left-caret

PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, February 3, 2023

February 03, 2023

FedACTion Task Force

Subscribe to PH FedACTion: Financial Regulatory Updates

PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Scott Announces Banking Committee Priorities for the 118th Congress

February 1, 2023

U.S. Senate Banking Committee Ranking Member Tim Scott (R-S.C.) released his legislative and oversight priorities for the 118th Congress.

Federal Agencies

U.S. Department of the Treasury

Treasury Welcomes Clear Guidance on Pillar Two Global Minimum Tax, Tax Credit Protections

February 2, 2023

The OECD/G20 Inclusive Framework released a package of technical and administrative guidance that achieves clarity on the global minimum tax on multinational corporations known as Pillar Two, and provides critical protections for important tax incentives, including green tax credit incentives established in the Inflation Reduction Act.

Federal Reserve Board

Letter: Changes to Home Mortgage Disclosure Act (HMDA) Loan Volume Reporting Threshold for Closed-end Mortgage Loans

The Federal Reserve Board issued a consumer affairs letter addressing the impact on financial institutions supervised by the Federal Reserve of recent changes as a result of litigation related to the Home Mortgage Disclosure Act (HMDA) reporting threshold for closed-end mortgages.

Securities and Exchange Commission

SEC Publishes Annual Staff Report on Nationally Recognized Statistical Rating Organizations

February 2, 2023

The Securities and Exchange Commission published a staff report that provides a summary of the staff's examinations of nationally recognized statistical rating organizations (NRSROs) and discusses the state of competition, transparency and conflicts of interest among NRSROs.

Commodity Futures Trading Commission

CFTC Staff Revises No-Action Positions Regarding External Business Conduct Standards and Documentation Standards for Intended-To-Be-Cleared Swaps

February 2, 2023

The Commodity Futures Trading Commission's Market Participants Division announced it has issued a time-limited no-action letter replacing CFTC Staff Letter No. 13-70, regarding certain duties imposed on swap dealers and major swap participants.

Bank Policy Institute

One-Pager: Calibrating Bank Capital Requirements

February 2, 2023

The Bank Policy Institute published a paper entitled, "Calibrating Bank Capital Requirements."

Blog: Basel Finalization: The History and Implications for Capital Regulation – Part III

February 2, 2023

The Bank Policy Institute published a blog post entitled, "Basel Finalization: The History and Implications for Capital Regulation – Part III."

International

Bank of England

Monthly Decision Maker Panel data - January 2023

February 2, 2023

The Bank of England released the monthly Decision Maker Panel survey data for January 2023.

Monetary Policy Report - February 2023

February 2, 2023

The Bank of England Monetary Policy Committee issued the quarterly Monetary Policy Report for February 2023.

UK Financial Conduct Authority

Financial watchdog proposes to ban debt packager referral fees to protect consumers

February 2, 2023

The Financial Conduct Authority announced it will push ahead with proposals to ban debt packager firms from receiving referral fees from debt solution providers, following further analysis of the market.

FCA appoints members to new Innovation Advisory Group

February 2, 2023

The UK Financial Conduct Authority appointed members to the new Innovation Advisory Group.

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.