PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, August 4, 2023
August 05, 2023
By Paul Hastings Professional
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PH Fintech Tracker on Executive Order for Digital Assets
Major Developments
Federal Agencies
U.S. Department of the Treasury
U.S. - Mexico Strategic Dialogue on Illicit Finance
August 4, 2023
On August 2-3, Assistant Secretary of the Treasury for Terrorist Financing and Financial Crimes Elizabeth Rosenberg and Acting Director of the Financial Crimes Enforcement Network Himamauli Das met with counterparts from the Government of Mexico at the Strategic Dialogue on Illicit Finance (SDIF) in Mexico City, co-hosted by the U.S. Department of the Treasury and Mexico's Unidad de Inteligencia Financiera.
U.S. Department of Labor
The BLS Releases Jobs Report for July 2023
August 4, 2023
The Bureau of Labor Statistics released the Employment Situation Report for July 2023.
- Report
- Summary
- Labor Secretary Su Statement
- House Small Business Committee Ranking Member Velazquez Statement
International
European Banking Authority
The EBA publishes follow-up Report on the use of machine learning for internal ratings-based models
August 4, 2023
The European Banking Authority published a follow-up Report presenting the feedback received during the consultation on machine learning used in the context of internal ratings-based models.
EBA settles disagreement between the Spanish and Belgian deposit guarantee schemes
August 4, 2023
The European Banking Authority published a binding mediation decision between two deposit guarantee schemes, the Spanish Deposit Guarantee Fund for Credit Institutions and the Belgian Deposit Guarantee Fund for Financial Services.
Bank of England
Working Paper: Bank expectations and prudential outcomes
August 4, 2023
The Bank of England published a staff working paper entitled, "Bank expectations and prudential outcomes."
Working Paper: Mispricing in inflation markets
August 4, 2023
The Bank of England published a staff working paper entitled, "Mispricing in inflation markets."
Market Participants Survey results – August 2023
August 4, 2023
The Bank of England released the results of the Market Participants Survey for August 2023.
Bank Overground: What do pressures on renters mean for financial stability?
August 4, 2023
The Bank of England published a Bank Overground article entitled, "What do pressures on renters mean for financial stability?"
UK Financial Conduct Authority
Financial promotions quarterly data 2023 Q2
August 4, 2023
The Financial Conduct Authority released the financial promotions quarterly data for Q2 2023.
Portfolio Letter: Our supervisory strategy for Principal Trading Firms
August 4, 2023
The Financial Conduct Authority sent a portfolio letter to Chief Executives on the FCA's supervisory strategy for Principal Trading Firms.
Blog: Pride matters in financial services and beyond
August 4, 2023
Financial Conduct Authority Director of Authorisations Laura Dawes authored a blog post entitled, "Pride matters in financial services and beyond."
Letter: Freedom of expression and the provision of banking services
Financial Conduct Authority Chief Executive Nikhil Rathi sent a letter to HM Treasury Chancellor Jeremy Hunt on freedom of expression and the provision of banking services.
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)
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 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)
- 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)
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)
Financial Crimes Enforcement Network – Andrea Gacki (effective July 13, 2023)
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.