Federal Agencies
Federal Reserve Board
Minutes of the Board's discount rate meetings from April 10 through May 3, 2023
May 30, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) released the minutes of its interest rate meetings from April 10 through May 3, 2023.
Federal Reserve Bank of New York
Report: Working Remotely? Selection, Treatment, and the Market for Remote Work
May 30, 2023
The Federal Reserve Bank of New York published a staff report entitled, "Working Remotely? Selection, Treatment, and the Market for Remote Work."
Federal Reserve Bank of Boston
Paper: Non-Bank Financial Institutions and Banks' Fire-Sale Vulnerabilities
May 30, 2023
The Federal Reserve Bank of Boston published a paper entitled, "Non-Bank Financial Institutions and Banks' Fire-Sale Vulnerabilities."
Commodity Futures Trading Commission
CFTC's Division of Clearing and Risk Issues Staff Advisory on the Risks Associated with Expansion of Derivatives Clearing Organization Clearing of Digital Assets
May 30, 2023
The Commodity Futures Trading Commission (CFTC) Division of Clearing and Risk issued a staff advisory on the risks associated with the expansion of Derivatives Clearing Organization clearing of digital assets.
Consumer Financial Protection Bureau
Issue Spotlight: Medical Billing and Collections Among Older Americans
May 30, 2023
The Consumer Financial Protection Bureau (CFPB) published an Issue Spotlight report entitled, "Issue Spotlight: Medical Billing and Collections Among Older Americans."
Federal Housing Finance Agency
HPI: U.S. House Prices Rise 4.3 Percent over the Last Year; Up 0.5 Percent from the Fourth Quarter
May 30, 2023
The Federal Housing Finance Agency (FHFA) published the Housing Price Index report for Q1 2023.
FHFA Requests Input on Multifamily Tenant Protections
May 30, 2023
The FHFA issued a Request for Input on tenant protections at multifamily properties with mortgages backed by Fannie Mae and Freddie Mac.
Blog: Asian Americans, Native Hawaiians, and Pacific Islanders: Visible Together
May 30, 2023
The FHFA published a blog poste entitled, "Asian Americans, Native Hawaiians, and Pacific Islanders: Visible Together."
Ginnie Mae
May 30, 2023
Ginnie Mae announced the transition of all outstanding London Interbank Offered Rate (LIBOR) mortgage-backed securities (MBS) to the Chicago Mercantile Exchange (CME) Group's Term Secured Overnight Financing Rate (SOFR) (CME Term SOFR) with the publication of APMs 23-06 and 23-07.
Bank Policy Institute
Joint Financial Services Trade Associations Comment on Debt Ceiling Agreement
May 30, 2023
The American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Financial Services Forum, International Swaps and Derivatives Association, Investment Company Institute, Managed Funds Association and the Securities Industry and Financial Markets Association issued a statement on the agreement to raise the federal debt ceiling.
Blog: How Can The Global Market Shock More Effectively Complement The Fundamental Review of the Trading Book?
May 30, 2023
The Bank Policy Institute published a blog post entitled, "How Can The Global Market Shock More Effectively Complement The Fundamental Review of the Trading Book?"
State Agencies
New York State Department of Financial Services
Statement of DFS Superintendent Harris Before the Standing Committee on Banks New York State Senate
May 30, 2023
New York State Department of Financial Services Superintendent Adrienne A. Harris testified before the New York State Senate Standing Committee on Banks.
International
European Banking Authority
EBA publishes results on impact and calibration of standardised approaches for counterparty risk
May 30, 2023
The European Banking Authority published its Report on the impact and calibration of the Standardised Approach to Counterparty Credit Risk, simplified SA-CCR and Original Exposure Method.
EBA consults on new RTS and ITS on supervisory colleges
May 30, 2023
The European Banking Authority launched a public consultation on draft Regulatory Technical Standards and draft Implementing Technical Standards on the functioning of supervisory colleges under the Capital Requirements Directive.
EBA Peer Review finds credit valuation adjustment risk is overall supervised sufficiently and recommends some follow-up measures to further strengthen supervision
May 30, 2023
The European Banking Authority published its Peer Review on excluding transactions with non-financial counterparties established in a third country from credit valuation adjustment risk.
Bank of England
Statistics: Capital Issuance - April 2023
May 30, 2023
The Bank of England released capital issuance statistics for April 2023.
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.
