Major Developments
Federal Reserve Board
Results of 2023 bank Stress Test Released
The Board of Governors of the Federal Reserve Board (Federal Reserve) released the results of its annual stress test, documenting that the nation's 23-largest banks are well positioned to weather a severe recession and continue to lend to households and businesses even during a severe recession
Press Release
Results
Federal Agencies
U.S. Department of the Treasury
Remarks by Assistant Secretary for Financial Institutions Graham Steele Addressing Insurance Regulation and Supervision of Climate-Related Financial Risk
June 28, 2023
Assistant Secretary for Financial Institutions Graham Steele gave remarks at an event hosted by the Brookings Institution's Assessing Insurance Regulation and Supervision of Climate-Related Financial Risk.
Remarks by Deputy Secretary of the Treasury Wally Adeyemo at White House Call Announcing Interagency Community Investment Committee One-Year Action Report
June 27, 2023
Deputy Secretary of the Treasury Wally Adeyemo delivered remarks on a call with representatives from the Office of the Vice President and Domestic Policy Council on the Interagency Community Investment Committee's new one-year action report.
Securities and Exchange Commission
Enforcement Director Grewal's Remarks at Financial Times Cyber Resilience Summit
June 28, 2023
Securities and Exchange Commission (SEC) Division of Enforcement Director Gurbir S. Grewal gave remarks at Financial Times Cyber Resilience Summit.
Commodity Futures Trading Commission
CFTC Staff Releases Request for Comment on the Impact of Affiliations of Certain CFTC-Regulated Entities
June 28, 2023
The Commodity Futures Trading Commission's (CFTC) Divisions of Market Oversight, Clearing and Risk and Market Participants issued a request for comment to better inform them of potential issues that may arise because of affiliations of CFTC-registered entities with market participants.
Consumer Financial Protection Bureau
Office of Research blog: How are mortgages with a COVID-related forbearance performing in 2023?
June 28, 2023
The Consumer Financial Protection Bureau (CFPB) Office of Research published a blog entitled, "How are mortgages with a COVID-related forbearance performing in 2023?"
FINRA
Investor Insights: Opening Up About Closed-End Funds
June 28, 2023
The Financial Industry Regulatory Authority (FINRA) published an Investor Insights article entitled, "Opening Up About Closed-End Funds."
National Credit Union Administration
NCUA Releases Annual Cybersecurity & Credit Union System Resilience Report
June 28, 2023
The National Credit Union Administration released its Report to the Committee on Financial Services of the House of Representatives and to the Committee on Banking, Housing, and Urban Affairs of the Senate on Cybersecurity and Credit Union System Resilience.
Federal Housing Finance Agency
Federal Housing Administration Increases Dollar Amount Threshold for Large Multifamily Loans to Be Eligible for Standard Underwriting
June 28, 2023
The Federal Housing Administration published a Mortgagee Letter that increases the threshold at which a Multifamily loan is considered a Large Loan from $75 million to $120 million.
International
European Commission
Single Currency Package: new proposals to support the use of cash and to propose a framework for a digital euro
June 28, 2023
The European Commission has put forward two proposals to ensure that citizens and businesses can continue to access and pay with euro banknotes and coins across the euro area, and to set out a framework for a possible new digital form of the euro that the European Central Bank may issue in the future, as a complement to cash.
Modernising payment services and opening financial services data: new opportunities for consumers and businesses
June 28, 2023
The European Commission has put forward proposals to bring payments and the wider financial sector into the digital age. The new rules will further improve consumer protection and competition in electronic payments, and will empower consumers to share their data in a secure way so that they can get a wider range of better and cheaper financial products and services.
Data Act: Commission welcomes political agreement on rules for a fair and innovative data economy
June 28, 2023
The Commission welcomes the political agreement reached \ between the European Parliament and the Council of the EU, on the European Data Act, proposed by the Commission in February 2022.
Bank of England
Speech: Recent experiences in macroeconomic forecasting
June 28, 2023
Bank of England Chief Economist Huw Pill gave a speech at the 2023 ECB Forum on Central Banking entitled, "Recent experiences in macroeconomic forecasting."
Bank of England Prudential Regulation Authority
Consultation Paper: Solvent exit planning for non-systemic banks and building societies
June 28, 2023
The Prudential Regulation Authority published a consultation paper entitled, "Solvent exit planning for non-systemic banks and building societies."
UK Financial Conduct Authority
FCA joins other regulators to call on firms to help struggling customers
June 28, 2023
The UK Financial Conduct Authority (FCA) joined other regulators to call on firms to support customers struggling with the increased cost of living and to keep prices fair for customers. The FCA will report on how well the cash savings market is supporting savers to benefit from higher interest rates.
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.
