Daily Financial Regulation Update — Friday, January 13, 2023 | Paul Hastings LLP

Daily Financial Regulation Update — Friday, January 13, 2023 | Paul Hastings LLP

Congress

U.S. House of Representatives

Committee on Financial Services

Financial Services Subcommittee Chairs and Jurisdiction for 118th Congress, including new Subcommittee on Digital Assets, Financial Technology and Inclusion

January 12, 2023

Subcommittees of the House Financial Services Committee, as well as their respective Chairs and jurisdiction for the 118th Congress, were announced.

Republican Members Selected to Serve on the Financial Services Committee for the 118th Congress

January 11, 2023

Republican Committee members recommended by House Republican Steering Committee were announced for the House Financial Services Committee.

Federal Agencies

Federal Reserve Bank of New York

Underlying Inflation Gauge (UIG): January 2023

January 12, 2023

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

Office of the Comptroller of the Currency

OCC Revises Fair Lending Handbook

January 12, 2023

The Office of the Comptroller of the Currency issued version 1.0 of the “Fair Lending” booklet of the Comptroller’s Handbook.

Consumer Financial Protection Bureau

Report: Servicemember reports about identity theft are increasing

January 12, 2023

The Consumer Financial Protection Bureau published a report entitled, “Servicemember reports about identity theft are increasing.”

Federal Housing Finance Agency

Advisory Bulletin: Valuation of Mortgage Servicing Rights for Managing Counterparty Credit Risk

January 12, 2023

The Federal Housing Finance Agency issued an advisory bulletin entitled, “Valuation of Mortgage Servicing Rights for Managing Counterparty Credit Risk.”

International

European Commission

Foreign Subsidies Regulation: rules to ensure fair and open EU markets enter into force

January 12, 2023

The EU Foreign Subsidies Regulation became effective.

European Banking Authority

European Supervisory Authorities identify good practices for financial education initiatives on scams, fraud and cyber security

January 12, 2023

The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published a joint thematic Report on national financial education initiatives on digitalization, with a focus on cybersecurity, scams and fraud.

EBA Risk Dashboard shows that capital and liquidity ratios remain robust

January 12, 2023

The European Banking Authority published its quarterly Risk Dashboard together with the results of the autumn edition of the Risk Assessment Questionnaire.

Bank of England Prudential Regulation Authority
UK Financial Conduct Authority

Consultation Paper: Financial Services Compensation Scheme – Management Expenses Levy Limit 2023/24

January 12, 2023

The Bank of England Prudential Regulation Authority and UK Financial Conduct Authority published a joint consultation paper entitled, “Financial Services Compensation Scheme – Management Expenses Levy Limit 2023/24.”

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)

  • Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
  • Vice Chair Lael Brainard (sworn in May 23, 2022)
  • Governor Phillip N Jefferson (sworn in May 23, 2022)
  • Governor Lisa D. Cook (sworn in 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)

  • Vice Chairman Travis Hill (sworn in January 5, 2023)
  • Director Jonathan McKernan (sworn in January 5, 2023)
  • Director Michael Hsu (Acting Comptroller of the Currency)
  • Director Rohit Chopra (Director of Consumer Financial Protection Bureau)

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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