PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, March 22, 2023
March 22, 2023
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Major Developments
Remarks by Secretary of the Treasury Janet L. Yellen at the American Bankers Association's Washington DC Summit
March 21, 2023
Secretary of the Treasury Janet L. Yellen gave remarks at the American Bankers Association's Washington DC Summit on recent developments in the U.S. banking system.
Federal Agencies
U.S. Department of the Treasury
Treasury Department Mobilizes Semiconductor Supply Chain Investment Incentives with Key CHIPS Investment Tax Credit Guidance
March 21, 2023
The U.S. Department of the Treasury and the Internal Revenue Service published a notice of proposed rulemaking for the Advanced Manufacturing Investment Credit (CHIPS ITC) established by the CHIPS Act of 2022.
Securities and Exchange Commission
Commissioner Uyeda's Remarks to Investment Company Institute 2023 Investment Management Conference
March 20, 2023
Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda gave remarks to the Investment Company Institute 2023 Investment Management Conference.
Consumer Financial Protection Bureau
CFPB Enhances Tool to Promote Competition and Comparison Shopping in Credit Card Market
March 21, 2023
The Consumer Financial Protection Bureau launched an improved survey of credit card issuers that can help consumers and families compare interest rates and other features when shopping for a new credit card.
National Credit Union Administration
NCUA Releases 2022 Annual Report
March 21, 2023
The National Credit Union Administration (NCUA) released its 2022 Annual Report highlighting the NCUA's activities, policy initiatives, and accomplishments for the past year.
Bank Policy Institute
FinCEN Must Preserve Beneficial Ownership Data Usefulness, Discourage Inappropriate Reporting Omissions
March 21, 2023
The Bank Policy Institute submitted comments to the Financial Crimes Enforcement Network expressing concern about the proposed reporting form for its beneficial ownership final rule.
Blog: Something Happened: An Initial Try at an Explanation
March 21, 2023
The Bank Policy Institute published a blog post entitled, "Something Happened: An Initial Try at an Explanation."
State Agencies
California Department of Financial Protection and Innovation
Statement: Comprehensive Review of Oversight and Regulation of Silicon Valley Bank
March 20, 2023
The California Department of Financial Protection and Innovation issued a statement on its work to issue a comprehensive review of oversight and regulation of Silicon Valley Bank that will be documented in a report to be issued in May 2023.
International
European Banking Authority
EBA consults on amendments to the reporting on the Fundamental Review of the Trading Book
March 21, 2023
The European Banking Authority launched a public consultation on its draft Implementing Technical Standards (ITS) amending the ITS on specific reporting requirements on market risks (Fundamental Review of the Trading Book reporting), aiming at providing supervisors with the necessary tools to monitor these risks.
UK Financial Conduct Authority
Speech: The new simplified advice regime and the advice / guidance boundary review
March 21, 2023
UK Financial Conduct Authority Director of Consumer Investments Therese Chambers gave a speech entitled, "The new simplified advice regime and the advice / guidance boundary review."
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)
- 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)
- 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 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.