Major Developments
Congress
U.S. House of Representatives
Committee on Financial Services
Legislation to Bring Transparency and Accountability to FinCEN, Protect Small Business Data Introduced
June 12, 2023
The Accountability Through Confirmation Act and the Protecting Small Business Information Act have each been introduced to reform the Financial Crimes Enforcement Network (FinCEN).
Federal Agencies
Federal Reserve Bank of New York
Survey: Short-Term Inflation Expectations Decline Further; Households Become Slightly More Pessimistic About Credit Conditions
June 12, 2023
The Federal Reserve Bank of New York's Center for Microeconomic Data released the May 2023 Survey of Consumer Expectations, which shows that inflation expectations declined at the short-term horizon to their lowest level in two years, while they increased slightly at the medium- and longer-term horizons.
Securities and Exchange Commission
SEC Unveils New Public Service Campaign Encouraging Older Investors to Never Stop Learning
June 12, 2023
The Securities and Exchange Commission's (SEC) Office of Investor Education and Advocacy unveiled a public service campaign that encourages older investors to never stop learning when it comes to protecting their hard-earned money and investing for their future.
Commodity Futures Trading Commission
Commissioner Pham Announces Update on Global Markets Advisory Committee Work Program
June 12, 2023
Commodity Futures Trading Commission (CFTC) Commissioner Caroline D. Pham announced the Global Markets Advisory Committee has received public input on its proposed work program that will be addressed through its three Subcommittees: Global Market Structure, Digital Asset Markets, and Technical Issues.
Consumer Financial Protection Bureau
Blog: Laying the foundation for open banking in the United States
June 12, 2023
The Consumer Financial Protection Bureau (CFPB) published a blog post entitled, "Laying the foundation for open banking in the United States."
FINRA
FINRA Seeks Comment on Concept Proposal for a Liquidity Risk Management Rule
June 12, 2023
The Financial Industry Regulatory Authority (FINRA) is soliciting comment on a concept proposal to establish liquidity risk management requirements.
Fannie Mae
Fannie Mae Releases Stress Test Results
June 12, 2023
Fannie Mae released its 2022 Dodd-Frank Act Stress Test Disclosure with results from the FHFA Supervisory Severely Adverse Scenario.
International
European Banking Authority
EBA Annual Report highlights key achievements in 2022
June 12, 2023
The European Banking Authority published its Annual Report that sets out the activities and achievements in 2022 and provides an overview of the key priorities for 2023.
EBA updates list of other systemically important institutions
June 12, 2023
The European Banking Authority updated the list of other systemically important institutions (O-SIIs) in the EU, which, together with global systemically important institutions (G-SIIs), are identified as systemically important by the relevant authorities according to harmonised criteria laid down in the EBA Guidelines.
EBA issues revised list of ITS validation rules
June 12, 2023
The European Banking Authority issued a revised list of validation rules in its Implementing Technical Standards (ITS) on supervisory reporting, highlighting those, which have been deactivated either for incorrectness or for triggering IT problems.
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.
