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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, June 3, 2023

June 03, 2023

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

U.S. House of Representatives

Committee on Financial Services

House Releases Digital Asset Market Structure Proposal

June 2, 2023

Patrick McHenry (NC-10), Chairman of the House Financial Services Committee, and Glenn "GT" Thompson (PA-15), Chairman of the House Committee on Agriculture, released a discussion draft of legislation providing a statutory framework for digital asset regulation intended to provide clarity, fill regulatory gaps, and foster innovation, while providing adequate consumer protections.

Federal Agencies

Federal Reserve Bank of New York

Report: Estimates of Cost-Price Passthrough from Business Survey Data

June 2, 2023

The Federal Reserve Bank of New York published a staff report entitled, "Estimates of Cost-Price Passthrough from Business Survey Data."

Blog: How Do Firms Adjust Prices in a High Inflation Environment?

June 2, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "How Do Firms Adjust Prices in a High Inflation Environment?"

Blog: How Do Firms Adjust Prices in a High Inflation Environment?

June 2, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "How Do Firms Adjust Prices in a High Inflation Environment?"

Federal Deposit Insurance Corporation

FDIC's Office of the Ombudsman publishes 2022 Services and Activities Report

June 2, 2023

The Federal Deposit Insurance Corporation's (FDIC) Office of the Ombudsman published a report highlighting its activities and the services provided to stakeholders during 2022.

Securities and Exchange Commission

Second Commission Statement Relating to Certain Administrative Adjudications

June 2, 2023

The U.S. Securities and Exchange Commission (SEC) released a second statement relating to certain administrative adjudications.

Commodity Futures Trading Commission

CFTC Seeks Public Comment on the Risk Management Program Requirements for Swap Dealers and Futures Commission Merchants

June 1, 2023

The Commodity Futures Trading Commission (CFTC) is seeking public comment on potential amendments to the Risk Management Program requirements in CFTC Regulations 23.600 and 1.11 applicable to swap dealers and futures commission merchants.

U.S. Small Business Administration

U.S. Small Business Administration Now Accepting Applications for Small Business Lending Company License

June 2, 2023

The U.S. Small Business Administration opened a window for new applications for Small Business Lending Company licenses for the first time in over 40 years. New applicants may apply between June 1, 2023, and July 31, 2023.

Federal Housing Finance Agency

Prepayment Monitoring Report First Quarter 2023

June 2, 2023

The Federal Housing Finance Agency published the Prepayment Monitoring Report for the first quarter 2023.

International

Bank of England

Paper: The potential impact of broader central clearing on dealer balance sheet capacity: a case study of UK gilt and gilt repo markets

June 2, 2023

The Bank of England published a staff working paper entitled, "The potential impact of broader central clearing on dealer balance sheet capacity: a case study of UK gilt and gilt repo markets."

Paper: Flexible Bayesian MIDAS: time-variation, group-shrinkage and sparsity

June 2, 2023

The Bank of England published a staff working paper entitled, "Flexible Bayesian MIDAS: time-variation, group-shrinkage and sparsity."

UK Financial Conduct Authority

Financial watchdog bans referral fees for debt packagers to help struggling consumers

June 2, 2023

The Financial Conduct Authority is banning certain providers of debt advice from receiving referral fees from debt solution providers.

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 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)

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.