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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, April 28, 2023

April 28, 2023

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Major Developments

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: Oversight of the Credit Reporting Agencies

April 27, 2023

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Oversight of the Credit Reporting Agencies."

Committee on Small Business and Entrepreneurship

Hearing: Oversight of SBA's Implementation of Final Rules to Expand Access to Capital

April 27, 2023

The U.S. Senate Committee on Small Business & Entrepreneurship held a hearing entitled, "Oversight of SBA's Implementation of Final Rules to Expand Access to Capital."

U.S. House of Representatives

Committee on Financial Services

Hearing: The Future of Digital Assets: Identifying the Regulatory Gaps in Digital Asset Market Structure

April 27, 2023

The U.S. House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion held a hearing entitled, "The Future of Digital Assets: Identifying the Regulatory Gaps in Digital Asset Market Structure."

Hearing: Oversight of the Financial Crimes Enforcement Network (FinCEN) and the Office of Terrorism and Financial Intelligence (TFI)

April 27, 2023

The U.S. House Committee on Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions held a hearing entitled, "Oversight of the Financial Crimes Enforcement Network (FinCEN) and the Office of Terrorism and Financial Intelligence (TFI)."

Federal Agencies

U.S. Department of the Treasury

Treasury Department Convenes Roundtable Discussion on Inflation Reduction Act Incentives for Underserved Communities

April 27, 2023

Deputy Secretary of the Treasury Wally Adeyemo led the next in a series of roundtable discussions with nearly 40 small climate businesses and nonprofit developers in the clean energy industry on how the Low-Income Communities Bonus Credit Program will incentivize investment in underserved communities, and ensure all Americans benefit from the growth of the clean energy economy.

Remarks by Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg at Media Engagement in Astana, Kazakhstan

April 27, 2023

Assistant Secretary for Terrorist Financial and Financial Crimes Elizabeth Rosenberg gave remarks at media engagement in Astana, Kazakhstan.

Federal Reserve Board

Inspector General Letter on S. 915, a Bill Regarding Presidential Appointment and Senate Confirmation of the Inspector General for the Board and the CFPB

April 27, 2023

Board of Governors of the Federal Reserve System (Federal Reserve) and Consumer Financial Protection Bureau (CFPB) Inspector General Mark Bialek sent a letter to Senator Rick Scott regarding S. 915, a bill that would require presidential appointment and Senate confirmation of the inspector general for the Federal Reserve and CFPB.

Federal Reserve Bank of New York

New York Fed to Co-Host Research Conference on Financial Intermediation

April 27, 2023

On Friday, May 5, the Federal Reserve Bank of New York and the Salomon Center of New York University's Leonard N. Stern School of Business will host a research conference to enhance the interaction among researchers interested in financial intermediation.

Federal Deposit Insurance Corporation

Securities Transaction Settlement Cycle

April 27, 2023

The Federal Deposit Insurance Corporation (FDIC) sent a Financial Institution Letter on the securities transaction settlement cycle.

Consumer Financial Protection Bureau

Blog: Credit reporting companies should do more to ensure that servicemembers receive the free credit monitoring services they are legally entitled to

April 27, 2023

The CFPB published a blog post entitled, "Credit reporting companies should do more to ensure that servicemembers receive the free credit monitoring services they are legally entitled to."

FINRA

Information Notice: March 2023 Options Disclosure Document

April 27, 2023

Financial Industry Regulatory Authority (FINRA) is advising member firms that the Options Clearing Corporation has issued the March 2023 Options Disclosure Document.

International

European Commission

Commission and EIB announce funds worth €18 billion to boost investments in climate action and sustainable economies

April 27, 2023

The European Commission and the European Investment Bank have announced €18 billion of financing under Global Gateway, Europe's investment strategy for partner countries.

European Banking Authority

EBA updates on the definition of a large decline of net interest income in relation to the interest rate risk in the banking book

April 27, 2023

The European Banking Authority published an Opinion in response to the EU Commission's amendments relating to the draft Regulatory Technical Standards on the supervisory outlier tests specifying technical aspects of the revised framework on interest rate risks for banking book positions.

Bank of England

Speech: Investing in financial stability

April 27, 2023

Bank of England Executive Director for Financial Stability Strategy and Risk Sarah Breeden gave a speech at the Insolvency Practitioners Association annual conference entitled, "Investing in financial stability."

Speech: Moderation in all things

April 27, 2023

Bank of England Executive Director for Insurance Supervision Charlotte Gerken gave a speech at the 20th Annual Conference on Bulk Annuities entitled, "Moderation in all things."

Jonathan Hall's CV and questionnaire for the Treasury Select Committee

April 27, 2023

The Treasury Committee has endorsed the reappointment of Jonathan Hall as an external member of the Bank of England's Financial Policy Committee, publishing his CV and written questionnaire to MPs.

Bank of England Prudential Regulation Authority

Occasional consultation paper – April 2023

April 27, 2023

The Bank of England Prudential Regulation Authority published an occasional consultation paper for April 2023.

UK Financial Conduct Authority

Speech: A credit market that delivers for consumers

April 27, 2023

Financial Conduct Authority Director of Consumer Finance Roma Pearson gave a speech at Credit Summit 2023 entitled, "A credit market that delivers for consumers."

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.