PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, March 31, 2023
March 31, 2023
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Major Developments
White House Releases Fact Sheet Urging Regulators to Enhance Supervision for Large Regional Banks
March 30, 2023
President Biden has released a fact sheet urging regulators to increasesupervision rules for large regional banks.
The Consumer Financial Protection Bureau (CFPB) Finalizes Rule to Create a New Data Set on Small Business Lending in America
March 30, 2023
The Consumer Financial Protection Bureau (CFPB) has finalized a rule required by Congress to increase transparency in small business lending, promote economic development, and combat unlawful discrimination.
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Senators Raise Flags Regarding Failed Bank Executives' Stock Trades
March 30, 2023
U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, led eleven of his colleagues on the Banking and Housing Committee in a letter to Securities and Exchange Commission (SEC) Chair Gary Gensler highlighting concerns with large stock trades made by Silicon Valley Bank (SVB) executives in the days and months before SVB's collapse.
Federal Agencies
U.S. Department of the Treasury
Remarks by Secretary of the Treasury Janet L. Yellen at the National Association for Business Economics 39th Annual Economic Policy Conference
March 30, 2023
Secretary of the Treasury Janet L. Yellen gave remarks at the National Association for Business Economics 39th Annual Economic Policy Conference.
Federal Reserve Board
Senior Credit Officer Opinion Survey on Dealer Financing Terms – March 2023
March 30, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) released the results of the Senior Credit Officer Opinion Survey on Dealer Financing Terms for March 2023.
Federal Reserve Bank of New York
Blog: What Has Driven the Labor Force Participation Gap since February 2020?
March 30, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "What Has Driven the Labor Force Participation Gap since February 2020?"
Federal Reserve Bank of Boston
Remarks on the Outlook, Monetary Policy, and Supporting a Vibrant Economy
March 30, 2023
Federal Reserve Bank of Boston President Susan M. Collins gave remarks on the economic outlook, monetary policy, and a vibrant economy at the 39th Annual National Association of Business Economics Economic Policy Conference.
Federal Deposit Insurance Corporation
FDIC State Profiles – Q4 2022
March 30, 2023
The Federal Deposit Insurance Corporation (FDIC) released the FDIC State Profiles for the fourth quarter 2022.
Office of the Comptroller of the Currency
OCC Establishes Office of Financial Technology
March 30, 2023
The Office of the Comptroller of the Currency (OCC) today announced the establishment of its Office of Financial Technology and the selection of Prashant Bhardwaj to lead the office as Deputy Comptroller and Chief Financial Technology Officer, effective April 10, 2023.
Acting Comptroller Emphasizes Focus on Safe and Sound Banking System, Discusses Elevating Fairness in Banking
March 30, 2023
Acting Comptroller of the Currency Michael J. Hsu emphasized the OCC's continued focus on the safety, soundness and fairness of the Federal banking system and its work to elevate fairness in banking in remarks at the National Community Reinvestment Coalition's Just Economy Conference.
Securities and Exchange Commission
Remarks: Fixed Income and Options: The Other Market Structures
March 30, 2023
SEC Commissioner Caroline A. Crenshaw gave remarks at the Fixed Income Forum Spring Roundtable entitled, "Fixed Income and Options: The Other Market Structures."
Commodity Futures Trading Commission
CFTC Staff Issues No-Action Letter Regarding the Migration of Credit Default Swaps from ICE Clear Europe Ltd.
March 30, 2023
The Commodity Futures Trading Commission's Division of Market Oversight published a no-action letter regarding the requirements in Section 2(h)(8) of the Commodity Exchange Act and CFTC Regulation 37.9 for credit default swaps (CDS) that are executed for the sole purpose of migrating open CDS positions from ICE Clear Europe Ltd. (ICEU) to a new central clearing counterparty ahead of ICEU's planned discontinuation of CDS clearing services in October 2023.
Consumer Financial Protection Bureau
Report: Supplemental estimation methodology for institutional coverage and market-level cost estimates in the small business lending rulemaking
March 30, 2023
The CFPB published a report entitled, "Supplemental estimation methodology for institutional coverage and market-level cost estimates in the small business lending rulemaking."
Report: User testing for sample data collection form for the small business lending final rule
March 30, 2023
The CFPB published a report entitled, "User testing for sample data collection form for the small business lending final rule."
Director Rohit Chopra's Prepared Remarks at the NCRC Just Economy Conference
March 30, 2023
CFPB Director Rohit Chopra gave remarks at the National Community Reinvestment Coalition's Just Economy Conference.
Independent Accountants' Report on the CFPB's Fiscal Year 2022 Compliance With the Payment Integrity Information Act of 2019
March 30, 2023
The CFPB Office of Inspector General released the independent accountant's report on the CFPB's compliance with the Payment Integrity Information Act of 2019 as it relates to the Civil Penalty Fund for fiscal year 2022.
Federal Financial Institutions Examination Council
UBPR Income Statement Related Content Changes Effective April 1st
March 30, 2023
The Federal Financial Institutions Examination Council (FFIEC) sent a letter to all Uniform Bank Performance Report (UBPR) users indicating that as part of an ongoing multiyear review of UBPR content, the financial institution regulatory agencies under the direction of the FFIEC Task Force on Surveillance Systems will be making changes to the income statement content of the UBPR effective April 1st.
FINRA
Investor Insights: This On-Ramp Could Lead You to a Dump
March 30, 2023
FINRA published an Investor Insights alert entitled, "This On-Ramp Could Lead You to a Dump."
National Credit Union Administration
Home Mortgage Disclosure Act Data Collection Requirements for Calendar Year 2023
March 30, 2023
The National Credit Union Administration sent a letter to credit unions laying out the Home Mortgage Disclosure Act data collection requirements for calendar year 2023.
Federal Housing Finance Agency
FHFA's Office of Minority and Women Inclusion Issues 2022 Annual Report to Congress
March 30, 2023
The Federal Housing Finance Agency Office of Minority and Women Inclusion issued its 2022 Annual Report to Congress.
Bank Policy Institute
Blog: Why Regulators Should Consider Banks' Borrowing Capacity from the Fed in Liquidity Assessments
March 30, 2023
The Bank Policy Institute published a blog post entitled, "Why Regulators Should Consider Banks' Borrowing Capacity from the Fed in Liquidity Assessments."
International
European Commission
Speech by President von der Leyen on EU-China relations to the Mercator Institute for China Studies and the European Policy Centre
March 30, 2023
European Commission President Ursula von der Leyen gave a speech on EU-China relations to the Mercator Institute for China Studies and the European Policy Centre.
Bank of England
UK Financial Conduct Authority
UK Financial Reporting Council
UK The Pensions Regulator
Regulators welcome the Government's updated Green Finance Strategy
March 30, 2023
The Bank of England, Financial Conduct Authority, Financial Reporting Council, and The Pensions Regulator issued a joint statement welcoming the Government's updated Green Finance Strategy.
Bank of England Prudential Regulation Authority
UK Financial Conduct Authority
Discussion Paper: Review of the Senior Managers and Certification Regime (SM&CR)
March 30, 2023
The Bank of England Prudential Regulation Authority and Financial Conduct Authority published a discussion paper entitled, "Review of the Senior Managers and Certification Regime (SM&CR)."
UK Financial Conduct Authority
The application of the derivatives trading obligation to certain credit default swaps
March 30, 2023
Some index credit default swaps are subject to the derivatives trading obligation under Article 28 of UK Markets in Financial Instruments Regulation, which requires certain financial and non-financial counterparties to conclude transactions in specified derivatives on trading venues.
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 the Federal Reserve Bank of New York Board of Directors; Rosa Gil designated Deputy Chair (January 10, 2023)
- Pat Wang appointed as a Class C Director to Federal Reserve Bank of New York Board of Directors (January 10, 2023)
- Federal Reserve Bank of New York names Roberto Perli SOMA Manager (February 2, 2023)
Federal Reserve Bank of Boston – Susan M. Collins (effective July 1, 2022)
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 Trading 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)
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.