PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, March 14, 2023
March 14, 2023
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Major Developments
Federal Reserve Bank
Federal Reserve Board announces that Vice Chair for Supervision Michael S. Barr is leading a review of the supervision and regulation of Silicon Valley Bank, in light of its failure
March 13, 2023
The Federal Reserve Board announced that Vice Chair for Supervision Michael S. Barr is leading a review of the supervision and regulation of Silicon Valley Bank, in light of its failure. The review will be publicly released by May 1, 2023.
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Senator Brown, and Ranking Member Waters Statement on Federal Regulators' Actions at Silicon Valley Bank and Signature Bank
March 12, 2023
Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, and Rep. Maxine Waters (CA-43), Ranking Member of the House Financial Services Committee, released a statement after the Federal Reserve, Treasury Department, and Federal Deposit Insurance Corporation announced new actions regarding Silicon Valley Bank and Signature Bank.
Senator Scott Statement on Government Response to Failures of Silicon Valley Bank and Signature Bank
March 12, 2023
U.S. Senator Tim Scott (R-S.C.), Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, released the following statement after the U.S. Department of the Treasury, Federal Reserve Board, and Federal Deposit Insurance Corporation announced emergency actions in response to the failures of Silicon Valley Bank and Signature Bank.
U.S. House of Representatives
Committee on Financial Services
McHenry Statement on Regulator Actions Regarding Silicon Valley Bank
March 12, 2023
House Financial Services Committee Chairman Patrick McHenry (NC-10) issued the following statement after the Federal Reserve, Treasury Department, and Federal Deposit Insurance Corporation (FDIC) announced actions regarding Silicon Valley Bank (SVB).
Federal Agencies
U.S. Department of the Treasury
Financial Stability Oversight Council Meeting on March 12, 2023
March 12, 2023
U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of the Financial Stability Oversight Council in executive session by videoconference.
Federal Reserve Bank of New York
Short-Term Inflation Expectations Decline Sharply; Labor Market Expectations Improve
March 13, 2023
The Federal Reserve Bank of New York's Center for Microeconomic Data released the February 2023 Survey of Consumer Expectations, which shows that inflation expectations decreased sharply at the short-term horizon, remained unchanged at the medium-term horizon, and slightly increased at the long-term horizon.
Commodity Futures Trading Commission
Commissioner Goldsmith Romero Announces Newly Constituted Technology Advisory Committee and Announces Chair and Vice Chair
March 13, 2023
Commissioner Christy Goldsmith Romero, sponsor of the CFTC's Technology Advisory Committee (TAC), announced the newly constituted membership of TAC.
Consumer Financial Protection Bureau
Blog: Protecting homeowners from discriminatory home appraisals
March 13, 2023
The Consumer Financial Protection Bureau published a blog post entitled, "Protecting homeowners from discriminatory home appraisals."
FINRA
Blog: A Look Back at Anti-Money Laundering in 2022
March 13, 2023
FINRA published a blog post entitled, "A Look Back at Anti-Money Laundering in 2022."
Investor Insights: Following the Crowd: Investing and Social Media
March 13, 2023
FINRA published an Investor Insights post entitled, "Following the Crowd: Investing and Social Media."
National Credit Union Administration
Statement from NCUA Chairman Todd M. Harper
March 13, 2023
National Credit Union Administration Chair Todd M. Harper issued a statement indicating that the credit union system remains well-capitalized and on a solid footing. The National Credit Union Administration continues to monitor credit union performance through both the examination process and offsite monitoring, and it will continue to do so into the future.
International
European Banking Authority
ECB and the ESAs call for enhanced climate-related disclosure for structured finance products
March 13, 2023
The European Supervisory Authorities, together with the European Central Bank, published a Joint Statement on climate-related disclosure for structured finance products.
Bank of England
Statement on Silicon Valley Bank
March 13, 2023
The Bank of England, in consultation with the Prudential Regulation Authority, HM Treasury and the Financial Conduct Authority, has taken the decision to sell Silicon Valley Bank UK Limited, the UK subsidiary of Silicon Valley Bank, to HSBC UK Bank Plc.
Bank of England statement: Silicon Valley Bank UK
March 10, 2023
The Bank of England issued a statement indicated it intends to apply to the Court to place Silicon Valley Bank UK Limited into a Bank Insolvency Procedure.
Bank of England Prudential Regulation Authority
Bank of England report on climate-related risks and the regulatory capital frameworks
March 13, 2023
The Bank of England Prudential Regulation Authority released a report on climate-related risks and the regulatory capital frameworks.
UK Financial Conduct Authority
Statement on Silicon Valley Bank UK
March 13, 2023
Following events at Silicon Valley Bank, the Financial Conduct Authority announced it has been working closely with the Bank of England, Prudential Regulation Authority, Financial Services Compensation Scheme and the UK Government.
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.