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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, April 18, 2023

April 18, 2023

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PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

Remarks by Secretary of the Treasury Janet L. Yellen at United Nations Forum on Financing for Development

April 17, 2023

Secretary of the Treasury Janet L. Yellen gave remarks at the United Nations Forum on Financing for Development.

Treasury Convenes Roundtable Discussion on Inflation Reduction Act Incentives for Underserved Communities

April 14, 2023

U.S Department of the Treasury Chief Implementation Officer Laurel Blatchford and Counselor for Racial Equity Janis Bowdler led one of a series of roundtable discussions with nearly 30 environmental justice stakeholders on how the Low-Income Communities Bonus Credit Program will incentivize investment in underserved communities and ensure all Americans benefit from the growth of the clean energy economy.

Federal Reserve Board

Paper: The Role of Wages in Trend Inflation: Back to the 1980s?

April 17, 2023

The Board of Governors of the Federal Reserve System (Federal Reserve) published a paper entitled, "The Role of Wages in Trend Inflation: Back to the 1980s?"

Federal Reserve Bank of New York

Empire State Manufacturing Survey – April 2023

April 17, 2023

The Federal Reserve Bank of New York released the findings from the April 2023 Empire State Manufacturing Survey.

SCE Labor Market Survey – March 2023

April 17, 2023

The Federal Reserve Bank of New York released the findings from the March 2023 SCE Labor Market Survey.

Blog: Financial Fragility without Banks

April 17, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Financial Fragility without Banks."

Consumer Financial Protection Bureau

Blog: As outstanding credit card debt hits new high, the CFPB is focusing on ways to increase competition and reduce costs

April 17, 2023

The Consumer Financial Protection Bureau (CFPB) published a blog post entitled, "As outstanding credit card debt hits new high, the CFPB is focusing on ways to increase competition and reduce costs."

Federal Housing Finance Agency

Advisory Bulletin: FHLBank Changes to Internal Market Risk Models

April 17, 2023

The Federal Housing Finance Agency (FLHA) released an advisory bulletin updating previous guidance on how a Federal Home Loan Bank should obtain approval to implement significant changes to a previously approved internal market risk model after proper notification to the FHFA.

State Agencies

New York State Department of Financial Services

DFS Announces Adoption of Virtual Currency Assessment Regulation

April 17, 2023

The New York State Department of Financial Services has adopted a final regulation establishing how companies holding a DFS-issued Bitlicense will be assessed for costs of their supervision and examination.

International

Bank of England

Speech: The shape of things to come: innovation in payments and money

April 17, 2023

Bank of England Deputy Governor for Financial Stability Sir Jon Cunliffe gave a speech at the Innovate Finance Global Summit entitled, "The shape of things to come: innovation in payments and money."

UK Financial Conduct Authority

Joint Regulatory Oversight Committee sets out recommendations for the next phase of open banking in the UK

April 17, 2023

The Joint Regulatory Oversight Committee, co-chaired by the FCA and the Payment Systems Regulator, has published its recommendations for the next phase of open banking in the UK.

Speech: Innovation, AI & the future of financial regulation

April 17, 2023

Financial Conduct Authority Chief Data, Information and Intelligence Officer Jessica Rusu gave a speech at the Innovate Finance Global Summit entitled, "Innovation, AI & the future of financial regulation."

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.