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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, June 21, 2023

June 21, 2023

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Major Developments

Federal Agencies

U.S. Department of the Treasury

Remarks by Deputy Secretary of the Treasury Wally Adeyemo at the Black Economic Alliance

June 20, 2023

Deputy Secretary of the Treasury Wally Adeyemo gave remarks at the Black Economic Alliance.

Federal Reserve Board

OIG Report: The Board Can Enhance Its Procedures and Controls for Protecting Confidential Information in Supervision Central

June 20, 2023

The Board of Governors of the Federal Reserve System (Federal Reserve) Office of Inspector General released a report entitled, "The Board Can Enhance Its Procedures and Controls for Protecting Confidential Information in Supervision Central."

Federal Reserve Bank of New York

Article: Understanding the Linkages between Climate Change and Inequality in the United States

June 20, 2023

The Federal Reserve Bank of New York published an Economic Policy Review research article entitled, "Understanding the Linkages between Climate Change and Inequality in the United States."

Article: Slow Road to Recovery: U.S.V.I. Sees Signs of Resilience Amid Range of Difficulties

June 20, 2023

The Federal Reserve Bank of New York published a The Teller Window article entitled, "Slow Road to Recovery: U.S.V.I. Sees Signs of Resilience Amid Range of Difficulties."

Blog: Is Work-from-Home Working?

June 20, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Is Work-from-Home Working?"

Commodity Futures Trading Commission

CFTC Whistleblower Office Issues Alert Seeking Tips Relating to Carbon Markets Misconduct

June 20, 2023

The Commodity Futures Trading Commission's (CFTC) Whistleblower Office in the Division of Enforcement issued an alert notifying the public on how to identify and report potential Commodity Exchange Act violations connected to fraud or manipulation in the carbon markets.

Consumer Financial Protection Bureau

CFPB Report Identifies Servicemembers' Financial Concerns

June 20, 2023

The Consumer Financial Protection Bureau (CFPB) released its annual report on the top financial concerns facing military families including the use of digital payment apps.

Blog: Worker Surveillance Poses Potential Privacy Harms

June 20, 2023

The CFPB published a blog post entitled, "Worker Surveillance Poses Potential Privacy Harms."

U.S. Small Business Administration

U.S. Small Business Administration Announces Strategic Alliance to Support Small Business Exporters

June 20, 2023

The U.S. Small Business Administration announced the signing of the Strategic Alliance Memorandum with the International Trade & Forfaiting Association.

Ginnie Mae

Blog: Ginnie Mae: A Leading Voice in Federal Enterprise Risk Management

June 20, 2023

Ginnie Mae published a Housing Analysis & Policy Spotlight blog entitled, "Ginnie Mae: A Leading Voice in Federal Enterprise Risk Management."

International

European Commission

EU budget: Commission proposes to reinforce long-term EU budget to face most urgent challenges

June 20, 2023

The European Commission released several proposals seeking to provide for targeted reinforcements in a limited number of priority areas, to ensure that the EU budget can continue to deliver on the most essential objectives. The main elements are:

i) A Ukraine facility to aid Ukraine's immediate needs, recovery and modernisation on its path towards the EU;

ii) A reinforcement of the EU budget to address internal and external dimensions of migration as well as needs arising from the global consequences of Russia's war of aggression in Ukraine, and to strengthen partnerships with key third countries;

iii) A Strategic Technologies for Europe Platform (STEP) to promote the EU's long-term competitiveness on critical technologies; and

iv) An EURI Instrument to cater for the higher NextGenerationEU funding costs due to the unprecedented surge in interest rates.

EU budget: Commission puts forward an adjusted package for the next generation of own resources

June 20, 2023

As committed during the negotiations on the long-term EU budget 2021-2027, the European Commission has completed its proposal for a next generation of own resources.

Joint Communication: An EU approach to enhance economic security

The European Commission and the High Representative published an updated Joint Communication on a European Economic Security Strategy.

Bank of England

Speech: With leverage comes responsibility

June 20, 2023

Bank of England Financial Policy Committee member Jonathan Hall gave a speech at the National Institute of Economic and Social Research entitled, "With leverage comes responsibility."

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)

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 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)

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.