PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, February 15, 2023
February 15, 2023
FedACTion Task Force
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PH Fintech Tracker on Executive Order for Digital Assets
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets
February 14, 2023
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets."
Federal Agencies
U.S. Department of the Treasury
FACT SHEET: State and Local Fiscal Recovery Funds Helping Communities Recover from the Pandemic
February 14, 2023
The U.S. Department of the Treasury released a fact sheet on how state and local recovery funds are helping communities recover from the pandemic.
Federal Reserve Board
Lael Brainard submits resignation as Vice Chair and a member of the Federal Reserve Board to become Director of the President's National Economic Council
February 14, 2023
Lael Brainard submitted her resignation February 14, 2023 as Vice Chair and a member of the Federal Reserve Board, effective on or around February 20, 2023.
Paper: Self-Fulfilling Debt Crises with Long Stagnations
February 14, 2023
The Federal Reserve Board published a working paper entitled, "Self-Fulfilling Debt Crises with Long Stagnations."
Paper: The Inflationary Effects of Sectoral Reallocation
February 14, 2023
The Federal Reserve Board published a working paper entitled, "The Inflationary Effects of Sectoral Reallocation."
Federal Reserve Bank of New York
Underlying Inflation Gauge (UIG) – February 2023
February 14, 2023
The Federal Reserve Bank of New York released the Underlying Inflation Gauge (UIG) for February 2023.
Speech: Our Work Is Not Yet Done
February 14, 2023
Federal Reserve Bank of New York President John C. Williams gave a speech at the New York Bankers Association entitled, "Our Work Is Not Yet Done."
Report: Is the Green Transition Inflationary?
February 14, 2023
The Federal Reserve Bank of New York published a staff report entitled, "Is the Green Transition Inflationary?"
Federal Reserve Bank of Boston
Paper: Got Milk? The Effect of Export Price Shocks on Exchange Rates
February 14, 2023
The Federal Reserve Bank of Boston Research Department published a working paper entitled, "Got Milk? The Effect of Export Price Shocks on Exchange Rates."
Article: Boston Fed asks: Can faster access to their own money benefit lower-income communities?
February 14, 2023
The Federal Reserve Bank of Boston published an article entitled, "Boston Fed asks: Can faster access to their own money benefit lower-income communities?"
Securities and Exchange Commission
SEC Proposes Revision to Rules Implementing the Privacy Act of 1974
February 14, 2023
The Securities and Exchange Commission today proposed a rule that would revise the Commission's regulations under the Privacy Act of 1974, governing the handling of personal information in the federal government.
Statement: Accounting Standard Setting in a Rapidly Evolving Business Environment: A Focus on the Timely Delivery of Investor Priorities
February 14, 2023
Securities and Exchange Commission Chief Accountant Paul Munter issued a statement entitled, "Accounting Standard Setting in a Rapidly Evolving Business Environment: A Focus on the Timely Delivery of Investor Priorities."
Consumer Financial Protection Bureau
CFPB Finds One-Third Decline in Collections Items on Consumer Credit Reports
February 14, 2023
The Consumer Financial Protection Bureau released a report examining trends in credit reporting of debt in collections from 2018 to 2022. The report found the total number of collections tradelines on credit reports declined by 33%, from 261 million tradelines in 2018 to 175 million tradelines in 2022. The share of consumers with a collection tradeline on their credit report decreased by 20% in the same timeframe.
FINRA
Information Notice: New Rate for Fees Paid Under Section 31 of the Exchange Act
February 14, 2023
FINRA issued an information notice that effective February 27, 2023, the Section 31 fee rate applicable to specified securities transactions on the exchanges and in the over-the-counter markets will decrease from its current rate of $22.90 per million dollars in transactions to a new rate of $8.00 per million dollars in transactions.
Bank Policy Institute
Blog: Too Big To Manage: It's a Bad Idea
February 14, 2023
The Bank Policy Institute published a blog post entitled, "Too Big To Manage: It's a Bad Idea."
Blog: Too Big To Manage: It's Not the Law
February 14, 2023
The Bank Policy Institute published a blog post entitled, "Too Big To Manage: It's Not the Law."
International
European Banking Authority
EBA publishes final draft technical standards defining the homogeneity of the underlying exposures in STS securitisation
February 14, 2023
The European Banking Authority published its final draft Regulatory Technical Standards (RTS) setting out the conditions for the assessment of the homogeneity of the underlying exposures in a pool of a Simple Transparent and Standardised (STS) on-balance-sheet securitisation.
EBA updates some important Q&As in the area of own funds and eligible liabilities
February 14, 2023
The European Banking Authority has updated some of its existing Q&As on own funds and eligible liabilities to ensure consistency with the revised final draft Regulatory Technical Standards (RTS) on own funds and eligible liabilities submitted to the European Commission in May 2021.
UK Financial Conduct Authority
Data: UK MiFID transparency calculations
February 14, 2023
The UK Financial Conduct Authority has updated the UK MiFID transparency calculations.
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; resigning on or around February 20, 2023)
- 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)
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.