PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, March 17, 2023
March 17, 2023
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Major Developments
Federal Reserve Issues FAQ on Bank Term Funding Program
The Federal Reserve issued a Frequently Asked Question Page to accompany the Bank Term Funding Program, addressing the program's operations, including eligible borrowers, eligible collateral, pricing and public disclosure of borrowings a year after the program terminates
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Brown Presses Regulators to Conduct Full Review of Bank Failures
March 16, 2023
U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to the Treasury Department, the Federal Deposit Insurance Corporation (FDIC), and the Board of Governors of the Federal Reserve System (Federal Reserve) requesting a comprehensive review of the failures of Silicon Valley Bank (SVB) and Signature Bank.
U.S. House of Representatives
Committee on Financial Services
McHenry Statement on Private Sector Efforts to Stabilize First Republic Bank
March 16, 2023
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued a statement in response to the announcement by several U.S. financial institutions that they will make substantial deposits at First Republic Bank to shore up its liquidity.
Committee on Small Business
Small Business Snapshot – March 2023
March 16, 2023
The U.S. House Committee on Small Business released a Small Business Snapshot for March 2023.
Federal Agencies
U.S. Department of the Treasury
Joint Statement by the Department of the Treasury, Federal Reserve, FDIC and OCC
March 16, 2023
Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, FDIC Chairman Martin J. Gruenberg and Acting Comptroller of the Currency Michael J. Hsu released a joint statement on deposits to First Republic Bank.
Testimony of Secretary of the Treasury Janet L. Yellen Before the Committee on Finance, U.S. Senate
March 16, 2023
Secretary of the Treasury Janet L. Yellen testified before the U.S. Senate Committee on Finance.
Federal Reserve Bank of New York
Business Leaders Survey – March 2023
March 16, 2023
The Federal Reserve Bank of New York released the Business Leaders Survey for March 2023.
Commodity Futures Trading Commission
CFTC Statement on Swaps Rules Implicated in Recent Bank Failures
March 16, 2023
The Commodity Futures Trading Commission issued a statement on certain swaps impacted by the failures of SVB and Signature Bank solely related to the transfer of such swaps to bridge banks by the FDIC.
Consumer Financial Protection Bureau
CFPB Heightens Scrutiny of Unlawful Collection of Payments on Discharged Student Loans
March 16, 2023
The Consumer Financial Protection Bureau released a bulletin warning servicers of their obligation to halt unlawful conduct with respect to private student loans that have been discharged by bankruptcy courts.
National Credit Union Administration
NCUA Board Approves Final Subordinated Debt Rule to Support Emergency Capital Investment Program Participation
March 16, 2023
The National Credit Union Administration (NCUA) Board held its third open meeting of 2023 and approved a final rule opening new window for eligible credit unions to access subordinated debt.
NCUA Chairman Todd M. Harper Statement on the Safety and Soundness of the Credit Union System
March 16, 2023
NCUA Chair Todd M. Harper gave a statement during the meeting of the NCUA Board on the safety and soundness of the credit union system.
International
European Commission
EU competitiveness beyond 2030: looking ahead at the occasion of the 30th anniversary of the Single Market
March 16, 2023
The European Commission has published two Communications celebrating the 30th anniversary of the Single Market and setting out how to secure long-term competitiveness of the EU.
- Communication On the Single Market at 30
- Long-term view on Competitiveness
- Questions & Answers
- Single Market at 30 Factsheet
- Long-Term View Factsheet
- Press Release
European Banking Authority
EBA publishes Handbook on data submission for supervisory benchmarking
March 16, 2023
The European Banking Authority published a Handbook on supervisory benchmarking of internal models.
UK Financial Conduct Authority
Portfolio Letter: FCA priorities for payments firms
March 16, 2023
The UK Financial Conduct Authority (FCA) sent a portfolio letter to CEOs of firms supervised by the FCA on the FCA's priorities for payments firms.
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 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 Phillip N Jefferson (sworn in May 23, 2022)
- Governor Lisa D. Cook (sworn in May 23, 2022)
- Federal Reserve Board announces appointment of Joshua Gallin as Secretary of the Federal Open Market Committee (February 2, 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)
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)
- FDIC announces senior leadership changes in Division of Risk Management Supervision (January 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)
Commodity Futures Trade 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)
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.