PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, February 25, 2023
February 25, 2023
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Major Developments
U.S. House of Representatives
Committee on Financial Services
New Legislation to Modernize Financial Data Privacy Laws Introduced
February 24, 2023
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), introduced the Data Privacy Act of 2023.
Federal Agencies
U.S. Department of the Treasury
Targeting Key Sectors, Evasion Efforts, and Military Supplies, Treasury Expands and Intensifies Sanctions Against Russia
February 24, 2023
The U.S. Department of the Treasury's Office of Foreign Assets Control announced new sanctions on Russia targeting the metals and mining sector of the Russian Federation economy under Executive Order 14024 and sanctions on 22 individuals and 83 entities. The Department of State, the Department of Commerce, and the Office of the U.S. Trade Representative, in coordination with allies and G7 partners also took additional action intendedto isolate Russia from the international economy and hinder Russia's ability to obtain the capital, materials, technology, and support that sustain its war against Ukraine.
Statement by Secretary of the Treasury Janet L. Yellen on Suspension of Russia from the Financial Action Task Force
February 24, 2023
The Financial Action Task Force (FATF), the international standard-setting body on illicit finance, suspended the Russian Federation from its membership.
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Agencies issue 2022 Shared National Credit Program review
February 24, 2023
The Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency reported in the 2022 Shared National Credit report that credit quality associated with large syndicated bank loans improved in 2022, but noted the results do not fully reflect increasing interest rates and softening economic conditions that began to impact borrowers in the second half of 2022.
Federal Reserve Board
Paper: The US, Economic News, and the Global Financial Cycle
February 24, 2023
The Federal Reserve Board published a working paper entitled, "The US, Economic News, and the Global Financial Cycle."
Speech: Discussion of the Paper "Managing Disinflations" by Stephen G. Cecchetti, Michael E. Feroli, Peter Hooper, Frederic S. Mishkin, and Kermit L. Schoenholtz
February 24, 2023
Federal Reserve Board Governor gave a speech discussing the paper "Managing Disinflations" at the U.S. Monetary Policy Forum.
Federal Reserve Bank of Boston
Remarks for the Panel Discussion "Why Did We Miscast Inflation?"
February 24, 2023
Federal Reserve Bank of Boston President Susan M. Collins gave remarks at a panel discussion entitled "Why Did We Miscast Inflation?" at the U.S. Monetary Policy Forum.
Consumer Financial Protection Bureau
CFPB Updates its rules addressing Administrative Enforcement Oroceedings
February 24, 2023
The Consumer Financial Protection Bureau published a blog post announcing it has finalized an update to the Rules of Practice for Adjudication Proceedings.
FINRA
Investor Insights: No 401(k)? No Problem
February 24, 2023
FINRA published an Investor Insights post entitled, "No 401(k)? No Problem."
Investor Insights: How to Avoid Cryptocurrency-Related Stock Scams
February 24, 2023
FINRA published an Investor Insights post entitled, "How to Avoid Cryptocurrency-Related Stock Scams."
State Agencies
California Department of Financial Protection and Innovation
Notice of First Modification to Proposed Regulations: CCFPL Commercial Financial Products and Services
February 24, 2023
The California Department of Financial Protection and Innovation issued a notice of first modification to proposed regulations implementing provisions of the California Commercial Financial Products and Services Law.
International
Bank of England
UK Financial Conduct Authority
Policy Statement: Changes to reporting requirements, procedures for data quality and registration of Trade Repositories under UK EMIR
February 24, 2023
The Bank of England and Financial Conduct Authority issued a joint policy statement entitled, "Changes to reporting requirements, procedures for data quality and registration of Trade Repositories under UK EMIR."
Update on Bank of England and Financial Conduct Authority Memorandum of Understanding on the supervision of market infrastructure and payment systems
February 24, 2023
The Bank of England and Financial Conduct authority issued an update on the Memorandum of Understanding on the supervision of market infrastructure and payment systems.
Administration Changes
Vacancies
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)
- Vice Chair Lael Brainard (sworn in May 23, 2022)
- 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)
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)
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.