Major Developments
Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: Dollar Dominance: Preserving the U.S. Dollar's Status as the Global Reserve Currency
June 7, 2023
The U.S. Committee on Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions held a hearing entitled, "Dollar Dominance: Preserving the U.S. Dollar's Status as the Global Reserve Currency."
Committee on Small Business
Hearing: Prices on the Rise: Examining the Effects of Inflation on Small Businesses
June 7, 2023
The U.S. House Committee on Small Business held a hearing entitled, "Prices on the Rise: Examining the Effects of Inflation on Small Businesses."
Federal Agencies
U.S. Department of the Treasury
Article: Racial Equity Benefits All Americans
June 7, 2023
Deputy Secretary of the Treasury Wally Adeyemo authored an article entitled, "Racial Equity Benefits All Americans."
Federal Reserve Board
Supervisory Letter: Interagency Guidance on Third-Party Relationships: Risk Management
June 7, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) Division of Supervision and Regulation sent a supervisory letter to officers of banking organizations regulated by the Federal Reserve regarding the recent Interagency Guidance on Third-Party Relationships: Risk Management.
Securities and Exchange Commission
SEC Adopts Rules to Prevent Fraud in Connection with Security-Based Swaps Transactions and Prevent Undue Influence over CCOs
June 7, 2023
The Securities and Exchange Commission (SEC) adopted rules to prevent fraud, manipulation, and deception in connection with security-based swap transactions and to prevent undue influence over the chief compliance officer of security-based swap dealers and major security-based swap participants.
SEC Adopts Amendments to Remove References to Credit Ratings From Regulation M
June 7, 2023
The SEC adopted rule changes to remove and replace references to credit ratings from existing exceptions provided in Rule 101 and Rule 102 of Regulation M, a set of rules that prohibits activities that could artificially influence the market for an offered security.
Commodity Futures Trading Commission
CFTC Holds Adopts Multiple Regulations and Orders
The Commodity Futures Trading Commission (CFTC) held an open meeting to consider the following:
i) Final Rule: Governance Requirements for Derivatives Clearing Organizations
ii) Proposed Rule: Derivatives Clearing Organizations Recovery and Orderly Wind-down Plans
iii) Proposed Rule: Amendments to Part 17 Large Trader Reporting Requirements
iv) Proposed Order/Request for Comments: European Union Non-Bank Swap Dealer Capital Comparability Determination
v) Amendment to DCO Order of Registration: Cboe Clear Digital, LLC
Consumer Financial Protection Bureau
Office of Research Blog: Update on student loan borrowers as payment suspension set to expire
June 7, 2023
The Consumer Financial Protection Bureau (CFPB) Office of Research published a blog post entitled, "Update on student loan borrowers as payment suspension set to expire."
Blog: The CFPB has entered the chat, Discussing Chat bots
June 7, 2023
The CFPB published a blog post entitled, "The CFPB has entered the chat."
Fannie Mae
HPSI: Perceived Homebuying and Home-Selling Conditions Diverged Further in May
June 7, 2023
Fannie Mae released the Home Purchase Sentiment Index for May 2023 which decreased by 1.2 points to 65.6, as affordability constraints continue to color consumers' perceptions of homebuying and home-selling conditions.
Freddie Mac
Freddie Mac Expands Financing for Affordable Housing in Native American Communities
June 7, 2023
Freddie Mac announced the launch of a new mortgage product to support members of Native American communities.
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.
