Major Developments

U.S. House of Representatives

Committee on Financial Services

House Releases Digital Asset Market Structure Proposal

June 2, 2023

Patrick McHenry (NC-10), Chairman of the House Financial Services Committee, and Glenn "GT" Thompson (PA-15), Chairman of the House Committee on Agriculture, released a discussion draft of legislation providing a statutory framework for digital asset regulation intended to provide clarity, fill regulatory gaps, and foster innovation, while providing adequate consumer protections.

• Discussion Draft
• Press Release

Federal Agencies

Federal Reserve Bank of New York

Report: Estimates of Cost-Price Passthrough from Business Survey Data

June 2, 2023

The Federal Reserve Bank of New York published a staff report entitled, "Estimates of Cost-Price Passthrough from Business Survey Data."

• Report

Blog: How Do Firms Adjust Prices in a High Inflation Environment?

June 2, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "How Do Firms Adjust Prices in a High Inflation Environment?"

• Blog

Blog: How Do Firms Adjust Prices in a High Inflation Environment?

June 2, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "How Do Firms Adjust Prices in a High Inflation Environment?"

• Blog

Federal Deposit Insurance Corporation

FDIC's Office of the Ombudsman publishes 2022 Services and Activities Report

June 2, 2023

The Federal Deposit Insurance Corporation's (FDIC) Office of the Ombudsman published a report highlighting its activities and the services provided to stakeholders during 2022.

• Report
• Financial Institution Letter

Securities and Exchange Commission

Second Commission Statement Relating to Certain Administrative Adjudications

June 2, 2023

The U.S. Securities and Exchange Commission (SEC) released a second statement relating to certain administrative adjudications.

• Statement

Commodity Futures Trading Commission

CFTC Seeks Public Comment on the Risk Management Program Requirements for Swap Dealers and Futures Commission Merchants

June 1, 2023

The Commodity Futures Trading Commission (CFTC) is seeking public comment on potential amendments to the Risk Management Program requirements in CFTC Regulations 23.600 and 1.11 applicable to swap dealers and futures commission merchants.

• Proposed Amendments
• Press Release
• Commissioner Goldsmith Romero Statement

U.S. Small Business Administration

U.S. Small Business Administration Now Accepting Applications for Small Business Lending Company License

June 2, 2023

The U.S. Small Business Administration opened a window for new applications for Small Business Lending Company licenses for the first time in over 40 years. New applicants may apply between June 1, 2023, and July 31, 2023.

• Press Release

Federal Housing Finance Agency

Prepayment Monitoring Report First Quarter 2023

June 2, 2023

The Federal Housing Finance Agency published the Prepayment Monitoring Report for the first quarter 2023.

• Report
• Summary

International

Bank of England

Paper: The potential impact of broader central clearing on dealer balance sheet capacity: a case study of UK gilt and gilt repo markets

June 2, 2023

The Bank of England published a staff working paper entitled, "The potential impact of broader central clearing on dealer balance sheet capacity: a case study of UK gilt and gilt repo markets."

• Paper

Paper: Flexible Bayesian MIDAS: time-variation, group-shrinkage and sparsity

June 2, 2023

The Bank of England published a staff working paper entitled, "Flexible Bayesian MIDAS: time-variation, group-shrinkage and sparsity."

• Paper

UK Financial Conduct Authority

Financial watchdog bans referral fees for debt packagers to help struggling consumers

June 2, 2023

The Financial Conduct Authority is banning certain providers of debt advice from receiving referral fees from debt solution providers.

• Policy Statement
• 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 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)

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.