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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, April 26, 2023

April 26, 2023

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PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

U.S. Department of Justice
Consumer Financial Protection Bureau
Equal Employment Opportunity Commission
Federal Trade Commission

DOJ, CFPB, EEOC and FTC Release Joint Statement on Artificial Intelligence (AI) and Automated Systems

April 25, 2023

The Civil Rights Division of the United States Department of Justice, the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), and the U.S. Equal Employment Opportunity Commission (EEOC) released a joint statement outlining a commitment to enforce their respective laws and regulations as emerging automated systems and artificial intelligence become increasingly common.

Federal Reserve Board

Federal Reserve Board announces that the review of the supervision and regulation of Silicon Valley Bank, led by Vice Chair for Supervision Barr, will be released on Friday, April 28, at 11:00 a.m. ET

April 25, 2023

The Board of Governors of the Federal Reserve System (Federal Reserve) on Tuesday announced that the review of the supervision and regulation of Silicon Valley Bank, led by Vice Chair for Supervision Michael S. Barr, will be released on Friday, April 28, at 11:00 a.m. ET.

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Banking Committee Introduces Bipartisan Bill to Address the Fentanyl Crisis

April 25, 2023

The leaders of the Senate Committee on Banking, Housing, and Urban Affairs today introduced the bipartisan Fentanyl Eradication and Narcotics Deterrence (FEND) Off Fentanyl Act, a sanctions and anti-money laundering bill aimed at combatting the country's fentanyl crisis by targeting the illicit fentanyl supply chain.

Federal Agencies

U.S. Department of the Treasury

Treasury Department Announces 2023 De-Risking Strategy

April 25, 2023

The U.S. Department of the Treasury issued the 2023 De-risking Strategy, as mandated by Congress in the Anti-Money Laundering Act of 2020.

Federal Reserve Bank of New York

Statement Regarding the Policy on Counterparties for Market Operations and Reverse Repurchase Counterparties

April 25, 2023

The Federal Reserve Bank of New York made adjustments to the Policy on Counterparties for Market Operations and expectations and eligibility requirements for Reverse Repo Counterparties.

Conference of State Bank Supervisors

Blog: Did Community Banker Sentiment Falter Further After the March 2023 Bank Closures?

April 25, 2023

The Conference of State Bank Supervisors published a blog post entitled, "Did Community Banker Sentiment Falter Further After the March 2023 Bank Closures?"

Commodity Futures Trading Commission

Illicit Finance and Other Key Risks of Digital Assets: Keynote at City Week 2023

April 25, 2023

Commodity Futures Trading Commission (CFTC) Commissioner Christy Goldsmith Romero gave remarks at City Week entitled, "Illicit Finance and Other Key Risks of Digital Assets."

National Credit Union Administration

Update to Interagency Policy Statement on Allowances for Credit Losses

April 25, 2023

The National Credit Union Administration sent a letter to credit unions with the update to the Interagency Policy Statement on Allowances for Credit Losses.

Federal Housing Finance Agency

FHFA House Price Index Up 0.5 Percent in February; Up 4.0 Percent from Last Year

April 25, 2023

U.S. house prices rose in February, up 0.5 percent from January, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index.

International

European Banking Authority

ESAs call for vigilance in the face of mounting financial risks

April 25, 2023

The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) issued their Spring 2023 Joint Committee Report on risks and vulnerabilities in the EU financial system

EBA publishes final draft technical standards on the determination of the exposure value of synthetic excess spread in synthetic securitisations

April 25, 2023

The European Banking Authority published its final draft Regulatory Technical Standards specifying the determination by originator institutions of the exposure value of synthetic excess spread.

Bank of England

Market Notice: Changes to the provision of U.S. dollar repo operations from 1 May 2023

April 25, 2023

The Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank, in consultation with the Federal Reserve, have jointly decided to revert from daily to weekly 7-day maturity operations, which provide liquidity via the standing U.S. dollar liquidity swap line arrangements.

The renewed RTGS service – key benefits

April 25, 2023

The Bank of England released a summary of key benefits to the renewed Real-Time Gross Settlement service.

Speech: Monetary policy: prices versus quantities

April 25, 2023

Bank of England Deputy Governor for Monetary Policy Ben Broadbent gave a speech at the National Institute of Economic and Social Research entitled, "Monetary policy: prices versus quantities."

UK Financial Conduct Authority

FCA warns consumers about mismanagement of 'asset protection' trust schemes

April 25, 2023

The Financial Conduct Authority (FCA) is warning consumers about mismanagement of asset protection trust schemes.

Speech: Regulation of Digital Assets in the UK

April 25, 2023

FCA Executive Director Sarah Pritchard gave a speech at City Week speech entitled, "Regulation of Digital Assets in the UK."

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.