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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, July 22, 2023

July 22, 2023

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. House of Representatives

Committee on Financial Services

House Committees Introduce Financial Innovation and Technology for the 21st Century Act

July 20, 2023

The Subcommittee on Digital Assets, Financial Technology and Inclusion of the House Committee on Financial Services and the House Committee on Agriculture, the Subcommittee on Commodity Markets, Digital Assets, and Rural Development, introduced H.R. 4763, the Financial Innovation and Technology for the 21st Century Act addressing development with Cryptocurrencies

Federal Agencies

Testimony at Hearing before the Subcommittee on Financial Services and General Government U.S. Senate Appropriations Committee

July 19, 2023

Securities and Exchange Commission Chair Gary Gensler testified at a hearing before the U.S. Senate Committee on Appropriations Subcommittee on Financial Services and General Government.

National Credit Union Administration

NCUA Board Approves Final Member Expulsion Rule

July 20, 2023

The National Credit Union Administration Board approved a final rule on member expulsion.

Bank Policy Institute

FDIC Special Assessment Proposal Lacks Analysis and Needs Adjustment to Avoid Unintended Side Effects

July 21, 2023

The Bank Policy Institute responded today to the FDIC's proposed special assessment – the fee that the agency will levy on a subset of banks to recoup costs to the Deposit Insurance Fund resulting from the guarantee of uninsured depositors during bank failures this spring.

Blog: Bridging the Gap: How Larger and Mid-sized Banks Power Small Businesses

July 21, 2023

The Bank Policy Institute published a blog post entitled, "Bridging the Gap: How Larger and Mid-sized Banks Power Small Businesses."

International

European Banking Authority

The EBA updates on the monitoring of Additional Tier 1, Tier 2 and TLAC/MREL eligible liabilities instruments of European Union institutions

July 21, 2023

The European Banking Authority published an updated Report on the monitoring of Additional Tier 1 (AT1), Tier 2 and total loss absorbing capacity (TLAC) and minimum requirement for own funds and eligible liabilities (MREL) instruments of European Union (EU) institutions.

Bank of England

Working Paper: Vacancy posting, firm balance sheets, and pandemic policy

July 21, 2023

The Bank of England published a staff working paper entitled, "Vacancy posting, firm balance sheets, and pandemic policy."

Working Paper: Hedging, market concentration and monetary policy: a joint analysis of gilt and derivatives exposures

July 21, 2023

The Bank of England published a staff working paper entitled, "Hedging, market concentration and monetary policy: a joint analysis of gilt and derivatives exposures."

Working Paper: The market for sharing interest rate risk: quantities behind prices

July 21, 2023

The Bank of England published a staff working paper entitled, "The market for sharing interest rate risk: quantities behind prices."

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.