Major Developments
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Senators Call for Action to Strengthen Financial Stability
March 31, 2023
U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, and eleven members of the Banking and Housing Committee sent a letter to Treasury Secretary Janet Yellen, urging the Financial Stability Oversight Council (FSOC) and its member agencies to review how our financial system is serving consumers, small businesses, and small banks, and to recommend ways we can strengthen our financial system against threats.
Federal Agencies
U.S. Department of the Treasury
Treasury Releases Social Security and Medicare Trustees Reports
March 31, 2023
The Social Security and Medicare Boards of Trustees, the U.S. Department of the Treasury—joined by Departments of Health and Human Services and Labor, the Centers for Medicare & Medicaid Services, and the Social Security Administration—released the annual Social Security and Medicare Trustees Reports .
Federal Reserve Board
Paper: Identifying Financial Crises Using Machine Learning on Textual Data
March 31, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) published a paper entitled, "Identifying Financial Crises Using Machine Learning on Textual Data."
Paper: In Search of Dominant Drivers of the Real Exchange Rate
March 31, 2023
The Federal Reserve published a paper entitled, "In Search of Dominant Drivers of the Real Exchange Rate."
Federal Reserve Bank of New York
Speech: Achieving Balance Amid Uncertainty
March 31, 2023
The Federal Reserve Bank of New York President and CEO John C. Williams gave a speech entitled, "Achieving Balance Amid Uncertainty."
Conference of State Bank Supervisors
CFPB Should Reconsider Nonbank Registry
March 31, 2023
State regulators asked the Consumer Financial Protection Bureau (CFPB) to reconsider its proposed registry for nonbank businesses that are subject to public orders for violations of federal or state consumer protection laws.
Office of the Comptroller of the Currency
OCC Reports Fourth Quarter 2022 Bank Trading Revenue
March 31, 2023
The Office of the Comptroller of the Currency (OCC) reported cumulative trading revenue of U.S. commercial banks and savings associations of $9.6 billion in the fourth quarter of 2022.
OCC Reports Mortgage Performance for Fourth Quarter of 2022
March 31, 2023
The OCC reported a slight decline in the performance of first-lien mortgages in the Federal banking system during the fourth quarter of 2022 compared to the previous quarter.
Commodity Futures Trading Commission
Statement of Commissioner Caroline D. Pham Regarding NFA Rule on Spot Digital Asset Commodity Activities
March 31, 2023
Commodity Futures Trading Commission (CFTC) Commissioner Caroline D. Pham gave remarks regarding NFA's rule on spot digital asset commodity activities.
Consumer Financial Protection Bureau
2022 Consumer Response annual report
March 31, 2023
The Consumer Financial Protection Bureau (CFPB) released the 2022 Consumer Responses annual report.
Blog: CFPB to distribute more than $4.7 million to consumers impacted by nationwide student financial aid scam
March 31, 2023
The CFPB published a blog post entitled, "CFPB to distribute more than $4.7 million to consumers impacted by nationwide student financial aid scam."
Financial Crimes Enforcement Network
FinCEN Analysis of Business Email Compromise in the Real Estate Sector Reveals Threat Patterns and Trends
March 30, 2023
The Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis on patterns and trends identified in Bank Secrecy Act data relating to business email compromise in the real estate sector in 2020 and 2021.
International
European Banking Authority
EBA issues Guidelines to challenge unwarranted de-risking and safeguard access to financial services to vulnerable customers
March 31, 2023
The European Banking Authority published new guidelines to ensure that customers have access to the financial services they need to fully participate in society and that they are not denied this access on unsubstantiated Anti-Money Laundering and Countering the Financing of Terrorism grounds or without valid reason.
Bank of England
Paper: An anatomy of the 2022 gilt market crisis
March 31, 2023
The Bank of England published a staff working paper entitled, "An anatomy of the 2022 gilt market crisis."
Paper: Revisiting the effects of long-term unemployment on inflation: the role of non-linearities
March 31, 2023
The Bank of England published a staff working paper entitled, "Revisiting the effects of long-term unemployment on inflation: the role of non-linearities."
Bank of England Prudential Regulation Authority
Policy Statement: Financial Services Compensation Scheme – Management Expenses Levy Limit 2023/24
March 31, 2023
The Bank of England Prudential Regulation Authority published a policy statement entitled, "Financial Services Compensation Scheme – Management Expenses Levy Limit 2023/24."
Policy Statement: Depositor Protection
March 31, 2023
The Bank of England Prudential Regulation Authority published a policy statement entitled, "Depositor Protection."
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.
