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

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Major Developments

Administration Releases National Cybersecurity Strategy

The White House has released its National Cybersecurity Strategy, outlining a vision and approach for a secure digital future.

• National Strategy
• Fact Sheet

BPI Response to National Cybersecurity Strategy

Bank Policy Institute President and CEO Greg Baer issued a statement in response to the Administration's announced National Cybersecurity Strategy aimed at strengthening the country's cyber defenses and outlining new commitments to preempt emerging threats.

• Statement

Congress

U.S. House of Representatives

Committee on Financial Services

Committee on Financial Services Announces Upcoming Hearing Schedule

March 2, 2023

The House Financial Services Committee announced the following Committee hearings:

• Capital Markets Subcommittee Hearing Entitled: "U.S. Public Markets Built for the 21st Century: Exploring Reforms to Make Our Public Markets Attractive for Small and Emerging Companies Raising Capital"

Time: 10:00 AM ET

Date: Thursday, March 9, 2023

• Financial Institutions and Monetary Policy Subcommittee Hearing Entitled: "Consumer Financial Protection Bureau: Ripe for Reform"

Time: 10:00 AM ET

Date: Thursday, March 9, 2023

• Digital Assets, Financial Technology and Inclusion Subcommittee Hearing Entitled: "Coincidence or Coordinated? The Administration's Attack on the Digital Asset Ecosystem"

Time: 2:00 PM ET

Date: Thursday, March 9, 2023

• Press Release

Ranking Member Waters Announces Passage of Legislation During Full Committee Markup

March 2, 2023

Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee (the Committee), announced the passage of several bills and amendments during the Committee's first markup.

• Press Release

Federal Agencies

U.S. Department of the Treasury

Departments of Justice, Commerce and Treasury Issue Joint Compliance Note on Russia-Related Sanctions Evasion and Export Controls

March 2, 2023

The U.S. Department of Commerce's Bureau of Industry and Security, the Department of the Treasury's Office of Foreign Asset Control, and the Department of Justice issued a joint compliance note on the use of third-party intermediaries or transshipment points to evade Russian- and Belarussian-related sanctions and export controls.

• Compliance Note
• Press Release

Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade.

March 2, 2023

Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg gave remarks at the Association of Women in International Trade.

• Remarks

Federal Reserve Board

Speech: February's Hot Data Releases

March 2, 2023

Federal Reserve Board Governor Christopher J. Waller gave a speech entitled, "February's Hot Data Releases."

• Speech

Securities and Exchange Commission

Remarks at Meeting of the SEC Investor Advisory Committee

March 2, 2023

Securities and Exchange Commission Chair Gary Gensler and Commissioners Hester M. Peirce and Jaime Lizárraga gave remarks at the SEC Investor Advisory Committee meeting.

• Chair Gensler Remarks
• Commissioner Lizarraga Remarks
• Commissioner Peirce Remarks

Commodity Futures Trading Commission

Commissioner Goldsmith Romero Announces Technology Advisory Committee Meeting Agenda That Includes Cybersecurity, Decentralized Finance, and Artificial Intelligence

March 2, 2023

Commissioner Christy Goldsmith Romero, sponsor of the CFTC's Technology Advisory Committee, released the agenda for the inaugural meeting of the committee.

• Agenda
• Press Release

Consumer Financial Protection Bureau

CFPB Publishes New Findings on Financial Profiles of Buy Now, Pay Later Borrowers

March 2, 2023

The Consumer Financial Protection Bureau published a new report analyzing the financial profiles of Buy Now, Pay Later borrowers.

• Report
• Press Release

Freddie Mac

Freddie Mac Issues Monthly Volume Summary for January 2023

March 2, 2023

Freddie Mac issued the Monthly Volume Summary for January 2023.

• Summary

International

UK Financial Conduct Authority

Financial Conduct Authority to tackle competition problems with the trade data market

March 2, 2023

The Financial Conduct Authority released report which found that competition in some parts of the wholesale data market is not working as well as it should.

• Report
• Study
• Press Release

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)

• Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
• Governor Michelle W. Bowman (sworn in November 26, 2018)
• Governor Christopher J. Waller (sworn in December 18, 2020)
• Governor Phillip N Jefferson (sworn in May 23, 2022)
• Governor Lisa D. Cook (sworn in May 23, 2022)
• Federal Reserve Board announces appointment of Joshua Gallin as secretary of the Federal Open Market Committee (February 2, 2023)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

• Vincent Alvarez Designated Chair of New York Fed Board of Directors; Rosa Gil Designated Deputy Chair (January 10, 2023)
• Pat Wang Appointed as a Class C Director to New York Fed Board of Directors (January 10, 2023)
• New York Fed Names Roberto Perli SOMA Manager (February 2, 2023)

Federal Reserve Bank of Boston – Susan M. Collins (effective July 1, 2022)

• Boston Fed Announces 2023 Board of Directors (January 10, 2023)

Federal Deposit Insurance Corporation – Martin Gruenberg (effective January 5, 2023)

• Vice Chairman Travis Hill (sworn in January 5, 2023)
• Director Jonathan McKernan (sworn in January 5, 2023)
• Director Michael Hsu (Acting Comptroller of the Currency)
• Director Rohit Chopra (Director of Consumer Financial Protection Bureau)
• FDIC Announces Senior Leadership Changes in Division of Risk Management Supervision (January 26, 2023)

Office of the Comptroller of the Currency – Michael Hsu (acting Comptroller, effective May 10, 2021)

• OCC Announces Deputy Comptroller for Systemic Risk Identification and Support (January 11, 2023)
• Kristen Baldwin Named OCC Chief Information Officer (February 8, 2023)

Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)

• SEC Announces Appointment of Cristina Martin Firvida as Investor Advocate (January 10, 2023)
• Paul Munter Named Chief Accountant (January 11, 2023)
• Erik Gerding Named Director of Division of Corporation Finance (January 13, 2023)
• Silvestre Fontes Named Director of Boston Regional Office (January 25, 2023)
• Cicely LaMothe Named Deputy Director, Disclosure Operations, for the Division of Corporation Finance (February 14, 2023)

Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)

• Commissioner Pham Announces Members of the CFTC's Global Markets Advisory Committee (January 12, 2023)
• CFTC Commissioner Pham Announces Additional Staff Appointment (February 7, 2023)
• Chairman Behnam Announces Veteran Federal Prosecutor Ian McGinley as Enforcement Director (February 28, 2023)

Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)

• CFPB Announces Appointments of New Advisory Committee Members (March 1, 2023)

National Credit Union Administration – Todd M. Harper (effective January 20, 2021)

• Cory Phariss Named New AMAC President (February 9, 2023)

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.