PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, October 6, 2023
October 06, 2023
FedACTion Task Force
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Major Developments
Federal Deposit Insurance Corporation
FDIC Board of Directors Meeting - Notational Vote
October 5, 2023
The Federal Deposit Insurance Corporation Board of Directors approved a Notice of Proposed Rulemaking on Proposed Guidelines Establishing Standards for Corporate Governance and Risk Management for Covered Institutions with Total Consolidated Assets of $10 Billion or More to be added as Appendix C to Part 364 of the FDIC's Rules and Regulations Standards for Safety and Soundness.
- Proposed Rule
- Memorandum
- Chair Gruenberg Statement
- Vice Chair Hill Statement
- Director McKernan Statement
- Financial Institution Letter
- Meeting Materials
Federal Agencies
Federal Reserve Bank of New York
Blog: Does Income Inequality Affect Small Firms?
October 5, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Does Income Inequality Affect Small Firms?"
Federal Reserve Bank of Boston
What happens when a cryptocurrency 'shock' hits? Researchers look at how stablecoin investors react
October 5, 2023
The Federal Reserve Bank of Boston published a working paper entitled, "Runs and Flights to Safety: Are Stablecoins the New Money Market Funds?"
Conference of State Bank Supervisors
Remarks at 2023 Community Banking Research Conference
October 5, 2023
The Conference of State Bank Supervisors held the 2023 Community Banking Research Conference, during which the winners of the Second Annual John W. Ryan award were announced and CSBS Chair Lise Kruse, Federal Reserve Governor Michelle Bowman, and Federal Deposit Insurance Corporation Chair Martin J. Gruenberg, CSBS President and CEO Jim Cooper all gave remarks.
- Award Winners
- CSBS Chair Lise Kruse Opening Remarks
- FRB Governor Bowman Statement
- FDIC Chair Gruenberg Statement
- CSBS President Cooper Closing Remarks
Remarks at the New York State Bar Association on the Basel Endgame and Long-Term Debt Proposals
October 4, 2023
Federal Deposit Insurance Corporation Director Jonathan McKernan gave remarks on the Basel endgame and long term debt proposals at the New York State Bar Association.
Securities and Exchange Commission
Keynote Address at National Society of Compliance Professionals 2016 National Conference
October 5, 2023
Securities and Exchange Commission Office of Compliance Inspections and Examinations Director Marc Wyatt delivered the keynote address entitled, "Inside the National Exam Program in 2016," at the National Society of Compliance Professionals 2016 National Conference in Washington, D.C.
FINRA
Proposed Rule Change to Amend the Codes of Arbitration Procedure and Code of Mediation Procedure to Revise and Restate the Qualifications for Representatives in Arbitrations and Mediations
October 5, 2023
Financial Industry Regulatory Authority, Inc. filed with the Securities and Exchange Commission a proposed rule change to revise and restate the qualifications for representatives in arbitrations and mediations.
Federal Housing Finance Agency
FHFA Publishes 2023Q2 UAD Aggregate Statistics
October 5, 2023
The Federal Housing Finance Agency has published the Uniform Appraisal Dataset Aggregate Statistics for Q2 2023.
Bank Policy Institute
Blog: What to do About Uninsured Deposits?
October 5, 2023
The Bank Policy Institute published a blog post entitled, "What to do About Uninsured Deposits?"
International
Bank of England
Monthly Decision Maker Panel data - September 2023
October 5, 2023
The Bank of England published the monthly Decision Maker Panel survey data for September 2023.
Bank of England Prudential Regulation Authority
Letter: Fixed income financing thematic review
October 5, 2023
Bank of England Executive Directors Nathanaël Benjamin and David Bailey sent a letter to Chief Risk Officers (CROs) of banks operating in the UK following the Prudential Regulation Authority's review of fixed income financing businesses.
UK Financial Conduct Authority
Speech: AI: Flipping the coin in financial services
October 5, 2023
Financial Conduct Authority Chief Data, Information and Intelligence Officer Jessica Rusu gave a speech at the City and Financial Global AI Regulation Summit 2023 entitled, "AI: Flipping the coin in financial services."
Administration Changes
Vacancies
Office of the Comptroller of the Currency
- Comptroller – Vacant (Michael Hsu serves as Acting Comptroller)
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 Phillip N Jefferson (sworn in September 13, 2023)
- 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 Lisa D. Cook (sworn in September 13, 2022)
- Governor Adriana D. Kugler (sworn in September 13, 2023)
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)
- 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)
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)
Financial Crimes Enforcement Network – Andrea Gacki (effective July 13, 2023)
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.