Major Developments
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Holding Executives Accountable After Recent Bank Failures
May 4, 2023
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Holding Executives Accountable After Recent Bank Failures."
U.S. House of Representatives
Committee on Financial Services
HEARING NOTICE: Subcommittee on Oversight and Investigations
May 4, 2023
The U.S. House Committee on Financial Services Subcommittee on Oversight and Investigations will hold a hearing on May 10, 2023, entitled, "Oversight of Silicon Valley Bank and Signature Bank: GAO's Preliminary Review."
Federal Agencies
Federal Reserve Bank of New York
Article: Growth, Housing, Jobs, and Education: Hearing Firsthand About Fairfield County's Economy
May 4, 2023
The Federal Reserve Bank of New York published a Teller Window article entitled, "Growth, Housing, Jobs, and Education: Hearing Firsthand About Fairfield County's Economy."
Statement Regarding Agency Mortgage-Backed Securities Small Value Exercise
May 4, 2023
The Federal Reserve Bank of New York intends to conduct three small value agency MBS coupon swap operations on May 10, 2023.
Consumer Financial Protection Bureau
CFPB Report Highlights Costly Credit Cards and Loans Pushed on Patients
May 4, 2023
The Consumer Financial Protection Bureau (CFPB) published a report on high-cost specialty financial products, such as medical credit cards, that are sold to patients as a way to alleviate the growing costs of medical care.
FINRA
FINRA Publishes 2023 Industry Snapshot
May 4, 2023
Financial Industry Regulatory Authority (FINRA) published the 2023 Industry Snapshot, the annual statistical report on registered representatives, brokerage firms, and market activity that FINRA oversees.
International
European Banking Authority
EBA notes EU wide consistent implementation of 2022 priorities in supervisory work programs and further improvements in the functioning of supervisory colleges but calls for more attention in some areas
May 4, 2023
The European Banking Authority published its annual Report on convergence of supervisory practices for 2022.
Bank of England
Prudential Regulation Authority
The Bank of England consults on its approach to Enforcement policies to provide greater clarity on the scope of its powers and processes
May 4, 2023
The Bank of England and the Prudential Regulation Authority have published consultation paper CP9/23 setting out proposed changes to their enforcement policies.
Bank of England
Monthly Decision Maker Panel data - April 2023
May 4, 2023
The Bank of England released the Decision Maker Panel data for April 2023.
Speech: The challenges and opportunities ahead for the mutual sector
May 4, 2023
Bank of England Executive Director of UK Deposit Takers Supervision David Bailey gave a speech at the Building Societies Association Conference entitled, "The challenges and opportunities ahead for the mutual sector."
UK Financial Conduct Authority
FCA sets out steps to improve whistleblower confidence
May 4, 2023
The Financial Conduct Authority (FCA) set out actions to improve the confidence of whistleblowers – including sharing further information with whistleblowers on how it's acted on their information; improving the use of information provided by whistleblowers; and improving how it captures information from whistleblowers.
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.
