Major Developments
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Senator Sends Letter to FHFA Regarding Changes to Mortgage Financing
May 8, 2023
U.S. Senator Time Scott (R-S.C.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to the Federal Housing Finance Agency regarding its recent changes to mortgage financing.
Federal Agencies
Federal Reserve Board
Financial Stability Report – May 2023
May 8, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) published the May 2023 Financial Stability Report.
Supervision and Regulation Letter: One Agile Supervision Solution External Portal to be Utilized for Information Exchange During Supervisory Events
May 8, 2023
The Federal Reserve issued a supervision and regulation letter entitled, "One Agile Supervision Solution External Portal to be Utilized for Information Exchange During Supervisory Events."
Paper: Endogenous Bargaining Power and Declining Labor Compensation Share
May 8, 2023
The Federal Reserve published a paper entitled, "Endogenous Bargaining Power and Declining Labor Compensation Share."
The April 2023 Senior Loan Officer Opinion Survey on Bank Lending Practices
May 8, 2023
The Federal Reserve published the results of the April 2023 Senior Loan Officer Opinion Survey on Bank Lending Practices.
Federal Reserve Bank of New York
Survey: Short-Term Inflation Expectations Decline; Perceived and Expected Credit Conditions Mostly Unchanged
May 8, 2023
The Federal Reserve Bank of New York's Center for Microeconomic Data today released the April 2023 Survey of Consumer Expectations, which shows that inflation expectations declined at the short-term horizon, but increased slightly at the medium- and longer-term horizons.
Blog: Are There Too Many Ways to Clear and Settle Secured Financing Transactions?
May 8, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Are There Too Many Ways to Clear and Settle Secured Financing Transactions?"
Securities and Exchange Commission
Speech: "Public Service is a Noble Pursuit, a Higher Calling:" Commencement Address, Lyndon B. Johnson School of Public Affairs, University of Texas, Austin
May 6, 2023
Securities and Exchange Commission Commissioner Jaime Lizarraga gave a commencement address at the Lyndon B. Johnson School of Public Affairs, University of Texas, Austin, entitled, "Public Service is a Noble Pursuit, a Higher Calling."
Consumer Financial Protection Bureau
Blog: Have medical debt? Anything already paid or under $500 should no longer be on your credit report
May 8, 2023
The Consumer Financial Protection Bureau (CFPB) published a blog post entitled, "Have medical debt? Anything already paid or under $500 should no longer be on your credit report."
National Credit Union Administration
NCUA Chairman Todd M. Harper Provides Update on NCUA Initiatives at CCUA Accelerate 2023
May 8, 2023
National Credit Union Administration Chairman Todd M. Harper spoke before the audience of the Cooperative Credit Union Association's (CCUA) CU Accelerate 2023 event and participated in a fireside chat with CCUA President and CEO Ron McLean.
Fannie Mae
HPSI: HPSI Increases as Housing Confidence Continues Upward Trend
May 8, 2023
The Fannie Mae Home Purchase Sentiment Index® (HPSI) increased in April to its highest level since May 2022, jumping 5.5 points to 66.8.
Bank Policy Institute
BPI, ABA and FSF Comment on SEC Proposed Rulemaking on Safeguarding Advisory Client Assets
May 8, 2023
The American Bankers Association, ABA Securities Association, the Financial Services Forum, and the Bank Policy Institute sent a comment letter to the to the Securities and Exchange Commission (SEC) on its proposed rule "Safeguarding Advisory Client Assets," published March 9, 2023.
Blog: A Failure of (Self-) Examination: A Thorough Review of SVB's Exam Reports Yields Conclusions Very Different From Those in the Fed's Self Assessment
May 8, 2023
The Bank Policy Institute published a blog post entitled, "A Failure of (Self-) Examination: A Thorough Review of SVB's Exam Reports Yields Conclusions Very Different From Those in the Fed's Self Assessment."
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.