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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, April 7, 2023

April 07, 2023

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

U.S. Department of the Treasury

Treasury Releases 2023 DeFi Illicit Finance Risk Assessment

April 6, 2023

The U.S. Department of the Treasury published the 2023 DeFi Illicit Finance Risk Assessment, the first illicit finance risk assessment conducted on decentralized finance in the world.

Federal Agencies

Remarks by Assistant Secretary Elizabeth Rosenberg at the Center for Strategic and International Studies

April 6, 2023

Assistant Secretary Elizabeth Rosenberg gave remarks at the Center for Strategic and International Studies.

Federal Reserve Bank of New York

Statement Regarding Exchanges and Aggregations of Agency Mortgage-Backed Securities Holdings

April 6, 2023

The Federal Reserve Bank of New York Open Market Trading Desk issued an operating policy statement regarding exchanged and aggregations of agency mortgage-backed securities holdings.

Report: U.S. Banks' Exposures to Climate Transition Risks

April 6, 2023

The Federal Reserve Bank of New York published a staff report entitled, "U.S. Banks' Exposures to Climate Transition Risks."

Blog: MCT Update: Inflation Persistence Declined Modestly in February

April 6, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "MCT Update: Inflation Persistence Declined Modestly in February."

International

Bank of England

Market Notice: Asset Purchase Facility: corporate bond sales programme

April 6, 2023

The Bank of England published a market notice entitled, "Asset Purchase Facility: corporate bond sales programme."

Monthly Decision Maker Panel data - March 2023

April 6, 2023

The Bank of England released the results of the monthly Decision Maker Panel survey for March 2023.

UK Financial Conduct Authority

FCA and ASA team up with Sharon Gaffka to warn fin-fluencers of risks of promoting illegal 'get rich quick' schemes

April 6, 2023

The Financial Conduct Authority and Advertising Standards Authority teamed up with Sharon Gaffka to help educate fin-fluencers about the risks involved in promoting financial products.

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.