy Chair (January 10, 2023)
- Pat Wang appointed as a Class C Director to Federal Reserve Bank of New York Board of Directors (January 10, 2023)
- Federal Reserve Bank of New York names Roberto Perli SOMA Manager (February 2, 2023)
- Cali Brooks and Miguel Soto-Class appointed to Federal Reserve Bank of New York Community Advisory Board (April 4, 2023)
- Federal Reserve Bank of New York names Mihaela Nistor as Chief Risk Officer and Head of the Risk Group (May 31, 2023)
- Federal Reserve Bank of New York names Beverly Hirtle as Research Advisor and begins search for new Director of Research (June 6, 2023)
- Aisha Benson appointed to the Federal Reserve Bank of New York Community Advisory Group (June 20, 2023)
Federal Reserve Bank of Boston – Susan M. Collins (effective July 1, 2022)
- Federal Reserve Bank of Boston announces 2023 Board of Directors (January 10, 2023)
- Federal Reserve Bank of Boston announces new external advisory council members (April 10, 2023)
- Federal Reserve Bank of Boston names Egon Zakrajšek as Director of Economic Research (May 17, 2023)
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)
- FDIC announces senior leadership changes in Division of Risk Management Supervision (January 26, 2023)
- FDIC names three bankers to Minority Depository Institutions Subcommittee (May 25, 2023)
- FDIC names eight new members to Advisory Committee on Community Banking (May 26, 2023)
Office of the Comptroller of the Currency – Michael Hsu (acting Comptroller, effective May 10, 2021)
- OCC announces Deputy Comptroller for Systemic Risk Identification and Support (January 11, 2023)
- Kristen Baldwin named OCC Chief Information Officer (February 8, 2023)
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)
- Silvestre Fontes named Director of Boston Regional Office (January 25, 2023)
- Cicely LaMothe named Deputy Director, Disclosure Operations, for the Division of Corporation Finance (February 14, 2023)
- SEC appoints Deborah J. Jeffrey as Inspector General (April 17, 2023)
- Eric R. Werner named Director of Fort Worth Regional Office (April 25, 2023)
- Natasha Vij Greiner and Keith E. Cassidy named Interim Acting Co-Directors of the Division of Examinations (July 25, 2023)
Commodity Futures Trading Commission – Rostin Behnam (effective December 17, 2021)
- Commissioner Pham announces members of the CFTC's Global Markets Advisory Committee (January 12, 2023)
- Commissioner Pham announces additional staff appointment (February 7, 2023)
- Chairman Behnam announces veteran Federal prosecutor Ian McGinley as Enforcement Director (February 28, 2023)
- Commissioner Goldsmith Romero announces Yevgeny Shrago as Senior Counsel and Policy Advisor (April 14, 2023)
- CFTC appoints Jeffrey Sutton as Executive Director (April 18, 2023)
- Commissioner Goldsmith Romero announces Scott Lee as Senior Counsel and Policy Advisor (July 11, 2023)
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)
- Senate confirms Dilwar Syed as Deputy Administrator for the U.S. Small Business Administration (June 8, 2023)
- Dilawar Syed sworn in as Deputy Administrator of the U.S. Small Business Administration (July 11, 2023)
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.