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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, May 24, 2023

May 24, 2023

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Major Developments

Congress

U.S. House of Representatives

Committee on Financial Services

Hearing: FHFA Oversight: Protecting Homeowners and Taxpayers

May 23, 2023

The U.S. House Committee on Financial Services held a hearing entitled, "FHFA Oversight: Protecting Homeowners and Taxpayers."

Committee on Small Business

Committee on Small Business Announces June Hearing Schedule

May 23, 2023

The House Committee on Small Business announced its June hearing schedule.

Subcommittee on Economic Growth, Tax, and Capital Access: "American Ingenuity: Promoting Innovation Through the Tax Code"

  • Date & Time: Tuesday, June 6th at 10:00 AM
  • Location: Hearing Room, 2360 Rayburn

Full Committee Hearing: "Prices on the Rise: Examining the Effects of Inflation on Small Businesses"

  • Date & Time: Wednesday, June 7th at 2:00 PM
  • Location: Hearing Room, 2360 Rayburn

Full Committee Hearing: "Assisting Entrepreneurs: Examining Private and Public Resources Helping Small Businesses"

  • Date & Time: Tuesday, June 13th at 2:00 PM
  • Location: Hearing Room, 2360 Rayburn

Full Committee Hearing: "Reviewing the SBA's Office of Advocacy Report on the Regulatory Flexibility Act"

  • Date & Time: Thursday, June 22nd at 2:00 PM
  • Location: Hearing Room, 2360 Rayburn
  • Press Release

Federal Agencies

Federal Reserve Board

Paper: Measuring Job Loss during the Pandemic Recession in Real Time with Twitter Data

May 23, 2023

The Board of Governors of the Federal Reserve System (Federal Reserve) published a working paper entitled, "Measuring Job Loss during the Pandemic Recession in Real Time with Twitter Data."

Paper: More than Words: Twitter Chatter and Financial Market Sentiment

May 23, 2023

The Federal Reserve published a working paper entitled, "More than Words: Twitter Chatter and Financial Market Sentiment."

Federal Reserve Bank of New York

Blog: Financial Stability and Interest Rates

May 23, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Financial Stability and Interest Rates."

Federal Reserve Bank of Boston

Small business health, minority entrepreneurs' access to capital, in focus at Boston Fed summit

May 23, 2023

The Federal Reserve Bank of Boston held the first annual Financial Summit which focused on the economic importance of small businesses.

Federal Deposit Insurance Corporation

Remarks by Chairman Martin J. Gruenberg on Cities for Financial Empowerment Fund at the 2023 Bank On National Conference

May 23, 2023

Federal Deposit Insurance Corporation (FDIC) Chair Martin J. Gruenberg gave remarks on Cities for Financial Empowerment Fund at the 2023 Bank On National Conference.

Office of the Comptroller of the Currency

Acting Comptroller Discusses Financial Inclusion

May 23, 2023

Acting Comptroller of the Currency (OCC) Michael J. Hsu today discussed the OCC's commitment to a fair and inclusive financial system in remarks at the Bank On National Conference.

Bank Policy Institute

BPI Calls on SEC to Better Balance Investor Transparency and Cybersecurity Risks

May 23, 2023

The Bank Policy Institute reiterated comments late yesterday to the Securities and Exchange Commission (SEC) concerning its efforts to give investors more transparency into a company's cybersecurity risk and incident response practices.

Blog: Why is the FRTB Expected Shortfall Calculation Designed as It Is?

May 23, 2023

The Bank Policy Institute published a blog post entitled, "Why is the FRTB Expected Shortfall Calculation Designed as It Is?"

International

European Banking Authority

ESAs publish Joint Annual Report for 2022

May 23, 2023

The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published its 2022 Annual Report, which provides an account of its joint work completed over the past year.

Bank of England

Andrew Bailey's Annual Report for the Treasury Select Committee

May 23, 2023

Bank of England Governor Andrew Bailey published his Annual Report for the Treasury Select Committee hearing on May 23, 2023.

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.