PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, February 3, 2023
February 03, 2023
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Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Scott Announces Banking Committee Priorities for the 118th Congress
February 1, 2023
U.S. Senate Banking Committee Ranking Member Tim Scott (R-S.C.) released his legislative and oversight priorities for the 118th Congress.
Federal Agencies
U.S. Department of the Treasury
Treasury Welcomes Clear Guidance on Pillar Two Global Minimum Tax, Tax Credit Protections
February 2, 2023
The OECD/G20 Inclusive Framework released a package of technical and administrative guidance that achieves clarity on the global minimum tax on multinational corporations known as Pillar Two, and provides critical protections for important tax incentives, including green tax credit incentives established in the Inflation Reduction Act.
Federal Reserve Board
Letter: Changes to Home Mortgage Disclosure Act (HMDA) Loan Volume Reporting Threshold for Closed-end Mortgage Loans
The Federal Reserve Board issued a consumer affairs letter addressing the impact on financial institutions supervised by the Federal Reserve of recent changes as a result of litigation related to the Home Mortgage Disclosure Act (HMDA) reporting threshold for closed-end mortgages.
Securities and Exchange Commission
SEC Publishes Annual Staff Report on Nationally Recognized Statistical Rating Organizations
February 2, 2023
The Securities and Exchange Commission published a staff report that provides a summary of the staff's examinations of nationally recognized statistical rating organizations (NRSROs) and discusses the state of competition, transparency and conflicts of interest among NRSROs.
Commodity Futures Trading Commission
CFTC Staff Revises No-Action Positions Regarding External Business Conduct Standards and Documentation Standards for Intended-To-Be-Cleared Swaps
February 2, 2023
The Commodity Futures Trading Commission's Market Participants Division announced it has issued a time-limited no-action letter replacing CFTC Staff Letter No. 13-70, regarding certain duties imposed on swap dealers and major swap participants.
Bank Policy Institute
One-Pager: Calibrating Bank Capital Requirements
February 2, 2023
The Bank Policy Institute published a paper entitled, "Calibrating Bank Capital Requirements."
Blog: Basel Finalization: The History and Implications for Capital Regulation – Part III
February 2, 2023
The Bank Policy Institute published a blog post entitled, "Basel Finalization: The History and Implications for Capital Regulation – Part III."
International
Bank of England
Monthly Decision Maker Panel data - January 2023
February 2, 2023
The Bank of England released the monthly Decision Maker Panel survey data for January 2023.
Monetary Policy Report - February 2023
February 2, 2023
The Bank of England Monetary Policy Committee issued the quarterly Monetary Policy Report for February 2023.
UK Financial Conduct Authority
Financial watchdog proposes to ban debt packager referral fees to protect consumers
February 2, 2023
The Financial Conduct Authority announced it will push ahead with proposals to ban debt packager firms from receiving referral fees from debt solution providers, following further analysis of the market.
FCA appoints members to new Innovation Advisory Group
February 2, 2023
The UK Financial Conduct Authority appointed members to the new Innovation Advisory Group.
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)
- 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)
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)
Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)
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.