Major Developments
Congress
U.S. House of Representatives
Federal Agencies
Federal Reserve Board
Federal Deposit Insurance Corporation
National Credit Union Administration
Office of the Comptroller of the Currency
Agencies finalize policy statement on commercial real estate loan accommodations and workouts
June 29, 2023
Federal financial institution regulatory agencies today jointly issued a final policy statement on commercial real estate loan accommodations and workouts.
Federal Reserve Board
Federal Reserve names organizations certified as ready for FedNow® Service
June 29, 2023
The Federal Reserve announced that 57 early adopter organizations, including financial institutions and service providers, have completed formal testing and certification in advance of the FedNow Service's launch planned for late July.
Paper: Interconnected DeFi: Ripple Effects from the Terra Collapse
June 29, 2023
The Federal Reserve Board published a working paper entitled, "Interconnected DeFi: Ripple Effects from the Terra Collapse."
OIG Report: Results of Scoping of the Evaluation of the Board and Reserve Banks' Cybersecurity Incident Response Process for Supervised Institutions
June 29, 2023
The Federal Reserve Board Office of Inspector General released a report entitled, "Results of Scoping of the Evaluation of the Board and Reserve Banks' Cybersecurity Incident Response Process for Supervised Institutions."
Speech: Financial Stability and Economic Developments
June 29, 2023
Federal Reserve Board Chair Jerome H. Powell gave a speech at the Banco de Espana Fourth Conference on Financial Stability entitled, "Financial Stability and Economic Developments."
Commodity Futures Trading Commission
CFTC Division of Enforcement Creates Two New Task Forces
June 29, 2023
The Commodity Futures Trading Commission's Division of Enforcement announced it has established two new task forces. The Cybersecurity and Emerging Technologies Task Force will address cybersecurity issues and other concerns related to emerging technologies (including artificial intelligence). The Environmental Fraud Task Force will combat environmental fraud and misconduct in derivatives and relevant spot markets.
CFTC Staff Issues a No-Action Letter Regarding Certain Reporting Requirements for Swaps Transitioning from USD LIBOR and Other Rates to Risk-Free Rates
June 29, 2023
The Commodity Futures Trading Commission's Division of Market Oversight and Division of Data issued a staff no-action letter regarding certain Part 43 and Part 45 swap reporting obligations for swaps transitioning under the ISDA LIBOR fallback provisions from referencing the remaining tenors of USD LIBOR, as well as USD LIBOR ICE Swap Rates and Moscow Prime Offered Rates, to referencing risk-free rates following the cessation or non-representativeness of the Impacted Rates on June 30, 2023.
Consumer Financial Protection Bureau
The CFPB's 2022 Fair Lending Annual Report to Congress
June 29, 2023
The Consumer Financial Protection Bureau released its Fair Lending Annual Report to Congress.
Financial Crimes Enforcement Network
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies
June 29, 2023
The Financial Crimes Enforcement Network (FinCEN) is informing U.S financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), issued a public statement at the conclusion of its plenary meeting this month reiterating that all jurisdictions should be vigilant to current and emerging risks from the circumvention of measures taken against the Russian Federation in order to protect the international financial system. The FATF also updated its lists of jurisdictions with strategic AML/CFT/CPF deficiencies.
Federal Financial Institutions Examination Council
FFIEC Announces Availability of 2022 Data on Mortgage Lending
June 29, 2023
The Federal Financial Institutions Examination Council announced the availability of data on 2022 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 4,460 U.S. financial institutions, including banks, savings associations, credit unions, and mortgage companies.
Federal Housing Finance Agency
FHFA Expands Uniform Appraisal Dataset (UAD) Aggregate Statistics with New Measures and New Quarterly Data
June 29, 2023
The Federal Housing Finance Agency published its 2023 first quarter data for the Uniform Appraisal Dataset (UAD) Aggregate Statistics.
Bank Policy Institute
What Regulators Should Consider When Rethinking Liquidity Rules Post-SVB
June 29, 2023
The Bank Policy Institute published a blog post entitled, "What Regulators Should Consider When Rethinking Liquidity Rules Post-SVB."
BPI Statement on the 2023 Federal Reserve Stress Test Results
June 28, 2023
Bank Policy Institute Executive Vice President and Head of Research Francisco Covas issued a response to the Federal Reserve's release of the 2023 stress test results.
International
European Commission
Commission welcomes provisional political agreement on EU Digital Identity Wallet, Europe's first trusted and secure digital identity app
June 29, 2023
The Commission welcomes the provisional political agreement of the European Parliament and the Council of the EU on the key elements of the proposal for a legal framework for a European Digital Identity.
Bank of England
Statistics: Money and Credit - May 2023
June 29, 2023
The Bank of England released the Money and Credit statistics for May 2023 alongside the effective interest rates.
Speech: Monetary policy in the face of large shocks
June 29, 2023
Bank of England Monetary Policy Committee member Silvana Tenreyro gave a speech entitled, "Monetary policy in the face of large shocks."
Speech: Global action to enhance cross-border payments
June 29, 2023
Bank of England Executive Director Victoria Cleland gave a speech at the Global Payments Summit in Cape Town entitled, "Global action to enhance cross-border payments."
Bank of England Prudential Regulation Authority
The PRA consults on major elements of the new Solvency UK framework, with measures to simplify the framework, improve flexibility, and support growth and competitiveness
June 29, 2023
The Prudential Regulation Authority released a consultation paper entitled, "Review of Solvency II: Adapting to the UK insurance market."
UK Financial Conduct Authority
FCA widens retail and pensions access to Long Term Asset Funds
June 29, 2023
The Financial Conduct Authority has set out new rules to give retail investors and more defined contribution pension schemes access to Long Term Asset Funds.
FCA outlines concerns about sustainability-linked loans market
June 29, 2023
The Financial Conduct Authority released a review of the sustainability-linked loans market.
Speech: How innovation and regulation in financial services can drive the UK's economic growth
June 29, 2023
Financial Conduct Authority Executive Director Sheldon Mills gave a speech at the CityUK Annual Conference 2023 entitled, "How innovation and regulation in financial services can drive the UK's economic growth."
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.
