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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, February 1, 2023

February 01, 2023

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PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. House of Representatives

Committee on Financial Services

House Passes Three Bipartisan Financial Services Bills

January 30, 2023

The U.S. House of Representatives passed several pieces of bipartisan financial services legislation. Among the bipartisan bills passed are initiatives to combat the financial exploitation of seniors and other vulnerable adults, streamline federal credit union board meeting requirements, and increase access to capital for rural small businesses. The bills include:

i) H.R. 500, the Financial Exploitation Prevention Act, sponsored by Capital Markets Subcommittee Chairwoman Ann Wagner (MO-02);

ii) H.R. 582, the Credit Union Board Modernization Act, co-sponsored by Oversight and Investigations Subcommittee Chairman Bill Huizenga (MI-04); and

iii) H.R. 298, the Expanding Access to Capital for Rural Job Creators Act, sponsored by Rep. Alex Mooney (WV-02).

Federal Agencies

Securities and Exchange Commission

SEC Updates Guidance on Forms 10-K, 20-F and 40-F

January 31, 2023

The Securities and Exchange Commission has updated its Q&A guidance related to Exchange Act Forms 10-K (Question 104.19), 20-F (Question 112.04) and 40-F (Question 110.09).

Commodity Futures Trading Commission

Statement of Commissioner Kristin N. Johnson Regarding IOSCO Publication of Principles for the Regulation and Supervision of Commodity Derivatives Markets – Final Report

January 31, 2023

Kristin N. Johnson, Commissioner of the Commodity Futures Trading Commission, issued a statement regarding the International Organization of Securities Commissions' publication of the final report Principles for the Regulation and Supervision of Commodity Derivatives Markets.

Freddie Mac

Perspective: Meeting our Mission in a Turbulent Year for Multifamily

January 31, 2023

Freddie Mac published an Executive Perspective by Senior VP and Head of Multifamily Kevin Palmer entitled, "Meeting our Mission in a Turbulent Year for Multifamily."

Bank Policy Institute

Blog: Basel Finalization: The History and Implications for Capital Regulation – Part II

January 31, 2023

The Bank Policy Institute published a blog post entitled, "Basel Finalization: The History and Implications for Capital Regulation – Part II."

Blog: Looking for a Needle in the Capital Stacks

January 31, 2023

The Bank Policy Institute published a blog post entitled, "Looking for a Needle in the Capital Stacks."

International

European Commission

EU Cohesion Policy: European Structural and Investment Funds supported SMEs, employment of millions of people and clean energy production

January 31, 2023

The European Commission adopted the EU 2022 Summary Report on the Implementation of the ESI Funds.

European Banking Authority

EBA clarifies the application of strong customer authentication requirements to digital wallets

January 31, 2023

The European Banking Authority published three Q&As that clarify the application of strong customer authentication to digital wallets under the revised Payment Service Directive.

ESAs consult on draft Guidelines on the system for the exchange of information relevant to fit and proper assessments.

January 31, 2023

The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published a consultation paper on draft joint Guidelines on the system for the exchange of information when assessing the fitness and propriety requirements.

EBA launches 2023 EU-wide stress test

January 31, 2023

The European Banking Authority launched the 2023 EU-wide stress test and released the macroeconomic scenarios.

EBA launches public consultation on the amending ITS on supervisory reporting to introduce new IRRBB reporting

January 31, 2023

The European Banking Authority launched a public consultation on its draft Implementing Technical Standards on supervisory reporting with respect to IRRBB.

Bank of England
Bank of England Prudential Regulation Authority
UK Financial Conduct Authority

Letter: 2022 CBEST thematic findings

The Bank of England, Prudential Regulation Authority, and UK Financial Conduct Authority supervisory teams published a cover letter to senior management functions with responsibility for cyber, highlighting the thematic findings from the latest cycle of CBEST assessments.

Bank of England

Asset Purchase Facility Quarterly Report - 2022 Q4

January 31, 2023

The Bank of England released the Asset Purchase Facility Quarterly Report for Q4 2022.

Bank of England Prudential Regulation Authority

Consultation Paper: Moving Senior Managers Regime forms from the PRA Rulebook

January 31, 2023

The Bank of England Prudential Regulation Authority published a consultation paper entitled, "Moving Senior Managers Regime forms from the PRA Rulebook."

Administration Changes

Vacancies

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)

  • Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
  • Vice Chair Lael Brainard (sworn in May 23, 2022)
  • Governor Phillip N Jefferson (sworn in May 23, 2022)
  • Governor Lisa D. Cook (sworn in 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 Trade 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.