Daily Financial Regulation Update -- Saturday, May 27, 2023

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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 Sends Letter to Treasury Regarding Rumored Outbound Investment Executive Order

May 26, 2023

U.S. House Financial Services Committee Chairman Patrick McHenry (NC-10) sent a letter to Secretary of the Treasury Janet Yellen regarding Treasury's rumored Executive Order on outbound investment to China.

• Letter
• Press Release

Federal Agencies

U.S. Department of the Treasury

Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit

May 26, 2023

U.S. Secretary of the Treasury Janet L. Yellen sent a letter to all members of Congressional leadership regarding the debt limit.

• Letter

Federal Reserve Board

Fed Communication, News, Twitter, and Echo Chambers

May 26, 2023

The Board of Governors of the Federal Reserve System (Federal Reserve) published a staff working paper entitled, "Fed Communication, News, Twitter, and Echo Chambers."

• Paper

National Credit Union Administration

NCUA Board Member Rodney E. Hood's Remarks at Women in Housing and Finance Symposium in Washington, D.C.

May 26, 2023

National Credit Union Administration (NCUA) Board Member Rodney E. Hood gave remarks at the Women in Housing and Finance Symposium.

• Remarks

Ginnie Mae

Ginnie Mae Implements Additional Reporting and Feedback System (RFS) Loan Level Data Elements

May 26, 2023

Ginnie Mae announced the collection and incorporation of additional loan-level data elements in the Reporting and Feedback System investor reporting process in an All Participants Memorandum.

• All Participants Memorandum
• Press Release

State Agencies

New York State Department of Financial Services

Statement of DFS Superintendent Harris Before the Standing Committee on Consumer Affairs and Protection and Standing Committee on Banks New York State Assembly

May 26, 2023

Department of Financial Services (DFS) Superintendent Adrienne A. Harris gave a statement before the New York State Assembly Standing Committee on Consumer Affairs and Protection and Standing Committee on Banks.

• Statement

International

European Banking Authority

ESAs launch discussion on criteria for critical ICT third-party service providers and oversight fees

May 26, 2023

The European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) today published a joint Discussion Paper seeking stakeholders' input on aspects of the Digital Operational Resilience Act.

• Discussion Paper
• Press Release

Bank of England
Bank of England Prudential Regulation Authority

UK Financial Conduct Authority

Joint statement from FCA, PRA and Bank of England on the government's proposed amendments to the CCP run-off regime

May 26, 2023

The Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Bank of England welcome HM Treasury's statement and the government's proposed amendments to the Financial Services and Markets Bill relating to the CCP run-off regime.

• Proposed Amendments
• HM Treasury Statement
• Joint Statement

Bank of England

Paper: Revisiting the monetary transmission mechanism through an industry-level differential approach

May 26, 2023

The Bank of England published a staff working paper entitled, "Revisiting the monetary transmission mechanism through an industry-level differential approach."

• Working Paper

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)

• Vice Chair Phillip N Jefferson (nominated May 12, 2023)
• Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
• Governor Michelle W. Bowman (sworn in November 26, 2018)
• Governor Christopher J. Waller (sworn in December 18, 2020)
• Governor Lisa D. Cook (sworn in May 23, 2022)
• Governor Adriana Kugler (nominated May 12, 2023)
• Federal Reserve announces appointment of Joshua Gallin as Secretary of the Federal Open Market Committee (February 2, 2023)
• President Biden nominates Dr. Philip Jefferson for Vice Chair and Dr. Adriana Kugler to serve as a Member on the Federal Reserve Board, and renominates Dr. Lisa Cook for an additional full term as Member (May 12, 2023)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

• Vincent Alvarez designated Chair of Federal Reserve Bank of New York Board of Directors; Rosa Gil designated Deputy Chair (January 10, 2023)
• Pat Wang appointed as a Class C Director to Federal Reserve Bank of New York Board of Directors (January 10, 2023)
• Federal Reserve Bank of New York names Roberto Perli SOMA Manager (February 2, 2023)
• Cali Brooks and Miguel Soto-Class appointed to Federal Reserve Bank of New York Community Advisory Board (April 4, 2023)

Federal Reserve Bank of Boston – Susan M. Collins (effective July 1, 2022)

• Federal Reserve Bank of Boston announces 2023 Board of Directors (January 10, 2023)
• Federal Reserve Bank of Boston announces new external advisory council members (April 10, 2023)
• Federal Reserve Bank of Boston names Egon Zakrajšek as Director of Economic Research (May 17, 2023)

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)
• FDIC names three bankers to Minority Depository Institutions Subcommittee (May 25, 2023)
• FDIC names eight new members to Advisory Committee on Community Banking (May 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)
• SEC appoints Deborah J. Jeffrey as Inspector General (April 17, 2023)
• Eric R. Werner named Director of Fort Worth Regional Office (April 25, 2023)

Commodity Futures Trading 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)
• Chairman Behnam announces veteran Federal prosecutor Ian McGinley as Enforcement Director (February 28, 2023)
• Commissioner Goldsmith Romero announces Yevgeny Shrago as Senior Counsel and Policy Advisor (April 14, 2023)
• CFTC Appoints Jeffrey Sutton as Executive Director (April 18, 2023)

Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)

• CFPB announces appointments of New Advisory Committee Members (March 1, 2023)

National Credit Union Administration – Todd M. Harper (effective January 20, 2021)

• Cory Phariss named New AMAC President (February 9, 2023)

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.