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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, June 20, 2023

June 20, 2023

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

Federal Reserve Bank of New York

Remarks on the Panel "Bank Crisis Framework: Learning from Experience"

June 17, 2023

Federal Reserve Bank of New York General Counsel Rachel Ostrander gave remarks on the panel "Bank Crisis Framework: Learning from Experience" at the Paris Meeting of the Committee on International Monetary Law of the International Law Association.

Federal Deposit Insurance Corporation

FDIC Clarifying Supervisory Approach Regarding Supervisory Guidance on Multiple Re-Presentment NSF Fees

June 16, 2023

The Federal Deposit Insurance Corporation has updated its Supervisory Guidance on Multiple Re-Presentment NSF Fees (FIL-40-2022) to clarify its supervisory approach for corrective action when a violation of law is identified.

Financial Stability Oversight Council

FSOC Holds Meeting on June 16, 2023

June 16, 2023

The Financial Stability Oversight Council held a meeting on June 16, 2023.

International

European Commission

Fair and simple taxation: better withholding tax procedures will boost cross-border investment and help fight tax abuse

June 19, 2023

The European Commission has today proposed new rules to make withholding tax procedures in the EU more efficient and secure for investors, financial intermediaries (e.g. banks) and Member State tax administrations.

European Banking Authority

ESAs consult on the first batch of DORA policy products

June 19, 2023

The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) launched a public consultation on the first batch of policy products under the Digital Operational Resilience Act.

Bank of England

CHAPS transitions to latest global financial messaging standard

June 19, 2023

The Bank of England has successfully migrated CHAPS, the UK's high-value payments system, to ISO 20022 – the latest global financial messaging standard.

Bank of England launches first system-wide exploratory scenario exercise

June 19, 2023

The Bank of England has launched its first system-wide exploratory scenario exercise to improve understanding of the behaviours of banks and non-bank financial institutions (NBFIs) in stressed financial market conditions.

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.