Major Developments
CFPB, U.S. Department of Health and Human Services, and U.S. Department of Treasury Launch Inquiry into Costly Credit Cards and Loans Pushed on Patients for Health Care Costs
July 7, 2023
The Consumer Financial Protection Bureau (CFPB), U.S. Department of Health and Human Services, and U.S. Department of Treasury launched an inquiry into high-cost specialty financial products, such as medical credit cards and installment loans
Congress
U.S. House of Representatives
Committee on Financial Services
HEARING NOTICE: How Mandates Like ESG Distort Markets and Drive Up Costs for Insurance and Housing
July 7, 2023
The U.S. House Committee on Financial Services announced the following hearing:
Housing and Insurance Subcommittee Hearing Entitled: "How Mandates Like ESG Distort Markets and Drive Up Costs for Insurance and Housing"
Time: 9:00 AM ET
Date: Friday, July 14, 2023
HEARING NOTICE: Subcommittees on Capital Markets and Oversight & Investigations
July 6, 2023
The U.S. House Committee on Financial services announced the following hearing:
Capital Markets Subcommittee Hearing Entitled: "Reforming the Proxy Process to Safeguard Investor Interests"
Time: 10:00 AM ET
Date: Thursday, July 13, 2023
Federal Agencies
Federal Reserve Board
Working Paper: Termination of SNAP Emergency Allotments, Food Sufficiency, and Economic Hardships
July 7, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) published a working paper entitled, "Termination of SNAP Emergency Allotments, Food Sufficiency, and Economic Hardships."
FINRA
Investor Insights: Reverse Convertibles: Complex Investments
July 7, 2023
The Financial Industry Regulatory Authority (FINRA) published and Investor Insights alert entitled, "Reverse Convertibles: Complex Investments."
Fannie Mae
HPSI: Consumer Confidence in Housing May Have Plateaued
July 7, 2023
Fannie Mae released the Home Purchase Sentiment Index (HPSI) for June 2023 which remained mostly flat, increasing by only 0.4 points to 66.0, as difficult supply and affordability conditions continue to weigh on the housing market.
Bank Policy Institute
Blog: Post-Mortem on the 2023 Stress Tests Results
July 7, 2023
The Bank Policy Institute published a blog post entitled, "Post-Mortem on the 2023 Stress Tests Results."
International
European Banking Authority
EBA launches public consultation on amendments to the ITS on disclosures and reporting on MREL and TLAC
July 7, 2023
The European Banking Authority launched a public consultation on amendments to the draft Implementing Technical Standard on disclosure and reporting of the minimum requirement for own funds and eligible liabilities and the total loss absorbency requirement.
Bank of England
Working Paper: Unwinding quantitative easing: state dependency and household heterogeneity
July 7, 2023
The Bank of England published a staff working paper entitled, "Unwinding quantitative easing: state dependency and household heterogeneity."
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.
