PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, May 17, 2023
May 17, 2023
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Major Developments
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Examining the Failures of Silicon Valley Bank and Signature Bank
May 16, 2023
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Examining the Failures of Silicon Valley Bank and Signature Bank."
U.S. House of Representatives
Committee on Financial Services
Hearing: Oversight of Prudential Regulators
May 16, 2023
The U.S. House Committee on Financial Services held a hearing entitled, "Oversight of Prudential Regulators."
- Hearing
- Committee Memorandum
- Committee Chair McHenry Statement
- Committee Ranking Member Waters Statement
- FRB Vice Chair Barr Testimony
- FDCI Chair Gruenberg Testimony
- NCUA Chair Harper Testimony
- Acting Comptroller Hsu Testimony
Federal Agencies
U.S. Department of the Treasury
Treasury Sanctions Russian Ransomware Actor Complicit in Attacks on Police and U.S. Critical Infrastructure
May 16, 2023
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), designated Mikhail Matveev for his role in launching cyberattacks against U.S. law enforcement, businesses, and critical infrastructure.
Remarks by Secretary of the Treasury Janet L. Yellen at Independent Community Bankers of America (ICBA) 2023 Capital Summit
May 16, 2023
Secretary of the Treasury Janet L. Yellen gave remarks at the Independent Community Bankers of America 2023 Capital Summit.
Federal Reserve Bank of New York
Business Leaders Survey & Supplemental Survey – May 2023
May 16, 2023
The Federal Reserve Bank of New York published the results of the May 2023 Business Leaders Survey and Supplemental Survey Report.
Report: Applications or Approvals: What Drives Racial Disparities in the Paycheck Protection Program?
May 16, 2023
The Federal Reserve Bank of New York published a staff report entitled, "Applications or Approvals: What Drives Racial Disparities in the Paycheck Protection Program?"
Securities and Exchange Commission
Remarks: Cybersecurity: Protecting Investors
May 16, 2023
Securities and Exchange Commission (SEC) Commissioner Jaime Lizarraga gave remarks before the Digital Directors Network 2023 Conference entitled, "Cybersecurity: Protecting Investors."
Remarks at the 2023 SEC Municipal Securities Disclosure Conference
May 16, 2023
SEC Commissioner Jaime Lizarraga gave remarks at the 2023 SEC Municipal Securities Disclosure Conference.
Commissioner Uyeda Remarks at MFA Global Summit
May 16, 2023
SEC Commissioner Mark T. Uyeda gave remarks at the Managed Funds Association's Global Summit.
Bank Policy Institute
Blog: The Importance of Regional Banks for Small Business Lending and Economic Growth
May 16, 2023
The Bank Policy Institute published a blog post entitled, "The Importance of Regional Banks for Small Business Lending and Economic Growth."
International
European Commission
New tax transparency rules will help Member States shine a light on the crypto-asset sector
May 16, 2023
The Commission welcomes the political agreement reached by EU Finance Ministers on new tax transparency rules for all service providers facilitating transactions in crypto-assets for customers resident in the EU.
Remarks by Executive Vice-President Dombrovskis at the ECOFIN press conference
May 16, 2023
European Commission Executive Vice-President Dombrovskis gave remarks at the ECOFIN press conference.
European Banking Authority
EBA publishes Report on holdings of eligible liabilities issued by G-SIIs and O-SIIs
May 16, 2023
The European Banking Authority published a Report on the holdings by EU banks of minimum requirement for own funds and eligible liabilities instruments issued by the most systemic European banks.
Bank of England
Minutes of the Securities Lending Committee meeting March 2023
May 16, 2023
The Bank of England released the minutes of the Securities Lending Committee meeting held March 29, 2023.
Summary Minutes of Sub-Group and Task Force Meetings Q1
May 16, 2023
The Bank of England released the summary minutes of the Working Group on Sterling Risk-Free Reference Rates Sub-Group and Task Form meetings for Q1 2023.
Speech: Supervision and Data - to boldly regulate as no one has regulated before
May 16, 2023
Bank of England Director of Authorisations, RegTech and International Supervision Rebecca Jackson gave a speech at the Association of Foreign Banks Mansion House lunch entitled, "Supervision and Data - to boldly regulate as no one has regulated before."
UK Financial Conduct Authority
Speech: Meeting the challenge in our changing global markets
May 16, 2023
Financial Conduct Authority (FCA) Executive Director Sarah Pritchard gave a speech at the UK Finance and EY: Capita Markets Insights launch conference entitled, "Meeting the challenge in our changing global markets."
Speech: The drive for data in Non-Bank Financial Intermediation (NBFI)
May 16, 2023
FCA Chair Ashley Alder gave a speech at the Managed Funds Associations' Global Summit entitled, "The drive for data in Non-Bank Financial Intermediation (NBFI)."
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 Phillip N Jefferson (nominated May 12, 2023)
- 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 Lisa D. Cook (sworn in May 23, 2022)
- Governor Adriana Kugler (nominated May 12, 2023)
- Federal Reserve announces appointment of Joshua Gallin as Secretary of the Federal Open Market Committee (February 2, 2023)
- President Biden nominates Dr. Philip Jefferson for Vice Chair and Dr. Adriana Kugler to serve as a Member on the Federal Reserve Board, and renominates Dr. Lisa Cook for an additional full term as Member (May 12, 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)
- Cali Brooks and Miguel Soto-Class appointed to Federal Reserve Bank of New York Community Advisory Board (April 4, 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 Reserve Bank of Boston announces new external advisory council members (April 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)
- 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)
- SEC appoints Deborah J. Jeffrey as Inspector General (April 17, 2023)
- Eric R. Werner named Director of Fort Worth Regional Office (April 25, 2023)
Commodity Futures Trading 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)
- Commissioner Goldsmith Romero announces Yevgeny Shrago as Senior Counsel and Policy Advisor (April 14, 2023)
- CFTC Appoints Jeffrey Sutton as Executive Director (April 18, 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.