Major Developments
Congress
U.S. House of Representatives
Committee on Financial Services
House Passes Middle-Class Borrower Protection Act
June 23, 2023
The U.S. House of Representatives today passed the Middle-Class Borrower Protection Act of 2023.
ESG Working Group Releases Interim Report
June 23, 2023
The U.S. House Committee on Financial Services Environmental, Social, and Governance (ESG) Working Group released an interim report.
Roundtable On Deposit Insurance Reform
June 23, 2023
U.S. House Committee on Financial Services held a roundtable on deposit insurance reform.
Committee on Small Business
SMALL BUSINESS SNAPSHOT – June 2023
June 23, 2023
The U.S. House Committee on Small Business released the Small Business Snapshot for June 2023.
Federal Agencies
U.S. Department of the Treasury
FATF Advances Work in Combatting Corruption, Takes Steps to Mitigate Unintended Consequences for Non-Profits
June 23, 2023
The Financial Action Task Force (FATF) concluded the third plenary of the Singaporean presidency, during which it advanced its anti-corruption agenda, approved for public consultation a revised non-profit standard, and discussed the limited progress on global implementation of the FATF standard on virtual assets.
Treasury Sanctions Russian Intelligence Officers Supervising Election Influence Operations in the United States and Around the World
June 23, 2023
the Department of the Treasury's Office of Foreign Assets Control sanctioned two Russian Federal Security Service officers recently indicted by the Department of Justice who played a significant role in the Kremlin's attempts to conduct global malign influence operations, including efforts to influence a local election in the United States.
Treasury Department Releases Fact Sheet Detailing Investments in the Economic Future of Latino Communities
June 23, 2023
The U.S. Department of the Treasury released a fact sheet detailing actions the Department has taken and their impact on Latino households, businesses, and communities.
Remarks by Deputy Secretary Adeyemo at the First Treasury Department Summit on Investing in the Economic Future of Latino Communities
June 23, 2023
Deputy Secretary of the Treasury Wally Adeyemo gave remarks at the first Treasury Department Summit on Investing in the Economic Future of Latino Communities.
Treasury Department Announces Approval of Federal Funds to Connect 33,000 Washington State Homes and Businesses to Affordable, High-Speed Internet as Part of President Biden's Investing in America Agenda
June 23, 2023
The U.S. Department of the Treasury announced the approval of $195.7 million for high-speed internet projects in Washington state under the Capital Projects Fund in President Biden's American Rescue Plan, which the state estimates will connect about 33,000 homes and businesses to affordable, high-speed internet.
Remarks by Secretary of the Treasury Janet L. Yellen at Press Conference at Summit for a New Global Financing Pact
June 23, 2023
Secretary of the Treasury Janet L. Yellen gave remarks at a press conference at the Summit for a New Global Financing Pact.
Remarks by Secretary of the Treasury Janet L. Yellen at High Level Panel at Summit for a New Global Financing Pact
June 23, 2023
Secretary of the Treasury Janet L. Yellen gave remarks at High Level Panel at the Summit for a New Global Financing Pact in Paris, France.
Remarks by Secretary of the Treasury Janet Yellen at United States Embassy Breakfast in Paris, France
June 23, 2023
Secretary of the Treasury Janet L. Yellen gave remarks at a United States Embassy Breakfast in Paris, France.
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Agencies release list of distressed or underserved nonmetropolitan middle-income geographies
June 23, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve), Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) made available the 2023 list of distressed or underserved nonmetropolitan middle-income geographies.
Federal Reserve Board
Federal Open Market Committee announces tentative meeting schedule for 2024
June 23, 2023
The Federal Open Market Committee announced its tentative meeting schedule for 2024:
January 30-31 (Tuesday-Wednesday)
March 19-20 (Tuesday-Wednesday)
April 30-May 1 (Tuesday-Wednesday)
June 11-12 (Tuesday-Wednesday)
July 30-31 (Tuesday-Wednesday)
September 17-18 (Tuesday-Wednesday)
November 6-7 (Wednesday-Thursday)
December 17-18 (Tuesday-Wednesday)
January 28-29, 2025 (Tuesday-Wednesday)
Paper: Finite-State Markov-Chain Approximations: A Hidden Markov Approach
June 23, 2023
The Federal Reserve published a working paper entitled, "Finite-State Markov-Chain Approximations: A Hidden Markov Approach."
Paper: The FOMC's Use of Operational Targets: 85 Years and Counting
June 23, 2023
The Federal Reserve published a working paper entitled, "The FOMC's Use of Operational Targets: 85 Years and Counting."
Federal Reserve Bank of New York
Blog: 2nd Annual International Roles of the U.S. Dollar Conference
June 23, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "2nd Annual International Roles of the U.S. Dollar Conference."
Blog: The Credibility of Government Policies: Conference in Honor of Guillermo Calvo
June 23, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The Credibility of Government Policies: Conference in Honor of Guillermo Calvo."
Federal Deposit Insurance Corporation
Consolidated Reports of Condition and Income for Second Quarter 2023
June 23, 2023
The FDIC released the consolidated reports of condition and income for the second quarter 2023.
Federal Housing Finance Agency
FHFA Releases 1st Quarter 2023 Foreclosure Prevention and Refinance Report
June 23, 2023
The Federal Housing Finance Agency released its first quarter 2023 Foreclosure Prevention and Refinance Report.
Bank Policy Institute
BPI's BITS comments on the National Institute of Standards and Technology's Discussion Draft of the Cybersecurity Framework 2.0 Core
June 23, 2023
The Bank Policy Institute, through its technology policy division known as BITS, commented on the National Institute of Standards and Technology's (NIST) Discussion Draft of the Cybersecurity Framework 2.0 Core.
International
European Commission
EU adopts 11th package of sanctions against Russia for its continued illegal war against Ukraine
June 23, 2023
The European Union adopted an 11th package of sanctions against Russia.
Bank of England
Market Notice: Asset Purchase Facility: Gilt Sales – June 2023
June 23, 2023
The Bank of England issued a market notice setting out the schedule of sales in Q3 2023 of gilts held in the Asset Purchase Facility for monetary policy purposes.
Transforming data collection – Data Standards Committee meeting – 16 February 2023
June 23, 2023
The Bank of England released the minutes Data Standards Committee meeting on transforming data collection held on February 16, 2023.
Transforming data collection - Reporting Transformation Committee meeting - February 2023
June 23, 2023
The Bank of England released the minutes of the Reporting Transformation Committee meeting on transforming data collection held February 23, 2023.
Paper: The market for inflation risk
June 23, 2023
The Bank of England published a staff working paper entitled, "The market for inflation risk."
Market Participants Survey results – June 2023
June 23, 2023
The Bank of England released the results of the June 2023 Market Participants Survey.
Bank of England Prudential Regulation Authority
Results of the firm feedback survey 2022
June 23, 2023
The Prudential Regulation Authority released the results of the 2022 firm feedback survey.
Follow up to the letter: Insights from PRA thematic review of general insurance reserving and capital modelling
June 23, 2023
Prudential Regulation Authority Chief Actuary for General Insurance Nylesh Shah sent a letter to Chief Actuaries of general insurance firms and Lloyd's Managing Agents regulated by the PRA.
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.
