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Big Changes
February 16, 2023

President Biden's widely anticipated selection of Fed vice chair Lael Brainard to lead the White House economic team makes perfect sense from just about every angle and was largely praised in economic circles. It was kind of a no-brainer, really, considering Brainard's resume and reputation. But the move leaves a big gap at the Fed at a time when inflation is the top economic concern and the Fed is best positioned to provide leadership and guidance at exactly this inflection point.

In this week's Cabinet News and Views, I take a closer look at the Brainard departure from the Fed, along with the 2023 Dodd-Frank Act Stress Test scenarios. We also examine an important Advisory Opinion from the CFPB on mortgage comparison-shopping web sites, a warning from the FCA on cryptoassets, and the European Central Bank's continued focus on climate. 

Lots to talk about and debate, so, as always, I welcome your comments and questions. Just drop me a line here if you'd like to discuss. 

Daniel Meade 
Editor, Cabinet News and Views

Profile photo of contributor Daniel Meade
Partner | Financial Regulation

Federal Reserve Board Vice Chair Lael Brainard submitted her resignation from the FRB earlier this week, effective on or about February 20. Vice Chair Brainard is resigning from the FRB to become President Biden’s Director of the National Economic Council.

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Profile photo of contributor Mercedes Kelley Tunstall
Partner | Financial Regulation

The Consumer Financial Protection Bureau issued guidance on February 7 in the form of an Advisory Opinion intended to “protect mortgage borrowers from pay-to-play digital comparison-shopping platforms.” Specifically, the Advisory Opinion is focused upon addressing the applicability of the Real Estate Settlement Procedures Act to operators of “digital technology platforms that enable consumers to comparison shop for mortgages and other real estate settlement services, including platforms that generate potential leads for platform participants through consumers’ interaction with the platform.” 

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Profile photo of contributor Daniel Meade
Partner | Financial Regulation

The Federal Reserve Board and Office of the Comptroller of the Currency last week released their 2023 Dodd-Frank Act Stress Test scenarios.

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The FCA has warned cryptoasset firms to get ready for new rules controlling their financial promotions that reach UK residents. 

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Profile photo of contributor Rachel  Rodman
Partner | Consumer Financial Services Enforcement and Litigation
Profile photo of contributor Timbre Shriver
Associate | Global Litigation

On January 10, Isabel Schnabel, a member of the Executive Board of the European Central Bank (ECB), gave a speech at an international symposium on central bank independence on monetary policy tightening and the green transition. Schnabel made the case that current climate-related actions being taken by the ECB will be insufficient for the central bank to meet its objectives of carbon neutrality by 2050.

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Mercedes Kelley Tunstall
Co-Editor, Partner
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Alix Prentice
Co-Editor, Partner
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Maurine R. Bartlett
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Sukhvir Basran
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Brian Foster
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James Frazier
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Mark Howe
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Gregg Jubin
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Philip S. Khinda
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Andrew Karp
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Ivan Loncar
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Jed Miller
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Michael Newell
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Richard M. Schetman
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Lary Stromfeld
Partner
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Jonathan M. Wainwright
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