• Tue. Feb 27th, 2024

Housing Finance Bank

Housing Finance Bank, The Real Thing

Daily Financial Regulation Update — Wednesday, February 15, 2023

PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets

February 14, 2023

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, “Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets.”

Federal Agencies

U.S. Department of the Treasury

FACT SHEET: State and Local Fiscal Recovery Funds Helping Communities Recover from the Pandemic

February 14, 2023

The U.S. Department of the Treasury released a fact sheet on how state and local recovery funds are helping communities recover from the pandemic.

Federal Reserve Board

Lael Brainard submits resignation as Vice Chair and a member of the Federal Reserve Board to become Director of the President’s National Economic Council

February 14, 2023

Lael Brainard submitted her resignation February 14, 2023 as Vice Chair and a member of the Federal Reserve Board, effective on or around February 20, 2023.

Paper: Self-Fulfilling Debt Crises with Long Stagnations

February 14, 2023

The Federal Reserve Board published a working paper entitled, “Self-Fulfilling Debt Crises with Long Stagnations.”

Paper: The Inflationary Effects of Sectoral Reallocation

February 14, 2023

The Federal Reserve Board published a working paper entitled, “The Inflationary Effects of Sectoral Reallocation.”

Federal Reserve Bank of New York

Underlying Inflation Gauge (UIG) – February 2023

February 14, 2023

The Federal Reserve Bank of New York released the Underlying Inflation Gauge (UIG) for February 2023.

Speech: Our Work Is Not Yet Done

February 14, 2023

Federal Reserve Bank of New York President John C. Williams gave a speech at the New York Bankers Association entitled, “Our Work Is Not Yet Done.”

Report: Is the Green Transition Inflationary?

February 14, 2023

The Federal Reserve Bank of New York published a staff report entitled, “Is the Green Transition Inflationary?”

Federal Reserve Bank of Boston

Paper: Got Milk? The Effect of Export Price Shocks on Exchange Rates

February 14, 2023

The Federal Reserve Bank of Boston Research Department published a working paper entitled, “Got Milk? The Effect of Export Price Shocks on Exchange Rates.”

Article: Boston Fed asks: Can faster access to their own money benefit lower-income communities?

February 14, 2023

The Federal Reserve Bank of Boston published an article entitled, “Boston Fed asks: Can faster access to their own money benefit lower-income communities?”

Securities and Exchange Commission

SEC Proposes Revision to Rules Implementing the Privacy Act of 1974

February 14, 2023

The Securities and Exchange Commission today proposed a rule that would revise the Commission’s regulations under the Privacy Act of 1974, governing the handling of personal information in the federal government.

Statement: Accounting Standard Setting in a Rapidly Evolving Business Environment: A Focus on the Timely Delivery of Investor Priorities

February 14, 2023

Securities and Exchange Commission Chief Accountant Paul Munter issued a statement entitled, “Accounting Standard Setting in a Rapidly Evolving Business Environment: A Focus on the Timely Delivery of Investor Priorities.”

Consumer Financial Protection Bureau

CFPB Finds One-Third Decline in Collections Items on Consumer Credit Reports

February 14, 2023

The Consumer Financial Protection Bureau released a report examining trends in credit reporting of debt in collections from 2018 to 2022. The report found the total number of collections tradelines on credit reports declined by 33%, from 261 million tradelines in 2018 to 175 million tradelines in 2022. The share of consumers with a collection tradeline on their credit report decreased by 20% in the same timeframe.

FINRA

Information Notice: New Rate for Fees Paid Under Section 31 of the Exchange Act

February 14, 2023

FINRA issued an information notice that effective February 27, 2023, the Section 31 fee rate applicable to specified securities transactions on the exchanges and in the over-the-counter markets will decrease from its current rate of $22.90 per million dollars in transactions to a new rate of $8.00 per million dollars in transactions.

Bank Policy Institute

Blog: Too Big To Manage: It’s a Bad Idea

February 14, 2023

The Bank Policy Institute published a blog post entitled, “Too Big To Manage: It’s a Bad Idea.”

Blog: Too Big To Manage: It’s Not the Law

February 14, 2023

The Bank Policy Institute published a blog post entitled, “Too Big To Manage: It’s Not the Law.”

International

European Banking Authority

EBA publishes final draft technical standards defining the homogeneity of the underlying exposures in STS securitisation

February 14, 2023

The European Banking Authority published its final draft Regulatory Technical Standards (RTS) setting out the conditions for the assessment of the homogeneity of the underlying exposures in a pool of a Simple Transparent and Standardised (STS) on-balance-sheet securitisation.

EBA updates some important Q&As in the area of own funds and eligible liabilities

February 14, 2023

The European Banking Authority has updated some of its existing Q&As on own funds and eligible liabilities to ensure consistency with the revised final draft Regulatory Technical Standards (RTS) on own funds and eligible liabilities submitted to the European Commission in May 2021.

UK Financial Conduct Authority

Data: UK MiFID transparency calculations

February 14, 2023

The UK Financial Conduct Authority has updated the UK MiFID transparency calculations.

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)

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 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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