Major Developments
Federal Reserve Board
Beige Book – May 2023
May 31, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) released the Beige Book for May 2023.
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Countering China: Advancing U.S. National Security, Economic Security, and Foreign Policy
May 31, 2023
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, “Countering China: Advancing U.S. National Security, Economic Security, and Foreign Policy.” The committee heard testimony from: The Honorable Elizabeth Rosenberg, Assistant Secretary for Terrorist Financing and Financial Crimes, U.S. Department of the Treasury; The Honorable Paul M. Rosen, Assistant Secretary for Investment Security, U.S. Department of the Treasury; The Honorable Thea D. Rozman Kendler, Assistant Secretary for Export Administration, U.S. Department of Commerce; and The Honorable Matthew Axelrod, Assistant Secretary for Export Enforcement, U.S. Department of Commerce.
Federal Agencies
U.S. Department of the Treasury
U.S. Departments of Treasury and Energy Release Additional Guidance on Inflation Reduction Act Programs to Incentivize Manufacturing and Clean Energy Investments in Hard-Hit Coal Communities
May 31, 2023
The U.S. Department of the Treasury, the U.S. Department of Energy, and the Internal Revenue Service released additional information on key provisions in the Inflation Reduction Act to strengthen energy security and drive investment to hard-hit coal communities and underserved communities.
Speech: Financial Stability and the U.S. Economy
May 31, 2023
Federal Reserve Governor Philip N. Jefferson gave a speech at the 22nd Annual International Conference on Policy Challenges for the Financial Sector entitled, “Financial Stability and the U.S. Economy.”
Remarks at the Fed Listens Event on Transitioning to the Post-Pandemic Economy
May 31, 2023
Federal Reserve Governor Michelle W. Bowman gave brief remarks at the Fed Listens Event on Transitioning to the Post-Pandemic Economy.
Federal Reserve Bank of New York
Blog: Do Economic Crises in Europe Affect the U.S.? Some Lessons from the Past Three Decades
May 31, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “Do Economic Crises in Europe Affect the U.S.? Some Lessons from the Past Three Decades.”
Federal Deposit Insurance Corporation
FDIC-Insured Institutions Reported Net Income of $79.8 Billion in First Quarter 2023
May 31, 2023
The Federal Deposit Insurance Corporation (FDIC) released the Quarterly Banking Profile for the first quarter 2023.
an Investor Insights article entitled, “Stock Up on Information Before Buying Stock.”
U.S. Department of Housing and Urban Development/Federal Housing Administration
Federal Housing Administration Proposes Innovative Approach to Keep Struggling Homeowners in their Homes
May 31, 2023
The Federal Housing Administration (FHA) posted for feedback a proposal for a new home retention option to help struggling homeowners meet their mortgage obligations. The new option, called the Payment Supplement Partial Claim, would allow mortgage servicers to use the FHA Partial Claim both to bring a borrower’s mortgage current and to provide temporary reductions to their monthly mortgage payments for up to five years.
Federal Housing Finance Agency
Credit Risk Transfer Progress Report 4Q2022
May 31, 2023
The Federal Housing Finance Agency (FHFA) released the Credit Risk Transfer Progress Report for Q4 2022.
FHFA Announces Membership in the Mitigation Framework Leadership Group (MitFLG)
May 31, 2023
The FHFA today announced its membership in the Mitigation Framework Leadership Group.
International
European Commission
EU-US Trade and Technology Council enhances cooperation in emerging technologies, sustainable trade and economic security
May 31, 2023
The European Union and the United States have held the fourth ministerial meeting of the EU-US Trade and Technology Council in Luleå, Sweden.
European Banking Authority
EBA consults on amendments to the Guidelines on money laundering and terrorist financing risk factors to include crypto-asset service providers
May 31, 2023
The European Banking Authority launched a public consultation on amendments to its Guidelines on money laundering and terrorist financing risk factors.
UK Financial Conduct Authority
US dollar LIBOR panel – 1 month to go
May 31, 2023
The Financial Conduct Authority issued final messages before the US dollar LIBOR panel ends 30 June 2023.
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.
