Major Developments
Consumer Financial Protection Bureau
CFPB Issues Determination that State Disclosure Laws on Business Lending are Consistent with the Truth in Lending Act
March 28, 2023
The Consumer Financial Protection Bureau (CFPB) announced it has determined that state disclosure laws covering lending to businesses in California, New York, Utah, and Virginia are not preempted by the federal Truth in Lending Act.
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Recent Bank Failures and the Federal Regulatory Response
March 28, 2023
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Recent Bank Failures and the Federal Regulatory Response." The Committee heard testimony from Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg, Board of Governors of the Federal Reserve System (Federal Reserve) Vice Chair for Supervision Michael Barr, and Undersecretary for Domestic Finance Nellie Liang.
U.S. House of Representatives
Committee on Small Business
Hearing: The End of Relationship Banking? Examining the CFPB's "Small Business Lending Data Collection" Rule
March 28, 2023
The U.S. House Committee on Small Business Subcommittee on Economic Growth, Tax, and Capital Access held a hearing entitled, "The End of Relationship Banking? Examining the CFPB's 'Small Business Lending Data Collection' Rule."
Federal Agencies
U.S. Department of the Treasury
Remarks by Secretary Janet L. Yellen on Anti-Corruption as a Cornerstone of a Fair, Accountable, and Democratic Economy at the Summit for Democracy
March 28, 2023
Secretary of the Treasury Janet L. Yellen gave remarks on anti-corruption as a cornerstone of a fair, accountable, and democratic economy at the Summit for Democracy.
Federal Reserve Board
Industrial Production and Capacity Utilization: The 2023 Annual Revision
March 28, 2023
The Federal Reserve has revised its index of industrial production (IP) and the related measures of capacity and capacity utilization.
Speech: Implementation and Transmission of Monetary Policy
March 27, 2023
Federal Reserve Board Governor Phillip N. Jefferson gave a speech entitled, "Implementation and Transmission of Monetary Policy."
Federal Reserve Bank of New York
Short-Term Home Price Expectations Drop Sharply; Rental Price Growth Expectations Remain Elevated
March 28, 2023
The Federal Reserve Bank of New York today released results from its 2023 SCE Housing Survey. The results show that households expect home prices to increase over the coming twelve months at the slowest pace since the survey began in 2014.
Commodity Futures Trading Commission
Testimony by Chairman Rostin Behnam Before the Subcommittee on Agriculture, Rural Development, Food and Drug Administration and Related Agencies Committee on Appropriations, U.S. House of Representatives
March 28, 2023
Commodity Futures Trading Commission Chair Rostin Behnam testified before the U.S. House Committee on Appropriations Subcommittee on Agriculture, Rural Development, Food and Drug Administration and Related Agencies.
Remarks of Commissioner Summer K. Mersinger Before The World Federation of Exchange's Clearing and Derivatives Conference 2023
March 28, 2023
Commodity Futures Trading Commission (CFTC) Commissioner Summer K. Mersinger gave remarks before the The World Federation of Exchange's Clearing and Derivatives Conference.
Federal Housing Finance Agency
FHFA House Price Index Up 0.2 Percent in January; Up 5.3 Percent from Last Year
March 28, 2023
The Federal Housing Finance Agency released the seasonally adjusted monthly House Price Index (HPI) for March 2023.
Bank Policy Institute
Blog: Update on Silicon Valley Bank's Liquidity Coverage Ratio
March 27, 2023
The Bank Policy Institute published a blog post entitled, "Update on SVB's LCR."
International
European Commission
European Commission issues €6 billion of NextGenerationEU green bonds in fourth syndicated transaction for 2023
March 28, 2023
The European Commission has issued €6 billion of NextGenerationEU green bonds in its fourth syndicated transaction for 2023.
European Banking Authority
EBA publishes new set of indicators to identify potential causes of consumer harm
March 28, 2023
The European Banking Authority published, for the first time, a new set of indicators, which aim at identifying detriment to consumers arising from the misconduct of financial institutions offering retail banking products in the EU.
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 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.
