PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, December 6, 2023
December 06, 2023
FedACTion Task Force
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Major Developments
Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: Fostering Financial Innovation: How Agencies Can Leverage Technology to Shape the Future of Financial Services
December 5, 2023
The U.S. House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion held a hearing entitled, "Fostering Financial Innovation: How Agencies Can Leverage Technology to Shape the Future of Financial Services." The witnesses included: Ms. Valerie A. Szczepanik, Director of the Strategic Hub for Innovation and Financial Technology (FinHub), Securities and Exchange Commission; Ms. Donna Murphy, Acting Deputy Comptroller for the Office of Financial Technology and Deputy Comptroller for Compliance Risk Policy, Office of the Comptroller of the Currency; Mr. Mark Mulholland, Deputy Chief Information Officer for Management, FDIC; Ms. Ann Epstein, Assistant Director of the Office of Competition and Innovation, Consumer Financial Protection Bureau; Mr. Charles Vice, Director of Financial Technology and Access, National Credit Union Administration; Mr. Michael S. Gibson, Director of Division of Supervision and Regulation, Federal Reserve.
- Hearing
- Committee Memorandum
- Committee Chair Statement
- SEC Director Szczepanik Testimony
- Acting Deputy Comptroller Murphy Testimony
- FDIC CIO Mulholland Testimony
- CFPB Assistant Director Epstein Testimony
- NCUA Director Vice Testimony
- Federal Reserve Director Gibson Testimony
Federal Agencies
U.S. Department of the Treasury
Treasury Targets Russian Defense Procurement Network
December 5, 2023
The U.S. Department of the Treasury's Office of Foreign Assets Control is targeting a network led by Belgium-based Hans De Geetere that is involved in procuring electronics with military applications for Russian end-users.
Federal Reserve Board
Speech: Building a More Inclusive Financial System through Collaboration and Action
December 5, 2023
Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, "Building a More Inclusive Financial System through Collaboration and Action."
Federal Reserve Bank of New York
New York Fed Releases New Podcast Series on Banking Culture Reform About Building Cultures of Curiosity and Learning
December 5, 2023
The Federal Reserve Bank of New York released the latest podcast season of "Bank Notes", titled "Banking Culture Reform: Building Cultures of Curiosity and Learning."
Federal Deposit Insurance Corporation
Statement by the Special Committee of the FDIC Board on the Status of the Independent Review
December 5, 2023
The Special Committee of the Federal Deposit Insurance Corporation (FDIC) Board of Directors established to oversee an independent third–party review of the agency's workplace culture issued a statement on the status of the review.
Securities and Exchange Commission
SEC Office of the Investor Advocate Publishes Its Policy Recommendations on Mandatory Arbitration and Registered Index-Linked Annuities Research
December 5, 2023
The Office of the Investor Advocate of the Securities and Exchange Commission published its Report on Activities for the Fiscal Year 2023 to Congress.
FINRA
FINRA Highlights Available Guidance and Resources Related to Regulation Best Interest
December 5, 2023
FINRA published a regulatory notice discussing the guidance and other resources available to assist members with their compliance efforts in connection with the Securities and Exchange Commission's Regulation Best Interest.
U.S. Small Business Administration
SBA Announces 2023 Surety Companies and Agencies Rankings
December 5, 2023
The U.S. Small Business Administration announced its most active surety companies and agencies for fiscal year 2023.
U.S. Department of Education
Biden-Harris Administration Prepares for Third Student Debt Relief Negotiation Session
December 5, 2023
The U.S. Department of Education released and updated proposed regulatory text to provide financial relief to student loan borrowers. The U.S. Department of Education will discuss the proposed text with its committee of non-Federal negotiators December 11 and 12.
International
Bank of England
Consultation Paper: Identification and management of step-in risk, shadow banking entities and groups of connected clients
December 5, 2023
The Bank of England published a consultation paper entitled, "Identification and management of step-in risk, shadow banking entities and groups of connected clients."
Bank of England Prudential Regulation Authority
Financial Conduct Authority
Policy Statement: Remuneration: Enhancing proportionality for small firms
December 5, 2023
The Bank of England Prudential Regulation Authority and the Financial Conduct Authority published a policy statement entitled, "Remuneration: Enhancing proportionality for small firms."
Bank of England Prudential Regulation Authority
Policy Statement: The Strong and Simple Framework: Scope Criteria, Liquidity and Disclosure Requirements
December 5, 2023
The Prudential Regulation Authority published a policy statement entitled, "The Strong and Simple Framework: Scope Criteria, Liquidity and Disclosure Requirements."
Statement of Policy: Operating the Small Domestic Deposit Taker regime
December 5, 2023
The Prudential Regulation Authority published a statement of policy entitled, "Operating the Small Domestic Deposit Taker regime."
Financial Conduct Authority
Financial watchdog sets out credit information market improvements
December 5, 2023
The Financial Conduct Authority (FCA) announced several proposals that will: require FCA-regulated data contributors, such as lenders, to share credit information with CRAs; introduce a common data reporting format to enhance consistency across CRAs and promote competition, and; provide greater control for consumers over how they are viewed through making it easier for consumers to record non-financial vulnerability information.
Administration Changes
Vacancies
Office of the Comptroller of the Currency
- Comptroller – Vacant (Michael Hsu serves as Acting Comptroller)
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)
- Vice Chair Phillip N Jefferson (sworn in September 13, 2023)
- Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
- Governor Michelle W. Bowman (sworn in November 26, 2018)
- Governor Christopher J. Waller (sworn in December 18, 2020)
- Governor Lisa D. Cook (sworn in September 13, 2022)
- Governor Adriana D. Kugler (sworn in September 13, 2023)
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)
- Vice Chairman Travis Hill (sworn in January 5, 2023)
- Director Jonathan McKernan (sworn in January 5, 2023)
- Director Michael Hsu (Acting Comptroller of the Currency)
- Director Rohit Chopra (Director of Consumer Financial Protection Bureau)
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)
Financial Crimes Enforcement Network – Andrea Gacki (effective July 13, 2023)
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.