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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Monday, July 17, 2023

July 17, 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

McHenry, Thompson Statement on U.S. District Court Ruling in SEC v. Ripple

July 14, 2023

The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), and the Chairman of the House Agriculture Committee, Glenn "GT" Thompson (PA-15), issued the following statement regarding the U.S. District Court of the Southern District of New York's ruling in SEC v. Ripple Labs Inc. et al. and the need for legislative clarity in the digital asset ecosystem to prevent further uncertainty in our financial markets.

Committee on Small Business

Hearing: Committee on Small Business Hearing Examines the SBA and OIG Reports of Fraud in Pandemic Lending Programs

July 14, 2023

Congressman Roger Williams (R-TX), Chairman of the House Committee on Small Business, led a full Committee on Small Business hearing titled "Stolen Taxpayer Funds: Reviewing the SBA and OIG Reports of Fraud in Pandemic Lending Programs."

Federal Agencies

Bank Policy Institute

Letter: Banks and Credit Unions Strongly Oppose Credit Card Competition Act of 2023

July 14, 2023

The Bank Policy Institute submitted a letter to members of Congress in opposition to the Credit Card Competition Act of 2023.

International

European Commission

Speech: Remarks by Executive Vice-President Dombrovskis at the ECOFIN press conference

July 14, 2023

The European Commission's Executive Vice-President Valdis Dombrovskis make remarks at the Economic and Financial Affairs Council press conference.

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)

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)

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.