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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, April 25, 2023

April 25, 2023

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

House Financial Services Committee

House Financial Services Committee Republicans Release Discussion Draft for Stablecoins Legislation

A scaled back proposal governing payment stablecoins was released by the Chair of the House Financial Services Committee

Proposed Discussion Draft

Federal Agencies

Securities and Exchange Commission

Remarks at the SEC's 42nd Annual Small Business Forum – Exploring the Early-Stage Landscape: Trends and Strategies in Capital Raising

April 24, 2023

Securities and Exchange Commission (SEC) Chair Gary Gensler and Commissioner Hester M. Peirce gave remarks at the SEC's 42nd Annual Small Business Forum.

Bank Policy Institute

Blog: Improving The Government's Lender of Last Resort Function: Lessons From SVB and Signature Bank

April 24, 2023

The Bank Policy Institute published a blog post entitled, "Improving The Government's Lender of Last Resort Function: Lessons From SVB and Signature Bank."

International

European Banking Authority

EBA identifies fraud in retail payments and over indebtedness as key issues affecting consumers

April 24, 2023

The European Banking Authority (EBA) published the 8th edition of its Consumer Trends Report for 2022/23, which summarizes trends observed for the products and services under the EBA's consumer protection mandate.

EBA consults on guidance on benchmarking of diversity practices

April 24, 2023

The EBA launched a consultation on Guidelines on the benchmarking of diversity practices including diversity policies and gender pay gap under the Capital Requirements Directive and the Investment Firms Directive.

UK Financial Conduct Authority

FCA sets out recommendations for LDI managers

April 24, 2023

The Financial Conduct Authority (FCA) has published a series of recommendations for asset managers designed to increase resilience of Liability Driven Investment funds.

Financial watchdog puts banks on alert in fight against money laundering via the Post Office

April 24, 2023

The FCA has set out a series of measures designed to reduce the risk of money laundering via the Post Office.

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.