Major Developments
Hearing: Understanding Stablecoins’ Role in Payments and the Need for Legislation
April 19, 2023
The U.S. House Committee on Financial Services Subcommittee on Digital Assets held a hearing entitled, “Understanding Stablecoins’ Role in Payments and the Need for Legislation.”
Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: A Roadmap for Growth: Reforms to Encourage Capital Formation and Investment Opportunities for All Americans
April 19, 2023
The U.S. House Committee on Financial Services held a hearing entitled, “A Roadmap for Growth: Reforms to Encourage Capital Formation and Investment Opportunities for All Americans.”
Committee on Small Business
Hearing: Office of Inspector General Reports to Congress on Investigations of SBA Programs
April 19, 2023
The U.S. House Committee on Small Business Subcommittee on Oversight, Investigations, and Regulations held a hearing entitled, “Office of Inspector General Reports to Congress on Investigations of SBA Programs.”
Federal Agencies
Federal Reserve Board
Beige Book – April 2023
April 19, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) published the Beige Book for April 2023.
Paper: Workplace Automation and Corporate Liquidity Policy
April 19, 2023
The Federal Reserve published a paper entitled, “Workplace Automation and Corporate Liquidity Policy.”
Federal Reserve Bank of New York
Statement Regarding Securities Lending Small Value Exercise
April 19, 2023
The Federal Reserve Bank of New York issued a statement regarding its intention to conduct a small value contingency securities lending operation on Wednesday, April 2023.
Office of the Comptroller of the Currency
Acting Comptroller Discusses Open Banking
April 19, 2023
Acting Comptroller of the Currency Michael J. Hsu discussed the Office of the Comptroller of the Currency’s approach to open banking in remarks at FDX Global Summit Spring 2023 in Raleigh, N.C.
Commodity Futures Trading Commission
CFTC Staff Announces Revisions to Part 43 Block and Cap Sizes
April 19, 2023
The Commodity Futures Trading Commission staff announced it published revised post-initial appropriate minimum block sizes determined under Regulation 43.6(g) and revised post-initial cap sizes determined under Regulation 43.4(h).
National Credit Union Administration
NCUA Research Examines Credit Union Exposure to Climate-Related Physical Risks
April 19, 2023
The National Credit Union Administration’s Office of the Chief Economist today released a Research Note finding that roughly one-quarter of all federally insured credit unions are in communities classified as having a relatively high or very high risk of experiencing negative effects due to natural hazards.
Federal Housing Finance Agency
FHFA Issues Notice of Proposed Rulemaking on Fair Lending Oversight
April 19, 2023
The Federal Housing Finance Agency (FHFA) announced that it is seeking comment on a proposed rule that would formalize many of the FHFA’s existing practices and programs regarding fair housing and fair lending oversight of its regulated entities.
Bank Policy Institute
Blog: Misunderstandings About Credit Card Late Fees
April 19, 2023
The Bank Policy Institute published a blog post entitled, “Misunderstandings About Credit Card Late Fees.”
International
European Banking Authority
EBA consults on guidance to assess knowledge and experience of the management or administrative organ of a credit servicer
April 19, 2023
The European Banking Authority launched a public consultation on its draft Guidelines on the assessment of adequate knowledge and experience of the management or administrative organ of credit servicers, as a whole, under the Non-Performing Loans Directive.
EBA adopts a charter on diversity and inclusion
April 19, 2023
The European Banking Authority adopted the European Union Agencies network charter on diversity and inclusion thus reinforcing its commitment to take concrete actions to promote equal treatment of and opportunities for its staff.
Bank of England
Minutes of the Meeting of the Court of Directors held on 8 February 2023
April 19, 2023
The Bank of England released minutes of the Court of Directors meeting held on February 8, 2023.
Speech: Stepping into the spotlight
April 19, 2023
Bank of England Executive Director of Finance Afua Kyei gave a speech entitled, “Stepping into the spotlight.”
Improving depositor outcomes in bank or building society insolvency
April 18, 2023
The Bank of England has published an update on work launched in December 2021 to improve depositor outcomes in the event of bank or building society insolvency.
UK Financial Conduct Authority
Millions of customers together save nearly £1 billion due to overdraft rule changes
April 19, 2023
Improved overdraft rules brought in by the Financial Conduct Authority (FCA) have reduced high fees for unarranged borrowing, removed complex charging structures and introduced help for those who were repeatedly using their overdraft.
Speech: The FCA’s view of green mortgages
April 19, 2023
FCA Director of Retail Banking David Geale gave a speech at the London Institute of Banking & Finance mortgage conference entitled, “The FCA’s view of green mortgages.”
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.
