Major Developments
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Committee on Financial Services
Request for CFIUS to Evaluate National Security Risks of PGA Tour Merger with Saudi-Backed LIV
June 16, 2023
The Chair of the Senate Banking, Housing, and Urban Affairs Committee and ranking member of the House Financial Services Committee sent a letter to the Secretary of the U.S. Department of the Treasury and the Chair of the Committee on Foreign Investment in the United States (CFIUS) expressing concern about the recently announced merger of the PGA Tour, DP World Tour, and Saudi-backed LIV Golf.
Federal Agencies
U.S. Department of the Treasury
Treasury Releases Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States
June 16, 2023
The U.S. Department of the Treasury delivered its semiannual Report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States.
Federal Reserve Board
Federal Reserve Board publishes a database of financial institutions with access to, or requests to access, Federal Reserve Bank master accounts and services
June 16, 2023
The Federal Reserve Board on Friday published a database of financial institutions with access to, or requests to access, Federal Reserve Bank master accounts and services. The database is consistent with the requirements set forth in legislation enacted last year and will be updated on a quarterly basis.
Monetary Policy Report – June 2023
June 16, 2023
The Federal Reserve Board released the Monetary Policy Report for June 2023.
Speech: Financial Stability and Macroeconomic Policy
June 16, 2023
Federal Reserve Board Governor Christopher J. Waller gave a speech at "The Future of Macroeconomic Policy" conference entitled, "Financial Stability and Macroeconomic Policy."
Federal Reserve Bank of New York
Report: Measuring the Natural Rate of Interest after COVID-19
June 16, 2023
The Federal Reserve Bank of New York published a staff report entitled, "Measuring the Natural Rate of Interest after COVID-19."
Business Leaders Survey – June 2023
June 16, 2023
The Federal Reserve Bank of New York published the results of the June 2023 Business Leaders Survey.
U.S. Economy in a Snapshot – June 2023
June 16, 2023
The Federal Reserve Bank of New York released the U.S. Economy in a Snapshot for June 2023.
Underlying Inflation Gauge – June 2023
June 16, 2023
The Federal Reserve Bank of New York released the Underlying Inflation Gauge (UIG) for June 2023.
Mapping Home Price Changes – April 2023
June 16, 2023
The Federal Reserve Bank of New York released the home price changes for April 2023.
Blog: The New York Fed DSGE Model Forecast— June 2023
June 16, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The New York Fed DSGE Model Forecast— June 2023."
Blog: 2023 State-of-the-Field Conference on Cyber Risk to Financial Stability
June 16, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "2023 State-of-the-Field Conference on Cyber Risk to Financial Stability."
Conference of State Bank Supervisors
Blog: NMLS Consumer Access: Consumer Protection for Home Buying
June 16, 2023
The Conference of State Bank Supervisors published a blog post entitled, "NMLS Consumer Access: Consumer Protection for Home Buying."
Office of the Comptroller of the Currency
Acting Comptroller Discusses Tokenization, Artificial Intelligence
June 16, 2023
Acting Comptroller of the Currency Michael J. Hsu discussed the benefits and risks of tokenization and artificial intelligence in remarks at the American Bankers Association's Risk and Compliance Conference in San Antonio, Texas.
International
European Banking Authority
EBA finds that money laundering and terrorist financing risks in payments institutions are not managed effectively
June 16, 2023
The European Banking Authority published its Report on money laundering and terrorist financing (ML/TF) risks associated with EU payment institutions.
Bank of England
Bank of England/Ipsos Inflation Attitudes Survey - May 2023
June 16, 2023
The Bank of England and Ipsos released the joint Inflation Attitudes Survey results for May 2023.
Paper: The transmission of macroprudential policy in the tails: evidence from a narrative approach
June 16, 2023
The Bank of England published a staff working paper entitled, "The transmission of macroprudential policy in the tails: evidence from a narrative approach."
Minutes of Money Market Committee meeting – May 2023
June 16, 2023
The Bank of England released the minutes of the Money Market Committee meeting held May 3, 2023.
Speech: The building blocks of resilience
June 16, 2023
Bank of England Executive Director Sarah Breeden gave a speech entitled, "The building blocks of resilience."
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.
