Major Developments

Federal Reserve Board

Federal Reserve issues FOMC statement

June 14, 2023

The Federal Open Market Committee announced that the Board of Governors of the Federal Reserve System (Federal Reserve) has voted unanimously to maintain the interest rate paid on reserve balances at 5.15 percent.

• Statement
• Implementation Note

Federal Reserve Board and Federal Open Market Committee release economic projections from the June 13-14 FOMC Meeting

June 14, 2023

The Federal Reserve released economic projections made by the Federal Open Market Committee participants in conjunction with the June 13-14 meeting.

• Projections
• Press Release

Congress

U.S. House of Representatives

Committee on Financial Services

Letter to FSOC on Nonbank Financial Institution Supervisory Guidance

June 14, 2023

U.S. House Committee on Financial Services Chair Patrick McHenry (NC-10) sent a letter to U.S. Treasury Secretary Janet Yellen in her capacity as Chair of the Financial Stability Oversight Council (FSOC). In the letter, Chairman McHenry demands FSOC revisit its April decision to evaluate risks posed by non-bank financial entities based on size, rather than the activities they undertake.

• Letter
• Press Release

Hearing: The Semi-Annual Report of the Bureau of Consumer Financial Protection

June 14, 2023

The U.S. House Committee on Financial Services held a hearing entitled, "The Semi-Annual Report of the Bureau of Consumer Financial Protection."

• Hearing
• Committee Memorandum
• CFPB Director Chopra Testimony
• Committee Chair McHenry Statement
• Committee Ranking Member Waters Statement

Federal Agencies

U.S. Department of the Treasury

Treasury Department Seeks to Bolster Semiconductor Supply Chain Confidence with CHIPS Investment Tax Credit Guidance

June 14, 2023

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) are proposing new rules for taxpayers seeking to utilize the elective payment option to more quickly gain the benefits of the section 48D Advanced Manufacturing Investment Credit, which was established by the CHIPS Act of 2022.

• Proposed Regulations
• Temporary Regulations
• Press Release

U.S. Department of the Treasury, IRS Release Guidance on Provisions to Expand Reach of Clean Energy Tax Credits Through President Biden's Investing in America Agenda

June 14, 2023

The U.S. Department of the Treasury and the IRS released guidance on key provisions in the Inflation Reduction Act to expand the reach of the clean energy tax credits and help build projects more quickly and affordably.

• Elective Pay Guidance
• Transferability Guidance
• Electronic Pre-Filing Registration Guidance
• Press Release

Remarks by Deputy Secretary of the Treasury Wally Adeyemo at Roundtable on Expanding Access to Capital for Minority Entrepreneurs and Small Business Owners

June 14, 2023

Deputy Secretary of the Treasury Wally Adeyemo participated in a roundtable on expanding access to capital for minority entrepreneurs and small business owners with representatives from the U.S. Department of Commerce and the Office of the Vice President.

• Remarks

Office of the Comptroller of the Currency

OCC Report Identifies Key Risks Facing Federal Banking System

June 14, 2023

The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Spring 2023.

• Semiannual Risk Perspective
• Press Release
• Acting Comptroller Hsu Statement

Securities and Exchange Commission

Remarks at the Small Business Capital Formation Advisory Committee Meeting

June 14, 2023

Securities and Exchange Commission (SEC) Chair Gary Gensler and Commissioners Jaime Lizarraga and Mark T. Uyeda gave remarks at the Small Business Capital Formation Advisory Committee meeting.

• Chair Gensler Remarks
• Commissioner Lizarraga Remarks
• Commissioner Uyeda Remarks

National Credit Union Administration

NCUA Releases Q1 2023 State-Level Credit Union Data Report

June 14, 2023

The National Credit Union Administration released the Quarterly U.S. Map Review with state-level credit union data for Q1 2023.

• Report
• Press Release

Ginnie Mae

June 14, 2023

Ginnie Mae announced that it is extending the use of electronic signatures in conjunction with Remote Online Notarization to include power of attorney mortgage documents.

• All Participants Memorandum
• Press Release

International

European Banking Authority

EBA issues Opinion in response to the European Commission's proposed amendments to the draft technical standards on crowdfunding service providers

June 14, 2023

The European Banking Authority (EBA) published an Opinion on the amendments proposed by the European Commission to the EBA final draft Regulatory Technical Standards on requirements on credit scoring of crowdfunding projects, pricing of crowdfunding offers, and risk management policies and procedures.

• Opinion
• EBA Letter
• Press Release

EBA updates list of risk indicators and analysis tools

June 14, 2023

The European Banking Authority published an updated list of indicators for risk assessment and risk analysis tools, together with the accompanying methodological guide.

• Press Release

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)

• Vice Chair Phillip N Jefferson (nominated May 12, 2023)
• Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
• Governor Michelle W. Bowman (sworn in November 26, 2018)
• Governor Christopher J. Waller (sworn in December 18, 2020)
• Governor Lisa D. Cook (sworn in May 23, 2022)
• Governor Adriana Kugler (nominated May 12, 2023)
• Federal Reserve announces appointment of Joshua Gallin as Secretary of the Federal Open Market Committee (February 2, 2023)
• President Biden nominates Dr. Philip Jefferson for Vice Chair and Dr. Adriana Kugler to serve as a Member on the Federal Reserve Board, and renominates Dr. Lisa Cook for an additional full term as Member (May 12, 2023)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

• Vincent Alvarez designated Chair of Federal Reserve Bank of New York Board of Directors; Rosa Gil designated Deputy Chair (January 10, 2023)
• Pat Wang appointed as a Class C Director to Federal Reserve Bank of New York Board of Directors (January 10, 2023)
• Federal Reserve Bank of New York names Roberto Perli SOMA Manager (February 2, 2023)
• Cali Brooks and Miguel Soto-Class appointed to Federal Reserve Bank of New York Community Advisory Board (April 4, 2023)
• Federal Reserve Bank of New York names Mihaela Nistor as Chief Risk Officer and Head of the Risk Group (May 31, 2023)
• Federal Reserve Bank of New York names Beverly Hirtle as Research Advisor and begins search for new Director of Research (June 6, 2023)

Federal Reserve Bank of Boston – Susan M. Collins (effective July 1, 2022)

• Federal Reserve Bank of Boston announces 2023 Board of Directors (January 10, 2023)
• Federal Reserve Bank of Boston announces new external advisory council members (April 10, 2023)
• Federal Reserve Bank of Boston names Egon Zakrajšek as Director of Economic Research (May 17, 2023)

Federal Deposit Insurance Corporation – Martin Gruenberg (effective January 5, 2023)

• Vice Chairman Travis Hill (sworn in January 5, 2023)
• Director Jonathan McKernan (sworn in January 5, 2023)
• Director Michael Hsu (Acting Comptroller of the Currency)
• Director Rohit Chopra (Director of Consumer Financial Protection Bureau)
• FDIC announces senior leadership changes in Division of Risk Management Supervision (January 26, 2023)
• FDIC names three bankers to Minority Depository Institutions Subcommittee (May 25, 2023)
• FDIC names eight new members to Advisory Committee on Community Banking (May 26, 2023)

Office of the Comptroller of the Currency – Michael Hsu (acting Comptroller, effective May 10, 2021)

• OCC announces Deputy Comptroller for Systemic Risk Identification and Support (January 11, 2023)
• Kristen Baldwin named OCC Chief Information Officer (February 8, 2023)

Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)

• SEC announces appointment of Cristina Martin Firvida as Investor Advocate (January 10, 2023)
• Paul Munter named Chief Accountant (January 11, 2023)
• Erik Gerding named Director of Division of Corporation Finance (January 13, 2023)
• Silvestre Fontes named Director of Boston Regional Office (January 25, 2023)
• Cicely LaMothe named Deputy Director, Disclosure Operations, for the Division of Corporation Finance (February 14, 2023)
• SEC appoints Deborah J. Jeffrey as Inspector General (April 17, 2023)
• Eric R. Werner named Director of Fort Worth Regional Office (April 25, 2023)

Commodity Futures Trading Commission – Rostin Behnam (effective December 17, 2021)

• Commissioner Pham announces members of the CFTC's Global Markets Advisory Committee (January 12, 2023)
• CFTC Commissioner Pham announces additional staff appointment (February 7, 2023)
• Chairman Behnam announces veteran Federal prosecutor Ian McGinley as Enforcement Director (February 28, 2023)
• Commissioner Goldsmith Romero announces Yevgeny Shrago as Senior Counsel and Policy Advisor (April 14, 2023)
• CFTC Appoints Jeffrey Sutton as Executive Director (April 18, 2023)

Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)

• CFPB announces appointments of New Advisory Committee Members (March 1, 2023)

National Credit Union Administration – Todd M. Harper (effective January 20, 2021)

• Cory Phariss named New AMAC President (February 9, 2023)

Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)

• Senate confirms Dilwar Syed as Deputy Administrator for the U.S. Small Business Administration (June 8, 2023)

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.