PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, March 15, 2023
March 15, 2023
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Major Developments
Federal Deposit Insurance Corporation
Financial Institutions are Required to Meet Contractual Obligations with Bridge Banks established for Silicon Valley Bank and Signature Bank
March 14, 2023
The Federal Deposit Insurance Corporation issued Financial Institution Letter 10-2023 indicating that financial institutions are required to meet contractual obligations with bridge banks established to resolve Silicon Valley Bank and Signature Bank.
Federal Agencies
U.S. Department of the Treasury
On American Rescue Plan's Second Anniversary, Treasury Releases New Data on Act's Historic Investments in Economic Growth
March 14, 2023
To mark the second anniversary of the American Rescue Plan (ARP), the U.S Department of the Treasury released a report with new data illustrating the extent to which this funding supported both immediate pandemic recovery and long-term economic growth.
Remarks by Assistant Secretary for Economic Policy Ben Harris on the Russian Energy Price Cap at the American Enterprise Institute
March 14, 2023
Assistant Secretary for Economic Policy Ben Harris gave remarks on the Russian energy price cap at the American Enterprise Institute.
Board of Governors of the Federal Reserve System
Speech: Modernizing Traditional Banking
March 14, 2023
Federal Reserve Board Governors Bowman gave a speech entitled "The Innovation Imperative: Modernizing Traditional Banking" and the Independent Community Bankers of America ICBA Live 2023 Conference.
Consumer Financial Protection Bureau
Bringing tech enforcers together to protect consumers
March 14, 2023
The Consumer Financial Protection Bureau published a blog post entitled, "Bringing tech enforcers together to protect consumers."
FINRA
Blog: Moving Forward: Anti-Money Laundering in 2023
March 14, 2023
FINRA published a blog post entitled, "Moving Forward: Anti-Money Laundering in 2023."
U.S. Department of Labor
Consumer Price Index – February 2023
March 14, 2023
The U.S. Department of Labor Bureau of Labor Statistics released the Consumer Price Index report for February 2023.
Bank Policy Institute
Blog: Silicon Valley Bank Would Have Passed The Liquidity Coverage Ratio Requirement
March 14, 2023
The Bank Policy Institute published a blog post entitled, "Silicon Valley Bank Would Have Passed The Liquidity Coverage Ratio Requirement."
BPI Statement on SVB and Signature Bank
March 13, 2023
The Bank Policy Institute released a statement on the failures of Silicon Valley Bank and Signature Bank.
International
Bank of England Prudential Regulation Authority
Consultation Paper: The non-performing exposures capital deduction
March 14, 2023
The Bank of England Prudential Regulation Authority published a consultation paper entitled, "The non-performing exposures capital deduction."
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.