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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, May 10, 2023

May 10, 2023

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Major Developments

Congress

U.S. House of Representatives

Committee on Financial Services

McHenry Outlines Committee Fiscal Year 2024 Priorities in Letter to Appropriators

May 9, 2023

Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), sent a letter to House Appropriations Committee Chairwoman Kay Granger (TX-12) and Ranking Member Rosa DeLauro (CT-03).

Federal Agencies

Federal Reserve Bank of New York

Speech: President Williams: This Is the Way

May 9, 2023

Federal Reserve Bank of New York President and CEO John C. Williams gave a speech at the Economic Club of New York entitled, "This Is the Way."

Federal Reserve Bank of Boston

Paper: The Importance of Wealth to Family Well-Being: Seeding Innovation to Address the Structural Roots of Inequality

The Federal Reserve Bank of Boston published a paper entitled, "The Importance of Wealth to Family Well-Being: Seeding Innovation to Address the Structural Roots of Inequality."

Consumer Financial Protection Bureau

Prepared Remarks of General Counsel and Senior Advisor to the Director Seth Frotman at the Innovative Payments Conference

May 9, 2023

Consumer Financial Protection Bureau (CFPB) General Counsel and Senior Advisor Seth Frotman gave remarks at the Innovative Payments Conference.

FINRA

Investor Insights: Get Off the Bench: A Look at Benchmarks

May 9, 2023

FINRA published an Investor Insights alert entitled, "Get Off the Bench: A Look at Benchmarks."

State Agencies

New York State Department of Financial Services

Superintendent Adrienne A. Harris Releases Updated Guidance on Vetting Key Personnel For Entities Licensed Or Chartered Under New York Banking Law

May 9, 2023

New York Department of Financial Services (DFS) Superintendent Adrienne A. Harris released Proposed Guidance to New York State banking organizations and non-depository financial institutions licensed or chartered under the New York Banking Law to notify them of the DFS's updated expectations regarding their review and assessment of the character and fitness of their directors and senior officers, both upon onboarding and on an ongoing basis.

International

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.