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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, April 6, 2023

April 06, 2023

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

U.S. Department of the Treasury

Treasury Sanctions Marketplace Genesis Market

April 5, 2023

The U.S. Department of the Treasury's Office of Foreign Assets Control took action to designate Genesis Market, for its part in the theft and sale of device credentials and related sensitive information.

Federal Deposit Insurance Corporation

FDIC Consumer Compliance Supervisory Highlights

April 5, 2023

The FDIC issued the March 2023 edition of the Consumer Compliance Supervisory Highlights.

FDIC Announces Retention of Financial Advisor to Assist with the Liquidation of Securities of the Former Signature Bank, New York, NY, and Silicon Valley Bank, Santa Clara, CA

April 5, 2023

The Federal Deposit Insurance Corporation (FDIC) as receiver of the former Signature Bank, New York, NY, and Silicon Valley Bank, Santa Clara, CA, will undertake a marketing process to sell the securities portfolios retained from the two receiverships.

Press Release

Commodity Futures Trading Commission

Commisioners' Statements before the Agricultural Advisory Committee

April 5, 2023

Commodity Futures Trading Commission (CFTC) Commissioners Christy Goldsmith Romero, Summer K. Mersinger, and Caroline D. Pham gave opening statements before the Agricultural Advisory Committee.

FINRA

Investor Insights: Storing Crypto Assets

April 5, 2023

The Financial Industry Regulatory Authority (FINRA) issued an Investor Insights article entitled, "Storing Crypto Assets."

National Credit Union Administration

NCUA Opening 2023 CDRLF Grant Round May 1

April 5, 2023

The National Credit Union Administration (NCUA) announced credit unions eligible for Community Development Revolving Loan Fund grants in 2023 can apply between May 1 and June 30.

Federal Housing Finance Agency

FHFA Announces Updated Equitable Housing Finance Plans for Fannie Mae and Freddie Mac

April 5, 2023

The Federal Housing Finance Agency (FHFA) announced updates to Fannie Mae and Freddie Mac's Equitable Housing Finance Plans for 2023.

International

European Commission

Multi-agency Donor Coordination Platform ramps up efforts to help Ukraine address priority recovery needs in 2023

April 5, 2023

The Government of Ukraine, the G7 Members of the Steering Committee and representatives from international financial institutions discussed, during the second meeting of the Multi-agency Donor Coordination Platform's Steering Committee for Ukraine, how to best coordinate economic support for Ukraine's immediate financing needs and future economic recovery and reconstruction efforts.

European Banking Authority

EBA launches call for papers for its 2023 Policy Research Workshop

April 5, 2023

The European Banking Authority launched a call for papers in view of its 12th Policy Research Workshop taking place on 7-8 November 2023 and titled "Interest rate and Liquidity Risk Management, Regulation and the Macro-economic environment".

Bank of England

Minutes of the SONIA Stakeholder Advisory Group

April 5, 2023

The Bank of England released the minutes of the SONIA Stakeholder Advisory Group meeting held March 15, 2022.

UK Financial Conduct Authority

FCA sets clear plan for next 12 months

April 5, 2023

The Financial Conduct Authority (FCA) released its Business Plan 2023/24.

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.