Major Developments

Consumer Financial Protection Bureau

CFPB Issues Determination that State Disclosure Laws on Business Lending are Consistent with the Truth in Lending Act

March 28, 2023

The Consumer Financial Protection Bureau (CFPB) announced it has determined that state disclosure laws covering lending to businesses in California, New York, Utah, and Virginia are not preempted by the federal Truth in Lending Act.

• Determination
• Press Release

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: Recent Bank Failures and the Federal Regulatory Response

March 28, 2023

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Recent Bank Failures and the Federal Regulatory Response." The Committee heard testimony from Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg, Board of Governors of the Federal Reserve System (Federal Reserve) Vice Chair for Supervision Michael Barr, and Undersecretary for Domestic Finance Nellie Liang.

• Hearing
• Committee Chair Brown Statement
• Committee Ranking Member Scott Statement
• FDIC Chair Gruenberg Testimony
• FRB Vice Chair Barr Testimony
• Undersecretary Liang Testimony

U.S. House of Representatives

Committee on Small Business

Hearing: The End of Relationship Banking? Examining the CFPB's "Small Business Lending Data Collection" Rule

March 28, 2023

The U.S. House Committee on Small Business Subcommittee on Economic Growth, Tax, and Capital Access held a hearing entitled, "The End of Relationship Banking? Examining the CFPB's 'Small Business Lending Data Collection' Rule."

• Hearing
• Hearing Notice
• Subcommittee Chair Meuser Statement
• Subcommittee Ranking Member Landsman Statement

Federal Agencies

U.S. Department of the Treasury

Remarks by Secretary Janet L. Yellen on Anti-Corruption as a Cornerstone of a Fair, Accountable, and Democratic Economy at the Summit for Democracy

March 28, 2023

Secretary of the Treasury Janet L. Yellen gave remarks on anti-corruption as a cornerstone of a fair, accountable, and democratic economy at the Summit for Democracy.

• Remarks

Federal Reserve Board

Industrial Production and Capacity Utilization: The 2023 Annual Revision

March 28, 2023

The Federal Reserve has revised its index of industrial production (IP) and the related measures of capacity and capacity utilization.

• Annual Revision

Speech: Implementation and Transmission of Monetary Policy

March 27, 2023

Federal Reserve Board Governor Phillip N. Jefferson gave a speech entitled, "Implementation and Transmission of Monetary Policy."

• Speech

Federal Reserve Bank of New York

Short-Term Home Price Expectations Drop Sharply; Rental Price Growth Expectations Remain Elevated

March 28, 2023

The Federal Reserve Bank of New York today released results from its 2023 SCE Housing Survey. The results show that households expect home prices to increase over the coming twelve months at the slowest pace since the survey began in 2014.

• Survey
• Press Release

Commodity Futures Trading Commission

Testimony by Chairman Rostin Behnam Before the Subcommittee on Agriculture, Rural Development, Food and Drug Administration and Related Agencies Committee on Appropriations, U.S. House of Representatives

March 28, 2023

Commodity Futures Trading Commission Chair Rostin Behnam testified before the U.S. House Committee on Appropriations Subcommittee on Agriculture, Rural Development, Food and Drug Administration and Related Agencies.

• Testimony

Remarks of Commissioner Summer K. Mersinger Before The World Federation of Exchange's Clearing and Derivatives Conference 2023

March 28, 2023

Commodity Futures Trading Commission (CFTC) Commissioner Summer K. Mersinger gave remarks before the The World Federation of Exchange's Clearing and Derivatives Conference.

• Remarks

Federal Housing Finance Agency

FHFA House Price Index Up 0.2 Percent in January; Up 5.3 Percent from Last Year

March 28, 2023

The Federal Housing Finance Agency released the seasonally adjusted monthly House Price Index (HPI) for March 2023.

• HPI
• Press Release

Bank Policy Institute

Blog: Update on Silicon Valley Bank's Liquidity Coverage Ratio

March 27, 2023

The Bank Policy Institute published a blog post entitled, "Update on SVB's LCR."

• Blog

International

European Commission

European Commission issues €6 billion of NextGenerationEU green bonds in fourth syndicated transaction for 2023

March 28, 2023

The European Commission has issued €6 billion of NextGenerationEU green bonds in its fourth syndicated transaction for 2023.

• Press Release

European Banking Authority

EBA publishes new set of indicators to identify potential causes of consumer harm

March 28, 2023

The European Banking Authority published, for the first time, a new set of indicators, which aim at identifying detriment to consumers arising from the misconduct of financial institutions offering retail banking products in the EU.

• Indicators
• 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 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 Phillip N Jefferson (sworn in May 23, 2022)
• Governor Lisa D. Cook (sworn in May 23, 2022)
• Federal Reserve Board announces appointment of Joshua Gallin as Secretary of the Federal Open Market Committee (February 2, 2023)

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

• Vincent Alvarez designated Chair of the 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 the 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)

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 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)

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)

Commodity Futures Trade 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)

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.