PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, June 7, 2023
June 07, 2023
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Major Developments
Federal Reserve Board
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Agencies issue final guidance on third-party risk management
June 6, 2023
Federal bank regulatory agencies issued final joint guidance designed to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology companies.
- Interagency Guidance
- Press Release
- FRB Memo
- FDIC Financial Institution Letter
- OCC Bulletin
- FRB Governor Bowman Statement
- FRB Governor Waller Statement
FDIC Board Director McKernan Statement
Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: Uncertain Debt Management: Treasury Markets and Financial Institutions
June 6, 2023
The U.S. House Committee on Financial Services Subcommittee on Financial Institutions and Monetary Policy held a hearing entitled, "Uncertain Debt Management: Treasury Markets and Financial Institutions."
- Hearing
- Committee Memorandum
- Subcommittee Chair Barr Statement
- Committee Ranking Member Waters Statement
- Congressional Research Service Specialist Driessen Testimony
- GAO Director Arkin Testimony
Committee on Small Business
Hearing: American Ingenuity: Promoting Innovation Through the Tax Code
June 6, 2023
The U.S. Committee on Small Business Subcommittee on Economic Growth, Tax, and Capital Access held a hearing entitled, "American Ingenuity: Promoting Innovation Through the Tax Code."
- Hearing
- Hearing Notice
- Subcommittee Chair Meuser Statement
- Subcommittee Ranking Member Landsman Statement
Federal Agencies
Federal Reserve Bank of Boston
Article: Assessing New England's post-COVID economy
June 5, 2023
The Federal Reserve Bank of Boston published an article discussing a FedListens forum for New Englanders to voice their economic priorities and concerns.
Commodity Futures Trading Commission
Chair Behnam Testifies Before U.S. House Committee on Agriculture
June 6, 2023
Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam testified at a U.S. House Committee on Agriculture hearing entitled, "The Future of Digital Assets: Providing Clarity for Digital Asset Spot Markets."
CFTC Approves Cboe Clear Digital, LLC to Clear Margined Digital Asset Futures
June 5, 2023
The CFTC approved an amended order of registration for Cboe Clear Digital, LLC to clear additional products, subject to the terms and conditions specified in the order, as a derivatives clearing organization under the Commodity Exchange Act.
Consumer Financial Protection Bureau
CFPB Issue Spotlight Analyzes Artificial Intelligence Chatbots in Banking
June 6, 2023
The Consumer Financial Protection Bureau (CFPB) released a new issue spotlight on the expansive adoption and use of chatbots by financial institutions.
FINRA
Investor Insights: Zeroing In on an Options Trading Strategy: 0DTE
June 6, 2023
Financial Industry Regulatory Authority (FINRA) published an Investor Insights article entitled, "Zeroing In on an Options Trading Strategy: 0DTE."
U.S. Small Business Administration
SBA Implements Law Enhancing Ability to Declare Disasters and Deliver Support to Rural Communities
June 6, 2023
The U.S. Small Business Administration announced full implementation of the Disaster Assistance for Rural Communities Act (the "Act").
Bank Policy Institute
Blog: The CFPB's Deeply Flawed Proposal on Credit Card Late Fees – Part 3
June 6, 2023
The Bank Policy Institute published a blog post entitled, "The CFPB's Deeply Flawed Proposal on Credit Card Late Fees – Part 3."
International
European Commission
European Commission successfully completes 7th EU-Bonds transaction for 2023
June 6, 2023
The European Commission, which issues EU-Bonds on behalf of the EU, has successfully completed its 7th syndicated transaction since the beginning of the year, raising a total of €7 billion.
Commission further integrates Ukraine into EU Single Market through the Connecting Europe Facility for infrastructure funding
June 6, 2023
Commissioner for Transport Adina Vălean and Deputy Prime Minister for Restoration of Ukraine and Minister for Communities, Territories and Infrastructure Development Oleksandr Kubrakov, signed an agreement in Lviv, associating Ukraine to the Connecting Europe Facility programme. This agreement will enable Ukrainian project promoters to apply for EU funding for projects of common interest in the transport, energy and digital realms, further improving Ukraine's connectivity with its EU neighbours.
Political agreement on new Anti-Coercion Instrument to better defend EU interests on global stage
June 6, 2023
The European Parliament and the Council have reached a final political agreement on the Anti-Coercion Instrument.
EU extends trade benefits for Ukraine
June 6, 2023
The suspension of import duties, quotas and trade defence measures on Ukrainian exports to the European Union – known as the Autonomous Trade Measures (ATMs) – are in place for another year.
concluded its corporate bond sales program.
UK Financial Conduct Authority
Joint Regulatory Oversight Committee sets out next steps to help UK open banking grow
June 6, 2023
The Joint Regulatory Oversight Committee has set out an ambitious program of work to take forward recommendations for the next phase of open banking 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)
- Vice Chair Phillip N Jefferson (nominated May 12, 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 May 23, 2022)
- Governor Adriana Kugler (nominated May 12, 2023)
- Federal Reserve announces appointment of Joshua Gallin as Secretary of the Federal Open Market Committee (February 2, 2023)
- President Biden nominates Dr. Philip Jefferson for Vice Chair and Dr. Adriana Kugler to serve as a Member on the Federal Reserve Board, and renominates Dr. Lisa Cook for an additional full term as Member (May 12, 2023)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
- Vincent Alvarez designated Chair of Federal Reserve Bank of New York Board of Directors; Rosa Gil designated Deputy Chair (January 10, 2023)
- Pat Wang appointed as a Class C Director to Federal Reserve Bank of New York Board of Directors (January 10, 2023)
- Federal Reserve Bank of New York names Roberto Perli SOMA Manager (February 2, 2023)
- Cali Brooks and Miguel Soto-Class appointed to Federal Reserve Bank of New York Community Advisory Board (April 4, 2023)
- Federal Reserve Bank of New York names Mihaela Nistor as Chief Risk Officer and Head of the Risk Group (May 31, 2023)
- Federal Reserve Bank of New York names Beverly Hirtle as Research Advisor and begins search for new Director of Research (June 6, 2023)
Federal Reserve Bank of Boston – Susan M. Collins (effective July 1, 2022)
- Federal Reserve Bank of Boston announces 2023 Board of Directors (January 10, 2023)
- Federal Reserve Bank of Boston announces new external advisory council members (April 10, 2023)
- Federal Reserve Bank of Boston names Egon Zakrajšek as Director of Economic Research (May 17, 2023)
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)
- FDIC announces senior leadership changes in Division of Risk Management Supervision (January 26, 2023)
- FDIC names three bankers to Minority Depository Institutions Subcommittee (May 25, 2023)
- FDIC names eight new members to Advisory Committee on Community Banking (May 26, 2023)
Office of the Comptroller of the Currency – Michael Hsu (acting Comptroller, effective May 10, 2021)
- OCC announces Deputy Comptroller for Systemic Risk Identification and Support (January 11, 2023)
- Kristen Baldwin named OCC Chief Information Officer (February 8, 2023)
Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)
- SEC announces appointment of Cristina Martin Firvida as Investor Advocate (January 10, 2023)
- Paul Munter named Chief Accountant (January 11, 2023)
- Erik Gerding named Director of Division of Corporation Finance (January 13, 2023)
- Silvestre Fontes named Director of Boston Regional Office (January 25, 2023)
- Cicely LaMothe named Deputy Director, Disclosure Operations, for the Division of Corporation Finance (February 14, 2023)
- SEC appoints Deborah J. Jeffrey as Inspector General (April 17, 2023)
- Eric R. Werner named Director of Fort Worth Regional Office (April 25, 2023)
Commodity Futures Trading Commission – Rostin Behnam (effective December 17, 2021)
- Commissioner Pham announces members of the CFTC's Global Markets Advisory Committee (January 12, 2023)
- CFTC Commissioner Pham announces additional staff appointment (February 7, 2023)
- Chairman Behnam announces veteran Federal prosecutor Ian McGinley as Enforcement Director (February 28, 2023)
- Commissioner Goldsmith Romero announces Yevgeny Shrago as Senior Counsel and Policy Advisor (April 14, 2023)
- CFTC Appoints Jeffrey Sutton as Executive Director (April 18, 2023)
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.