PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, April 13, 2023
April 13, 2023
FedACTion Task Force
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PH Fintech Tracker on Executive Order for Digital Assets
Major Developments
Speech: Recent Bank Failures and the Path Ahead
April 12, 2023
Federal Deposit Insurance Corporation (FDIC) Vice Chairman Travis Hill delivered a policy address at a forum hosted by the Bipartisan Policy Center in Washington, DC on recent bank failures. Vice Chairman Hill discussed the FDIC's role and response to these failures and recent instability in the financial markets.
U.S. House of Representatives
Committee on Financial Services
HEARING Notice: Subcommittees on Digital Assets, Financial Technology and in Inclusion & Capital Markets: "Understadning Stablecoins' Role in Payments and the Need for Legislation, will be held on Tuesday April 19, 2023.
Federal Agencies
Federal Reserve Board
Paper: The Long-Run Real Effects of Banking Crises: Firm-Level Investment Dynamics and the Role of Wage Rigidity
April 12, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) published a paper entitled, "The Long-Run Real Effects of Banking Crises: Firm-Level Investment Dynamics and the Role of Wage Rigidity."
Minutes of the Federal Open Market Committee, March 21-22, 2023
April 12, 2023
The Federal Reserve released the minutes of the Federal Open Market Committee meeting held on March 21-22, 2023.
Federal Reserve Bank of New York
Blog: Does Corporate Hedging of Foreign Exchange Risk Affect Real Economic Activity?
April 12, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Does Corporate Hedging of Foreign Exchange Risk Affect Real Economic Activity?"
Underlying Inflation Gauge – April 2023
April 12, 2023
The Federal Reserve Bank of New York released the Underlying Inflation Gauge (UIG) for April 2023 with data from March 2023.
Office of the Comptroller of the Currency
Interest Rate Risk: Interest Rate Risk Statistics Report
April 12, 2023
The Office of the Comptroller of the Currency (OCC) published the spring 2023 edition of the Interest Rate Risk Statistics Report.
FINRA
Investor Insights: Understanding Structured Notes With Principal Protection
April 12, 2023
FINRA released an Investor Insights alert entitled, "Understanding Structured Notes With Principal Protection."
U.S. Small Business Administration
U.S. Small Business Administration Implements Rules to Address Persistent Capital Access Gaps
April 12, 2023
The U.S. Small Business Administration has finalized two rules to address persistent gaps in access to capital impacting small business owners in underserved communities.
Federal Housing Finance Agency
FHFA Announces Final Rule Amending the Enterprise Duty to Serve Underserved Markets Regulation
April 12, 2023
The Federal Housing Finance Agency published a final rule to amend the Enterprise Duty to Serve Underserved Markets regulation.
International
European Banking Authority
ESAs propose amendments to extend and simplify sustainability disclosures
April 12, 2023
The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have published a Consultation Paper with amendments to the Delegated Regulation of the Sustainable Finance Disclosure Regulation.
UK Financial Conduct Authority
The USD LIBOR panel ceases at end-June 2023: Are you ready?
April 12, 2023
It is now less than 90 days until the USD LIBOR panel ceases on 30 June 2023, marking another critical milestone in the necessary transition to robust Risk-Free Reference Rates.
Bank of England
Speech: Monetary and financial stability: lessons from recent times
April 12, 2023
Bank of England Governor Andrew Bailey gave a speech at the Institute of International Finance entitled, "Monetary and financial stability: lessons from recent times."
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 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)
- Cali Brooks and Miguel Soto-Class appointed to Federal Reserve Bank of New York Community Advisory Board (April 4, 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 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 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)
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.