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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, February 16, 2023

February 16, 2023

By FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

SEC Proposes Enhanced Safeguarding Rule for Registered Investment Advisers

February 15, 2023

The Securities and Exchange Commission (SEC) today proposed rule changes to enhance protections of customer assets managed by registered investment advisers. If adopted, the changes would amend and redesignate rule 206(4)-2, the SEC's custody rule, under the Investment Advisers Act of 1940 and amend certain related recordkeeping and reporting obligations.

Federal Agencies

U.S. Department of the Treasury

Remarks by Assistant Secretary for Financial Institutions Graham Steele Before the Exchequer Club of Washington, D.C. addressing Fintech, Digital Assets and Cyber Issues

February 15, 2023

Secretary for Financial Institutions Graham Steele gave remarks before the Exchequer Club of Washington, D.C.

New Treasury Data Shows Emergency Rental Assistance Program Made Nearly 10 Million Payments to Families at Risk of Eviction

February 15, 2023

The U.S. Department of the Treasury today released Emergency Rental Assistance (ERA) data through September 30, 2022, which demonstrates continued assistance to renters across the country and investments in long-term eviction prevention and housing infrastructure.

Federal Reserve Board

Speech: Welcoming Remarks at Midwest Cyber Workshop

February 15, 2023

Federal Reserve Board Governor Michelle W. Bowman gave the welcoming remarks at the Midwest Cyber Workshop organized by the Federal Reserve Bank of Chicago, Kansas City, and St. Louis.

Federal Reserve Bank of New York

Empire State Manufacturing Survey – February 2023

February 15, 2023

The Federal Reserve Bank of New York released the February 2023 Empire State Manufacturing Survey.

Blog: What Is "Outlook-at-Risk?"

February 15, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "What Is "Outlook-at-Risk?"

Conference of State Bank Supervisors

Blog: State Bank Regulators Need Access to Beneficial Ownership Information

February 15, 2023

The Conference of State Bank Supervisors published a blog post entitled, "State Bank Regulators Need Access to Beneficial Ownership Information."

Securities and Exchange Commission

SEC Finalizes Rules to Reduce Risks in Clearance and Settlement

February 15, 2023

The Securities and Exchange Commission today adopted rule changes to shorten the standard settlement cycle for most broker-dealer transactions in securities from two business days after the trade date (T+2) to one (T+1). The final rule is designed to benefit investors and reduce the credit, market, and liquidity risks in securities transactions faced by market participants.

Ginnie Mae

Ginnie Mae Modifies Reverse Mortgage Securitization Program

February 15, 2023

Ginnie Mae announced an All-Participants Memorandum (APM), 23-04, which reduces the required minimum size for all Home Equity Conversion Mortgage-Backed Securities (HMBS) pool types from $1,000,000 to $250,000.

International

European Commission

Statement by President von der Leyen on the 10th package of sanctions against Russia

February 15, 2023

European Commission President von der Leyen gave a statement on the 10th package of sanctions against Russia.

UK Financial Conduct Authority

Co-Chairs of the Joint Regulatory Oversight Committee welcome the Strategic Working Group report

February 15, 2023

The UK Financial Conduct Authority, as co-chair of the Joint Regulatory Oversight Committee, a cross-authority taskforce, welcomes the Strategic Working Group (SWG) report published today.

Administration Changes

Vacancies

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)

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)

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 Trade 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)

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.

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