PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, March 11, 2023
March 11, 2023
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Major Developments
Federal Deposit Insurance Corporation
FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California
March 10, 2023
Silicon Valley Bank, Santa Clara, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC as receiver immediately transferred to the DINB all insured deposits of Silicon Valley Bank.
California Department of Financial Protection and Innovation
California Financial Regulator Takes Possession of Silicon Valley Bank
March 10, 2023
The California Department of Financial Protection and Innovation announced thatit has taken possession of Silicon Valley Bank, citing inadequate liquidity and insolvency. The DFPI appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of Silicon Valley Bank.
Federal Agencies
U.S. Department of the Treasury
Secretary of the Treasury Janet L. Yellen Testifies Before the Committee on Ways and Means, U.S. House of Representatives
March 10, 2023
Secretary of the Treasury Janet L. Yellen testified before the U.S. House Committee on Ways and Means.
Secretary of the Treasury Janet L. Yellen Convenes Financial Regulators
March 10, 2023
Secretary of the Treasury Janet L. Yellen convened leaders from the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency to discuss developments around Silicon Valley Bank.
Federal Reserve Bank of New York
Report: Non-Bank Financial Institutions and Banks' Fire-Sale Vulnerabilities
March 10, 2023
The Federal Reserve Bank of New York published a staff report entitled, "Non-Bank Financial Institutions and Banks' Fire-Sale Vulnerabilities."
U.S. Economy in a Snapshot – March 2023
March 10, 2023
The Federal Reserve Bank of New York released the U.S. Economy in a Snapshot for March 2023.
Blog: Is Your Apartment Breaking because Your Landlord Is Broke?
March 10, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Is Your Apartment Breaking because Your Landlord Is Broke?"
Commodity Futures Trading Commission
CFTC Staff Announces Modifications to the Technical Specification for Parts 43 and 45
March 10, 2023
The Commodity Futures Trading Commission staff announced the publication of modifications to Version 3.1 of the CFTC Technical Specification, issued in August 2022.
Consumer Financial Protection Bureau
CFPB starting mandated review of mortgage loan originator rules
March 10, 2023
The Consumer Financial Protection Bureau is requesting the public's input on the economic impact of the mortgage loan originator rules on small mortgage companies.
Federal Housing Finance Agency
2023 FHFA Chief FOIA Officer Report
March 10, 2023
The Federal Housing Finance Agency Chief FOIA Officer issued the 2023 report.
State Agencies
International
European Commission
NextGenerationEU: Positive preliminary assessment of Austria's first request for €700 million disbursement under the Recovery and Resilience Facility
March 10, 2023
The European Commission has today endorsed a positive preliminary assessment of Austria's first payment request for €700 million of grants (net of pre-financing) under the Recovery and Resilience Facility (RRF), the key instrument at the heart of NextGenerationEU.
European Banking Authority
EBA publishes annual assessment of banks' internal approaches for the calculation of capital requirements
March 10, 2023
The European Banking Authority published its Reports on the annual market and credit risk benchmarking exercises conducted in 2022.
EBA issues revised list of validation rules
March 10, 2023
The European Banking Authority issued a revised list of validation rules for its reporting standards (Implementing Technical Standards, Regulatory Technical Standards and Guidelines), highlighting those which have been deactivated either for incorrectness or for triggering IT problems.
Bank of England
Paper: Understanding climate-related disclosures of UK financial institutions
March 10, 2023
The Bank of England published a staff working paper entitled, "Understanding climate-related disclosures of UK financial institutions."
UK Financial Conduct Authority
FCA confirms help for mortgage borrowers struggling with payments
March 10, 2023
The Financial Conduct Authority has confirmed final mortgage guidance, setting out the ways mortgage lenders can help customers worried about or already struggling with their mortgage payments because of the rising cost of living.
Fast-growing firms (FGFs) multi-firm review
March 10, 2023
The Financial Conduct Authority released a summary of findings and sets out expectations of FCA solo-regulated fast-growing firms to identify, assess and manage the risks arising from their activities.
Credit Information Market Study Interim Report and Discussion Paper
March 10, 2023
The Financial Conduct Authority released initial findings from our credit information market study, and potential remedies for discussion and feedback.
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 New York Fed Board of Directors; Rosa Gil Designated Deputy Chair (January 10, 2023)
- Pat Wang Appointed as a Class C Director to New York Fed Board of Directors (January 10, 2023)
- New York Fed 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.