PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, February 7, 2023
February 07, 2023
FedACTion Task Force
Subscribe to PH FedACTion: Financial Regulatory Updates
PH Fintech Tracker on Executive Order for Digital Assets
Federal Agencies
Federal Reserve Bank of New York
Report: International Capital Flow Pressures and Global Factors
February 6, 2023
The Federal Reserve Bank of New York published a staff report entitled, "International Capital Flow Pressures and Global Factors."
Blog: Understanding the "Inconvenience" of U.S. Treasury Bonds
February 6, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Understanding the "Inconvenience" of U.S. Treasury Bonds."
FINRA
Investor Insight: Prepping for Proxy Season: A Primer on Proxy Statements and Shareholders' Meetings
February 6, 2023
FINRA released an Investor Insight article entitled, "Prepping for Proxy Season: A Primer on Proxy Statements and Shareholders' Meetings."
Investor Insight: Get On Board: Understanding The Role of Corporate Directors
February 6, 2023
FINRA released an Investor Insight article entitled, "Get On Board: Understanding The Role of Corporate Directors."
National Credit Union Administration
Letter: Expansion of Permissible CUSO Activities and Associated Risks
February 6, 2023
The National Credit Union Administration sent a letter to federally insured credit unions on an expansion of permissible Credit Union Service Organization activities and associated risks with new activities.
Freddie Mac
Freddie Mac Multifamily White Paper Surveys Statewide Tenant Protections
February 6, 2023
Freddie Mac Multifamily released a first-of-its-kind comparative analysis of tenant protections provided by state landlord tenant acts.
International
European Commission
Commission seeks feedback on the implementation of the Foreign Subsidies Regulation
February 6, 2023
The Commission invites stakeholders to give feedback on the implementation of the Foreign Subsidies Regulation.
European Banking Authority
The European Supervisory Authorities meet stakeholders from across the financial sector amid preparations for the Digital Operational Resilience Act
February 6, 2023
The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) held a joint public event in the format of a technical discussion about the Digital Operational Resilience Act (DORA) on 6 February 2023.
Bank of England
Speech: Turning Points and Monetary Policy Strategy
February 6, 2023
Bank of England Monetary Policy Committee member Catherine L. Mann gave a speech entitled, "Turning Points and Monetary Policy Strategy."
UK Financial Conduct Authority
Statement: Cryptoasset firms marketing to UK consumers must get ready for financial promotions regime
February 6, 2023
The UK Financial Conduct Authority released a statement that all cryptoasset firms marketing to UK consumers, including firms based overseas, will soon need to comply with the new UK financial promotions regime.
Blog: How we can help consumers cope during the cost of living squeeze
February 6, 2023
The UK Financial Conduct Authority published a blog post entitled, "How we can help consumers cope during the cost of living squeeze."
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)
- Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
- Vice Chair Lael Brainard (sworn in May 23, 2022)
- 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)
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)
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.