PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, May 4, 2023
May 04, 2023
FedACTion Task Force
Subscribe to PH FedACTion: Financial Regulatory Updates
PH Fintech Tracker on Executive Order for Digital Assets
Major Developments
Federal Reserve Board
Federal Reserve issues FOMC statement
May 3, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) Federal Open Market Committee issued a statement raising the target range for the Federal funds rate to 5 to 5-1/4 percent.
Federal Agencies
U.S. Department of the Treasury
Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee
May 3, 2023
The Treasury Borrowing Advisory Committee held a meeting on May 2, 2023, and issued a report to Secretary of the Treasury Janet L. Yellen.
Quarterly Refunding Statement of Assistant Secretary for Financial Markets Josh Frost
May 3, 2023
The U.S. Department of the Treasury is offering $96 billion of Treasury securities to refund approximately $75.2 billion of privately-held Treasury notes maturing on May 15, 2023.
Statement by Secretary Yellen on Election of Ajay Banga as World Bank President
May 3, 2023
Secretary of the Treasury Janet L. Yellen issued a statement on the election of Ajay Banga as World Bank President.
Remarks by Assistant Secretary for Financial Institutions Graham Steele on Community Finance Policy and Building a More Equitable Economy at Inclusiv's 2023 Conference
May 3, 2023
Assistant Secretary for Financial Institutions Graham Steele delivered remarks at Inclusiv's 2023 Conference in Memphis, Tennessee on the Treasury Department's approach to community finance policy and efforts to build a more equitable economy.
Statement by Ambassador Chantale Wong, U.S. Executive Director to the Asian Development Bank, on the Launch of the Innovative Finance Facility for Climate in Asia and the Pacific
May 2, 2023
Ambassador Chantele Wong, U.S. Executive Director to the Asian Development Bank, issued a statement on the launch of the Innovative Finance Facility for Climate in Asia and the Pacific.
Securities and Exchange Commission
SEC Adopts Amendments to Modernize Share Repurchase Disclosure
May 3, 2023
The SEC today adopted amendments to modernize the disclosure requirements relating to repurchases of an issuer's equity securities, including requiring issuers to provide daily repurchase activity on a quarterly or semi-annual basis, depending on the type of issuer.
- Final Rule
- Fact Sheet
- Press Release
- Chair Gensler Statement
- Commissioner Crenshaw Statement
- Commissioner Lizárraga Statement
- Commissioner Peirce Statement
- Commissioner Uyeda Statement
SEC Adopts Amendments to Enhance Private Fund Reporting
May 3, 2023
The Securities and Exchange Commission (SEC) adopted amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds.
- Final Rule
- Fact Sheet
- Press Release
- Chair Gensler Statement
- Commissioner Crenshaw Statement
- Commissioner Lizárraga Statement
- Commissioner Peirce Statement
- Commissioner Uyeda Statement
National Credit Union Administration
NCUA Chairman Todd M. Harper Remarks at the 2023 Inclusiv 2023 Annual Conference "Where Do We Go from Here? Economic Justice and Credit Unions"
May 2, 2023
National Credit Union Administration Chairman Todd M. Harper spoke before the audience of Inclusiv's 2023 Annual Conference in Memphis, Tennessee.
Bank Policy Institute
CFPB Credit Card Late Fee Proposal Deficient on Facts, Risks Higher Costs for All Americans
May 3, 2023
The Bank Policy Institute commented on the Consumer Financial Protection Bureau's proposal to impose new limits on the amount banks are allowed to charge for credit card late fees.
Blog: How Did Regulatory Tailoring Affect SVB's Capital Requirements?
May 3, 2023
The Bank Policy Institute published a blog post entitled, "How Did Regulatory Tailoring Affect SVB's Capital Requirements?"
International
European Commission
InvestEU: EIF and BBVA sign €200 million guarantee agreement to support startups with innovative and sustainable investment plans
May 3, 2023
The European Investment Fund (EIF) and BBVA concluded an agreement under the InvestEU guarantee programme whereby the EIF will grant a €200 million guarantee to enable BBVA Spark (BBVA's specialised startup initiative) to strengthen its support for startups, helping them with their expansion plans.
UK Financial Conduct Authority
Improvements to equity secondary markets
May 3, 2023
The Financial Conduct Authority (FCA) introduced changes to improve how equity secondary markets operate.
FCA proposes to simplify rules to help encourage companies to list in the UK
May 3, 2023
The FCA has proposed to reform and streamline the listing rules in the UK to help attract a wider range of companies, encourage competition and improve choice for investors.
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)
- SEC appoints Deborah J. Jeffrey as Inspector General (April 17, 2023)
- Eric R. Werner named Director of Fort Worth Regional Office (April 25, 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)
- Commissioner Goldsmith Romero announces Yevgeny Shrago as Senior Counsel and Policy Advisor (April 14, 2023)
- CFTC Appoints Jeffrey Sutton as Executive Director (April 18, 2023)
Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)
- CFPB announces appointments of New Advisory Committee Members (March 1, 2023)
National Credit Union Administration – Todd M. Harper (effective January 20, 2021)
- Cory Phariss named New AMAC President (February 9, 2023)
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.