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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Monday, March 13, 2023

March 13, 2023

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Major Developments

Joint Statement by Treasury, Federal Reserve, and FDIC

March 12, 2023

Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg released a joint statement on actions taken to protect the U.S. economy by strengthening public confidence in the nation's banking system.

Federal Reserve Board announces it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors

March 12, 2023

The Federal Reserve Board announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors. This action will bolster the capacity of the banking system to safeguard deposits and ensure the ongoing provision of money and credit to the economy.

Superintendent Adrienne A. Harris Announces New York Department of Financial Services Takes Possession of Signature Bank

March 12, 2023

Superintendent Adrienne A. Harris announced that the New York Department of Financial Services (NYDFS) has taken possession of Signature Bank, pursuant to Section 606 of New York Banking Law, in order to protect depositors. The NYDFS DFS immediately appointed the Federal Deposit Insurance Corporation as receiver of the bank.

FDIC Establishes Signature Bridge Bank, N.A., as Successor to Signature Bank, New York, NY

March 12, 2023

Signature Bank was closed by the New York State Department of Financial Services, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. In that connection, the FDIC transferred all the deposits and substantially all of the assets of Signature Bank to Signature Bridge Bank, N.A., a full-service bank that will be operated by the FDIC as it markets the institution to potential bidders.

FDIC Issues FAQs for Silicon Valley Bank

Notwithstanding that Depositors will be made whole, the FDIC issued a FAQ addressing the receivership of Silicon Valley Bank, addressing various operating issues at the bridge bank established to resolve the bank.

Federal Agencies

U.S. Department of the Treasury

Article: The U.S. Economic Recovery in International Context

Marah 10, 2023

The U.S. Department of the Treasury published an article entitled, "The U.S. Economic Recovery in International Context."

U.S. Department of Labor

The Employment Situation – February 2023

March 10, 2023

The U.S. Department of Labor Bureau of Labor Statistics released the jobs report for February 2023.

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 Trade 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.