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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, July 5, 2023

July 06, 2023

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Major Developments

Congress

U.S. House of Representatives

Committee on Financial Services

HEARING NOTICE: Protecting Investor Interests: Examining Environmental and Social Policy in Financial Regulation

July 5, 2023

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

"Protecting Investor Interests: Examining Environmental and Social Policy in Financial Regulation"

Time: 10:00 AM ET

Date: Wednesday, July 12, 2023

Place: 2128 Rayburn House Office Building

Federal Agencies

Federal Reserve Board

Minutes of the Federal Open Market Committee, June 13-14, 2023

July 5, 2023

The Board of Governors of the Federal Reserve System (Federal Reserve) released the minutes of the Federal Open Market Committee meeting that was held on June 13–14, 2023.

Securities and Exchange Commission

Statement on the Expiration of the SEC Staff No-Action Letter re: MiFID II

July 5, 2023

Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda released a statement on the expiration of the SEC Staff No-Action Letter re: MiFID II.

FINRA

Investor Insights: Promissory Notes Can Be Less Than Promised

July 5, 2023

The Financial Industry Regulatory Authority (FINRA) published an Investor Insights article entitled, "Promissory Notes Can Be Less Than Promised."

National Credit Union Administration

Minority Depsitory Institution (MDI) Credit Unions' Strong Performance Benefits Members and Communities

July 5, 2023

The National Credit Union Administration released its annual report to Congress on the performance of MDI credit unions and the agency's work to support them.

International

Bank of England

Consolidated balance sheet - 31 March 2022

July 5, 2023

The Bank of England released the consolidated balance sheet for the quarter ending March 31, 2022.

UK Financial Conduct Authority

FCA sets out further reforms to improve markets and bolster competitiveness

July 5, 2023

The Financial Conduct Authority (FCA) is proposing a series of measures to help strengthen the UK's position as a global financial center, including setting up a consolidated tape so investors can get clear and low cost trading data.

FCA welcomes the consultation on a new Code of Conduct for Environmental, Social and Governance data and ratings providers

July 5, 2023

The FCA welcomes the launch of the new Code of Conduct for Environmental, Social and governance data and ratings providers.

Letter: Cryptoasset firms marketing to UK consumers must get ready for the financial promotions regime by 8 October 2023

July 4, 2023

The FCA sent a letter to cryptoasset firms marketing to UK customers that they must get ready for the financial promotions regime by October 8, 2023.

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.