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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, June 9, 2023

June 09, 2023

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

Congress

U.S. House of Representatives

Committee on Financial Services

Lawmakers Demand Clarity from FinCEN, Treasury Regarding Beneficial Ownership Reporting Requirements

June 8, 2023

U.S. House Financial Services Committee Chairman Patrick McHenry (NC-10), along with National Security, Illicit Finance, and International Financial Institutions Subcommittee Chairman Blaine Luetkemeyer (MO-03), House Committee on Small Business Chairman Roger Williams (TX-25), and House Appropriations Subcommittee on Financial Services and General Government Chairman Steve Womack (AR-03), sent a letter to Financial Crimes Enforcement Network (FinCEN) Acting Director Himamauli Das and U.S. Treasury Secretary Janet Yellen demanding that FinCEN outline its plan for educating small businesses about their reporting responsibilities as they pertain to the agency's forthcoming beneficial ownership proposed rule.

Federal Agencies

U.S. Department of the Treasury

Remarks by Secretary of the Treasury Janet L. Yellen Before the Treasury Advisory Committee on Racial Equity

June 8, 2023

Secretary of the Treasury Janet L. Yellen gave remarks before the Treasury Advisory Committee on Racial Equity.

Treasury Department Announces Framework to Promote Fairer, More Equitable Compliance Across Programs and Services

June 8, 2023

The U.S. Department of the Treasury announced a new effort to help ensure fairness and increase transparency in the Department's compliance and enforcement practices.

Federal Reserve Board
Consumer Financial Protection Bureau
Federal Deposit Insurance Corporation
National Credit Union
Office of the Comptroller of the Currency

Agencies propose interagency guidance on reconsiderations of value for residential real estate valuations

June 8, 2023

Five federal regulatory agencies today requested public comment on proposed guidance addressing reconsiderations of value for residential real estate transactions.

Conference of State Bank Supervisors

Blog: NMLS and NMLS Consumer Access: Protecting Consumers During the Homebuying Process

June 8, 2023

The Conference of State Bank Supervisors published a blog post entitled, "NMLS and NMLS Consumer Access: Protecting Consumers During the Homebuying Process."

Securities and Exchange Commission

Remarks: We've Seen This Story Before

June 8, 2023

Securities and Exchange Commission Chair Gary Gensler gave remarks before the Piper Sandler Global Exchange & Fintech Conference entitled, "We've Seen This Story Before" addressing digital assets and the Federal securities laws.

Commodity Futures Trading Commission

CFTC Approves Final Governance Rule, Two Proposals and Other Business at the Commission Open Meeting

June 7, 2023

The Commodity Futures Trading Commission at its open meeting approved the following:

i) Final Rule: Governance Requirements for Derivatives Clearing Organizations;

ii) Proposed Rule: Derivatives Clearing Organizations Recovery and Orderly Wind-down Plans; Information for Resolution Planning;

iii) Proposed Rule: Amendments to Part 17 Large Trader Reporting Requirements; and

iv) Notice of Proposed Determination and Order/Request for Comment: Capital Comparability Determination in connection with an Application Submitted on behalf of Nonbank Swap Dealers Domiciled in the French Republic and Federal Republic of Germany and Subject to Capital and Financial Reporting Requirements of the European Union.

Consumer Financial Protection Bureau

Semi-Annual Report of the Consumer Financial Protection Bureau

June 8, 2023

The Consumer Financial Protection Bureau submitted its Semi-Annual Report to Congress.

International

Bank of England

Minutes of the Meeting of the Court of Directors held on 5 April 2023

June 8, 2023

The Bank of England released the minutes of a meeting of the Court of Directors held on April 5, 2023.

UK Financial Conduct Authority

FCA introduces new rules for marketing cryptoassets

June 8, 2023

The Financial Conduct Authority introduced new advertising rules, including a cooling-off period for first time crypto assets investors.

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.