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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, April 13, 2023

April 13, 2023

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

Speech: Recent Bank Failures and the Path Ahead

April 12, 2023

Federal Deposit Insurance Corporation (FDIC) Vice Chairman Travis Hill delivered a policy address at a forum hosted by the Bipartisan Policy Center in Washington, DC on recent bank failures. Vice Chairman Hill discussed the FDIC's role and response to these failures and recent instability in the financial markets.

U.S. House of Representatives

Committee on Financial Services

HEARING Notice: Subcommittees on Digital Assets, Financial Technology and in Inclusion & Capital Markets: "Understadning Stablecoins' Role in Payments and the Need for Legislation, will be held on Tuesday April 19, 2023.

Notice

Federal Agencies

Federal Reserve Board

Paper: The Long-Run Real Effects of Banking Crises: Firm-Level Investment Dynamics and the Role of Wage Rigidity

April 12, 2023

The Board of Governors of the Federal Reserve System (Federal Reserve) published a paper entitled, "The Long-Run Real Effects of Banking Crises: Firm-Level Investment Dynamics and the Role of Wage Rigidity."

Minutes of the Federal Open Market Committee, March 21-22, 2023

April 12, 2023

The Federal Reserve released the minutes of the Federal Open Market Committee meeting held on March 21-22, 2023.

Federal Reserve Bank of New York

Blog: Does Corporate Hedging of Foreign Exchange Risk Affect Real Economic Activity?

April 12, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Does Corporate Hedging of Foreign Exchange Risk Affect Real Economic Activity?"

Underlying Inflation Gauge – April 2023

April 12, 2023

The Federal Reserve Bank of New York released the Underlying Inflation Gauge (UIG) for April 2023 with data from March 2023.

Office of the Comptroller of the Currency

Interest Rate Risk: Interest Rate Risk Statistics Report

April 12, 2023

The Office of the Comptroller of the Currency (OCC) published the spring 2023 edition of the Interest Rate Risk Statistics Report.

FINRA

Investor Insights: Understanding Structured Notes With Principal Protection

April 12, 2023

FINRA released an Investor Insights alert entitled, "Understanding Structured Notes With Principal Protection."

U.S. Small Business Administration

U.S. Small Business Administration Implements Rules to Address Persistent Capital Access Gaps

April 12, 2023

The U.S. Small Business Administration has finalized two rules to address persistent gaps in access to capital impacting small business owners in underserved communities.

Federal Housing Finance Agency

FHFA Announces Final Rule Amending the Enterprise Duty to Serve Underserved Markets Regulation

April 12, 2023

The Federal Housing Finance Agency published a final rule to amend the Enterprise Duty to Serve Underserved Markets regulation.

International

European Banking Authority

ESAs propose amendments to extend and simplify sustainability disclosures

April 12, 2023

The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have published a Consultation Paper with amendments to the Delegated Regulation of the Sustainable Finance Disclosure Regulation.

UK Financial Conduct Authority

The USD LIBOR panel ceases at end-June 2023: Are you ready?

April 12, 2023

It is now less than 90 days until the USD LIBOR panel ceases on 30 June 2023, marking another critical milestone in the necessary transition to robust Risk-Free Reference Rates.

Bank of England

Speech: Monetary and financial stability: lessons from recent times

April 12, 2023

Bank of England Governor Andrew Bailey gave a speech at the Institute of International Finance entitled, "Monetary and financial stability: lessons from recent times."

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.