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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, July 12, 2023

July 12, 2023

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. House of Representatives

Committee on Financial Services

HEARING NOTICE: Subcommittee on National Security, Illicit Finance, and International Financial Institutions

July 11, 2023

The U.S. House Financial Services Committee announced the following hearing:

National Security, Illicit Finance, and International Financial Institutions Subcommittee Hearing Entitled: "Potential Consequences of FinCEN's Beneficial Ownership Rulemaking"

Time: 2:00 PM ET

Date: Tuesday, July 18, 2023

Place: 2128 Rayburn House Office Building

HEARING NOTICE: Subcommittees on Capital Markets and Financial Institutions & Monetary Policy

July 11, 2023

The U.S. House Financial Services Committee announced the following hearings:

Capital Markets Subcommittee Hearing Entitled: "Oversight of the SEC's Division of Corporation Finance"

Time: 10:00 AM ET

Date: Tuesday, July 18, 2023

Place: 2128 Rayburn House Office Building

Financial Institutions and Monetary Policy Subcommittee Hearing Entitled: "Climate-Risk: Are Financial Regulators Politically Independent?"

Time: 10:00 AM ET

Date: Tuesday, July 18, 2023

Place: 2220 Rayburn House Office Building

Federal Agencies

Federal Reserve Board

Minutes of the Board's discount rate meetings from May 22 through June 14, 2023

July 11, 2023

The Board of Goverors of the Federal Reserve System (Federal Reserve) released the minutes from its recent meetings to review and determine the discount rates provided to depository institutions through the discount window. Today's minutes cover the Board meetings that occurred from May 22 through June 14.

Federal Deposit Insurance Corporation

Money Smart Newsletter – July 2023

July 11, 2023

The Federal Deposit Insurance Corporation (FDIC) released the Money Smart Newsletter for July 2023.

Commodity Futures Trading Commission

CFTC Staff Extends Temporary No-Action Letter Regarding Certain Financial Reporting Requirements for Bank Swap Dealers

July 11, 2023

The Commodity Futures Trading Commission's (CFTC) Market Participants Division issued a temporary no-action letter extending CFTC Staff Letter No. 21-18 concerning financial reporting obligations for swap dealers (SDs) subject to capital requirements of a prudential regulator (bank SDs) under the CFTC's SD financial reporting rules.

Statement of Commissioner Caroline D. Pham Regarding the TW SEF MAT Determinations of USD SOFR and GBP SONIA Overnight Index Swaps

July 11, 2023

Commodity Futures Trading Commission (CFTC) Commissioner Caroline D. Pham issued a statement regarding TW SEF MAT determinations of USD SOFR and GDP SONIA overnight index swaps.

Consumer Financial Protection Bureau

Prepared Remarks of Director Rohit Chopra for the CFPB Hearing on Medical Billing and Collections

July 11, 2023

Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra gave remarks at the CFPB hearing on medical billing and collections.

International

European Banking Authority

Supervisors of banks are making progress in the fight against financial crime, the EBA finds

July 11, 2023

The European Banking Authority published the findings from its 2022 review of competent authorities' approaches to tackling money laundering and terrorist financing (ML/TF) risks in the banking sector.

UK Financial Conduct Authority

The Financial Conduct Authority continues crackdown on unregistered crypto ATMs in the UK

July 11, 2023

Since the start of 2023, the Financial Conduct Authority has visited and inspected 34 locations across the UK suspected of hosting crypto ATMs.

Review: Investment pathways: Post-implementation review

July 11, 2023

The Financial Conduct Authority released a multi-firm review entitled, "Investment pathways: Post-implementation review."

Feedback Statement: Government-regulator response to 'Value for Money: A framework on metrics, standards and disclosures'

July 11, 2023

The Financial Conduct Authority published a feedback statement entitled, "Government-regulator response to 'Value for Money: A framework on metrics, standards and disclosures'."

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.