Congress
U.S. House of Representatives
Committee on Financial Services
House Representatives Seek Information from Prudential Regulators Regarding Efforts to De-Bank the Digital Asset Ecosystem
April 26, 2023
House Financial Services Committee Chairman Patrick McHenry (NC-10), Digital Assets, Financial Technology and Inclusion Subcommittee Chairman French Hill (AR-02), and Oversight and Investigations Subcommittee Chairman Bill Huizenga (MI-04) sent letters to the Chair of the Board of Governors of the Federal Reserve System (Federal Reserve), Jerome Powell, Chairman of the Federal Deposit Insurance Corporation (FDIC), Martin Gruenberg, and Acting Comptroller of the Currency (OCC), Michael Hsu.
House Representatives Demand FHFA Reverse Changes to the Loan Level Pricing Adjustment Structure
April 25, 2023
Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), and the Chairman of the Subcommittee on Housing and Insurance, Warren Davidson (OH-08), sent a letter to Federal Housing Finance Agency (FHFA) Director Sandra Thompson.
Committee on Small Business
Hearing: Help Wanted: Exploring How Alternative Paths to Student Debt Can Help to Strengthen Small Business
April 26, 2023
The U.S. House Committee on Small Business Subcommittee on Innovation, Entrepreneurship, and Workforce Development held a hearing entitled, "Help Wanted: Exploring How Alternative Paths to Student Debt Can Help to Strengthen Small Business."
Federal Agencies
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
National Credit Union Administration
Consumer Financial Protection Burea
Joint Statement on Completing the LIBOR Transition
April 26, 2023
The Federal Reserve, the FDIC, the OCC, the National Credit Union Administration (NCUA), and the Consumer Financial Protection Bureau (CFPB) in conjunction with the state bank and state credit union regulators are jointly issuing this statement to remind supervised institutions that U.S. dollar London Inter-Bank Offered Rate (LIBOR) panels will end on June 30, 2023.
Federal Deposit Insurance Corporation
Supervisory Guidance on Charging Overdraft Fees for Authorize Positive, Settle Negative Transactions
April 26, 2023
The FDIC is issuing supervisory guidance to its supervised institutions to ensure that supervised institutions are aware of the consumer compliance risks associated with assessing overdraft fees on a transaction that was authorized against a positive balance but settled against a negative balance.
Office of the Comptroller of the Currency
OCC Issues Guidance on Overdraft Protection Programs
April 26, 2023
The OCC issued guidance to address the risks associated with bank overdraft protection programs.
Securities and Exchange Commission
Remarks at the 42nd Annual Small Business Forum
April 26, 2023
Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda gave remarks at the 42nd Annual Small Business Forum.
Consumer Financial Protection Bureau
CFPB Issues Guidance to Protect Homeowners from Illegal Collection Tactics on Zombie Mortgages
April 26, 2023
The CFPB issued guidance on debt collectors, covered by the Fair Debt Collection Practices Act, threatening to foreclose on homes with mortgages past the statute of limitations.
Report: Consumer Credit and the Removal of Medical Collections from Credit Reports
April 26, 2023
The CFPB published a report entitled, "Consumer Credit and the Removal of Medical Collections from Credit Reports."
National Credit Union Administration
NCUA–COSSEC Partnership Will Strengthen Supervision of Cooperativas
April 26, 2023
The NCUA and the Public Corporation for the Supervision and Insurance of Cooperatives of Puerto Rico signed a memorandum of understanding to collaborate on and provide staff training opportunities, identify enhanced supervision approaches, and develop methods to promptly resolve troubled cooperatives.
Fannie Mae
Fannie Mae Releases March 2023 Monthly Summary
April 26, 2023
Fannie Mae's March 2023 Monthly Summary is now available.
Bank Policy Institute
The SEC's Credit Default Swaps Disclosure Proposal Could Imperil Banks' Ability to Manage Risk Through the Credit Default Swap Market, Undermining Bank Safety and Soundness
April 26, 2023
The Bank Policy Institute published a one-page entitled, "The SEC's Credit Default Swaps Disclosure Proposal Could Imperil Banks' Ability to Manage Risk Through the Credit Default Swap Market, Undermining Bank Safety and Soundness."
International
European Commission
Commission proposes new economic governance rules fit for the future
April 26, 2023
The Commission has presented legislative proposals to implement the most comprehensive reform of the EU's economic governance rules since the aftermath of the economic and financial crisis. The central objective of these proposals is to strengthen public debt sustainability and promote sustainable and inclusive growth in all Member States through reforms and investment.
UK Financial Conduct Authority
Speech: City Week: how regulation can help the UK lead in Fintech
April 26, 2023
The Financial Conduct Authority Chief Operating Officer Emily Shepperd gave a speech at City Week 2023 entitled, "City Week: how regulation can help the UK lead in Fintech."
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.
