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Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Leadership in Senate Committee on Banking, Housing, and Urban Affairs and House Financial Services Committee Demand Answers from Regulators on SVB and Signature Bank

March 20, 2023

Leadership in the Senate Committee on Banking, Housing, and Urban Affairs and the House Financial Services Committee are formally demanding information from the Board of Governors of the Federal Reserve System (Federal Reserve) and the Federal Deposit Insurance Corporation (FDIC) regarding their regulatory activities with respect to Silicon Valley Bank (SVB) and Signature Bank for the two years leading up to their collapse.

• Federal Reserve Letter
• FDIC Letter
• Press Release

U.S. House of Representatives

Committee on Small Business

House Committee on Small Business to Hold Hearing on Oversight of SBA

March 20, 2023

The House Committee on Small Business will hold an oversight hearing entitled "Oversight of the Small Business Administration" on Thursday, March 23, 2022.

• Press Release

Federal Agencies

Federal Reserve Bank of New York

SCE Credit Access Survey – February 2023

March 20, 2023

The Federal Reserve Bank of New York released the results of the February 2023 SCE Credit Access Survey.

• Survey

Federal Deposit Insurance Corporation

FDIC Extends Bid Window For Silicon Valley Bridge Bank, N.A.

March 20, 2023

The FDIC has extended the bidding process for Silicon Valley Bridge Bank, National Association, Santa Clara, California.

• Press Release

National Rates and Rate Caps – March 2023

March 20, 2023

The FDIC released the national rates and rate caps as of March 20, 2023.

• National Rates

Securities and Exchange Commission

SEC Office of Municipal Securities Issues FAQs for Registration of Municipal Advisors

March 20, 2023

The U.S. Securities and Exchange Commission's (SEC) Office of Municipal Securities announced that it updated its Registration of Municipal Advisors Frequently Asked Questions webpage to add a section entitled "Completion of Form MA, Form MA-I, and Form MA-NR", which provides additional staff guidance on the required information and timelines.

• FAQs
• Press Release

Remarks at the ICI Investment Management Conference

March 20, 2023

SEC Director of Investment Management William A. Birdthistle gave remarks at the Investment Company Institute Investment Management Conference in Palm Desert, California.

• Remarks

Federal Housing Finance Agency

Blog: The Value of Intermediaries for GSE Loans

March 20, 2023

The Federal Housing Finance Agency published a blog post entitled, "The Value of Intermediaries for GSE Loans."

• Blog

International

European Banking Authority

SRB, EBA and ECB Banking Supervision statement on the announcement on 19 March 2023 by Swiss authorities

March 20, 2023

The Single Resolution Board, the European Banking Authority and ECB Banking Supervision welcome the comprehensive set of actions taken by the Swiss authorities in order to ensure financial stability.

• Statement

Bank of England

Bank of England Statement: UK creditor hierarchy

March 20, 2023

The Bank of England released a statement on UK creditor hierarchy used for the recent resolution of SVB UK.

• Statement

UK Financial Conduct Authority

FCA outlines where improvements are needed in ESG benchmarks

March 20, 2023

The UK Financial Conduct Authority (FCA) sent a letter to administrators outlining the issues identified in the FCA's review of environmental, social, and governance benchmarks.

• Letter
• Press Release

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 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)

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 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)

• Office of the Comptroller of the Currency (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 Commodity Futures Trading Commission's (CFTC) 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)

• Consumer Financial Protection Bureau 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 Asset Management and Assistance Center 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.