Blog: Daily Financial Regulation Update — Friday, January 20, 2023 | Paul … – JD Supra

Major Developments

Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit

January 19, 2023

U.S. Secretary of the Treasury Janet L. Yellen sent a letter to all members of Congressional leadership regarding the debt limit.

Federal Agencies

Federal Reserve Board

Speech: Staying the Course to Bring Inflation Down

January 19, 2023

Federal Reserve Board Vice Chair Lael Brainard gave a speech entitled, “Staying the Course to Bring Inflation Down.”

Federal Reserve Bank of Boston

Speech: The National and Regional Economy: Navigating Near-term Changes and Long-term Challenges

January 19, 2023

Federal Reserve Bank of Boston President and CEO Susan M. Collins gave a speech entitled, “The National and Regional Economy: Navigating Near-term Changes and Long-term Challenges.”

Office of the Comptroller of the Currency

Branches and Relocations: Revised Comptroller’s Licensing Manual Booklet

January 19, 2023

The Office of the Comptroller of the Currency issued the “Branches and Relocations” booklet of the Comptroller’s Licensing Manual.

Commodity Futures Trading Commission

Speech: Crypto’s Crisis of Trust: Lessons Learned from FTX’s Collapse

January 19, 2023

Commodity Futures Trading Commission Commissioner Christy Goldsmith Romero gave a keynote address at The Wharton School and the University of Pennsylvania Carey Law School entitled, “Crypto’s Crisis of Trust: Lessons Learned from FTX’s Collapse.”

Consumer Financial Protection Bureau

CFPB Issues Guidance to Root Out Tactics Which Charge People Fees for Subscriptions They Don’t Want

January 19, 2023

The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that companies offering “negative option” subscription services must comply with federal consumer financial protection law.

Federal Housing Finance Agency

FHFA Announces Updates to the Enterprises’ Single-Family Pricing Framework

January 19, 2023

The Federal Housing Finance Agency announced further changes to Fannie Mae’s and Freddie Mac’s single-family pricing framework by introducing redesigned and recalibrated upfront fee matrices for purchase, rate-term refinance, and cash-out refinance loans.

International

Bank of England

Credit Conditions Survey – 2022 Q4

January 19, 2023

The Bank of England released the results of the Credit Conditions Survey for Q4 2022.

Bank Liabilities Survey – 2022 Q4

January 19, 2023

The Bank of England released the results of the Bank Liabilities Survey for Q4 2022.

Bank of England Prudential Regulation Authority

Response to the remit for the Prudential Regulation Committee – January 2023

January 19, 2023

Bank of England Governor Andrew Bailey sent a letter to Chancellor of the Exchequer Jeremy Hunt regarding the remit for the Prudential Regulation Committee.

UK Financial Conduct Authority

Thematic review of retirement income advice

January 19, 2023

The UK Financial Conduct Authority announced it is undertaking a thematic review assessing the advice consumers are receiving on meeting their income needs in retirement.

Administration Changes

Vacancies

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)
  • Vice Chair Lael Brainard (sworn in May 23, 2022)
  • Governor Phillip N Jefferson (sworn in May 23, 2022)
  • Governor Lisa D. Cook (sworn in 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)

  • Vice Chairman Travis Hill (sworn in January 5, 2023)
  • Director Jonathan McKernan (sworn in January 5, 2023)
  • vDirector Michael Hsu (Acting Comptroller of the Currency)
  • Director Rohit Chopra (Director of Consumer Financial Protection Bureau)

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 Trade 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.

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