Major Developments

Congress

U.S. House of Representatives

Committee on Financial Services

Ranking Member Calls on Treasury Department, SEC to Share Analysis on Republican Digital Assets Market Structure Bill

June 26, 2023

The Ranking Memb er of the U.S. House Committee on Financial Services sent a letter to Janet Yellen, the Secretary of the United States Treasury along with Gary Gensler, Chair of the Securities and Exchange Commission (SEC), urging the two agencies to share their analysis on the draft digital assets market structure legislation released earlier this month.

• Treasury Letter
• SEC Letter
• Press Release

Federal Agencies

Federal Reserve Board

Paper: The Price of Macroeconomic Uncertainty: Evidence from Daily Options

June 26, 2023

The Board of Governors of the Federal Reserve System (Federal Reserve) published a working paper entitled, "The Price of Macroeconomic Uncertainty: Evidence from Daily Options."

• Paper

Paper: End of an Era: The Coming Long-Run Slowdown in Corporate Profit Growth and Stock Returns

June 26, 2023

The Federal Reserve published a working paper entitled, "End of an Era: The Coming Long-Run Slowdown in Corporate Profit Growth and Stock Returns."

• Paper

Federal Reserve Bank of New York

Article: FedNow Is Coming in July. What Is It, and What Does It Do?

June 26, 2023

The Federal Reserve Bank of New York published a The Teller Window article entitled, "FedNow Is Coming in July. What Is It, and What Does It Do?"

• Article

Office of the Comptroller of the Currency

Cybersecurity: Cybersecurity Supervision Work Program

June 26, 2023

The Office of the Comptroller of the Currency (OCC) recently developed and distributed the Cybersecurity Supervision Work Program for use by examiners.

• Cybersecurity Supervision Work Program
• Program Overview
• Bulletin

Commodity Futures Trading Commission

Commissioner Pham Announces CFTC Global Markets Advisory Committee Meeting on July 17

June 26, 2023

Commodity Futures Trading Commission (CFTC) Commissioner Caroline D. Pham, sponsor of the Global Markets Advisory Committee (GMAC), announced that the GMAC will hold a public meeting on Monday, July 17, from 9:00 a.m. (EDT) to 4:00 p.m. (EDT) at the New York Stock Exchange, 11 Wall Street, New York, New York.

• Press Release

Consumer Financial Protection Bureau

Blog: Protecting consumers' right to challenge discrimination

June 26, 2023

The Consumer Financial Protection Bureau (CFPB_ published a blog post entitled, "Protecting consumers' right to challenge discrimination."

• Blog

Fannie Mae

Mixed Data Complicates Economic Forecast, though Recession Remains Likely

June 26, 2023

The Fannie Mae Economic and Strategic Research Group released the June 2023 commentary.

• Commentary
• Press Release

Fannie Mae Releases May 2023 Monthly Summary

June 26, 2023

Fannie Mae released the May 2023 Monthly Summary.

• Summary

Freddie Mac

Economic, Housing and Mortgage Market Outlook – June 2023

June 26, 2023

Freddie Mac released the Economic, Housing and Mortgage Market Outlook for June 2023.

• Outlook

Bank Policy Institute

Blog: Some Sound Advice From the BIS

June 26, 2023

The Bank Policy Institute published a blog post entitled, "Some Sound Advice From the BIS" addressing central bank balance sheets.

• Blog

International

UK Financial Conduct Authority

Joint Regulatory Oversight Committee publishes commercial pricing principles for open banking

June 26, 2023

The Joint Regulatory Oversight Committee has published a joint paper setting out five high-level principles for banks and registered third parties to follow when agreeing a premium Application Programming Interface (API) commercial model.

• Joint Paper
• Press Release

FCA welcomes launch of ISSB standards

June 26, 2023

The Financial Conduct Authority (FCA) welcomes the International Sustainability Standards Board launch of its first sustainability-related reporting standards: the General Requirements for Disclosure of Sustainability-related financial information, and the requirements for Climate-related Disclosures.

• Standards
• Press Release

Speech: Cultural evolution: how culture must change to meet expectations

June 26, 2023

FCA Chief Operating Officer Emily Shepperd gave a speech entitled, "Cultural evolution: how culture must change to meet expectations."

• Speech

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 New York names Beverly Hirtle as Research Advisor and begins search for new Director of Research (June 6, 2023)
• Aisha Benson appointed to the Federal Reserve Bank of New York Community Advisory Group (June 20, 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)

• Senate confirms Dilwar Syed as Deputy Administrator for the U.S. Small Business Administration (June 8, 2023)

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.