Congress
U.S. House of Representatives
Committee on Financial Services
Ranking Member Waters Calls on Chair McHenry to Immediately Convene Hearing Examining Looming Debt Default, Unprecedented Threat of Financial and Economic Downfall
February 7, 2023
Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, sent a letter to Chairman Patrick McHenry (R-NC) urging the Chair to move promptly to convene a hearing to discuss how Congress will act to protect the creditworthiness of the United States.
Hearing: Combatting the Economic Threat from China
February 7, 2023
The U.S. House Committee on Financial Services held a hearing entitled, "Combatting the Economic Threat from China."
Federal Agencies
Federal Reserve Board
Remarks at the "Banking on Financial Inclusion" Conference
February 7, 2023
Federal Reserve Board Vice Chair for Supervision Michael S. Barr gave remarks at the "Banking on Financial Inclusion" conference.
Data: G.19 Consumer Credit – December 2022
February 7, 2023
The Federal Reserve Board released the data for the G.19 Consumer Credit survey for December 2022.
Federal Reserve Bank of New York
Blog: Inflation Persistence—An Update with December Data
February 7, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Inflation Persistence—An Update with December Data."
Office of the Comptroller of the Currency
Branch Closings: Revised Comptroller's Licensing Manual Booklet
February 7, 2023
The Office of the Comptroller of the Currency issued the "Branch Closings" booklet of the Comptroller's Licensing Manual.
Securities and Exchange Commission
SEC Division of Examinations Announces 2023 Priorities
February 7, 2023
The Securities and Exchange Commission's Division of Examinations announced its 2023 examination priorities.
SEC Seeks Applicants for Public Company Accounting Oversight Board Seat
February 7, 2023
The Securities and Exchange Commission announced the start of the selection process to fill a seat on the Public Company Accounting Oversight Board (PCAOB) that will become vacant in October.
Remarks to the Small Business Capital Formation Advisory Committee
February 7, 2023
Securities and Exchange Commission Chair Gary Gensler and Commissioners Jaime Lizárraga, Mark T. Uyeda, gave remarks to the Small Business Capital Formation Advisory Committee.
Consumer Financial Protection Bureau
CFPB Issues Guidance to Protect Mortgage Borrowers from Pay-to-Play Digital Comparison-Shopping Platforms
February 7, 2023
The Consumer Financial Protection Bureau issued an advisory opinion regarding digital mortgage comparison-shopping platforms.
Report: Banks' overdraft/NSF fee revenue declines significantly compared to pre-pandemic levels
February 7, 2023
The Consumer Financial Protection Bureau published a report entitled, "Banks' overdraft/NSF fee revenue declines significantly compared to pre-pandemic levels."
Bank Policy Institute
BPI Comments on Fed Principles for Climate-Related Financial Risk Management for Large Financial Institutions
February 7, 2023
The Bank Policy Institute commented on the Board of Governors of the Federal Reserve System's draft Statement of Principles for Climate-Related Financial Risk Management for Large Financial Institutions.
International
Bank of England
Results of the Semi-Annual FX Turnover Surveys in October 2022
February 7, 2023
The Bank of England released the results of the Semi-Annual FX Turnover Surveys in October 2022.
HM Treasury and Bank of England consider plans for a digital pound
February 7, 2023
HM Treasury and the Bank of England are consulting on a potential digital pound, or central bank digital currency.
Speech: The digital pound
February 7, 2023
Bank of England Deputy Governor for Financial Stability Jon Cunliffe gave a speech entitled, "The digital pound."
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.
