PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, January 27, 2023
January 27, 2023
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Congress
U.S. House of Representatives
Committee on Small Business
House Passes Three Bipartisan Small Business Bills
January 25, 2023
The U.S. House of Representatives passed three small business bills:
H.R. 399, Small Business Advocacy Improvements Act – allowing the Small Business Administration's (SBA) Office of Advocacy to examine and speak on behalf of small businesses in international economic and trade matters.
H.R. 400, Investing in Main Street Act increasing the amount that may be invested in small business investment companies./
H.R. 449, Microloan Transparency and Accountability Act requiring the SBA to report on certain metrics to determine the effectiveness of the Microloan Program and examine if there are any default risks that put taxpayer dollars at risk.
Federal Agencies
U.S. Department of the Treasury
Treasury Sanctions Russian Proxy Wagner Group as a Transnational Criminal Organization
January 26, 2023
The U.S. Department of the Treasury's Office of Foreign Assets Control is taking additional actions to degrade the Russian Federation's capacity to wage war against Ukraine by sanctioning eight individuals and 16 entities, and four aircraft. The action, concurrent with additional sanctions actions by the Department of State, targets the infrastructure that supports battlefield operations in Ukraine, including producers of Russia's weapons and those administering Russian-occupied areas of Ukraine.
Federal Reserve Bank of New York
Article: At the New York Fed: The Eighth Annual U.S. Treasury Market Conference
January 26, 2023
The Federal Reserve Bank of New York published a The Teller Window article entitled, "At the New York Fed: The Eighth Annual U.S. Treasury Market Conference."
Commodity Futures Trading Commission
Speech: Mitigating Crypto-Crises: Applying Lessons Learned in Governance, Risk Management, and Compliance
January 26, 2023
Commodity Futures Trading Commission Commissioner Kristin Johnson gave a speech at the Digital Assets & Duke conference entitled, "Mitigating Crypto-Crises: Applying Lessons Learned in Governance, Risk Management, and Compliance."
National Credit Union Administration
Board Extends Loan Interest Rate Ceiling; Approves Annual Performance Plan
January 26, 2023
The National Credit Union Administration Board approved:
i) An extension of the 18-percent federal credit union loan interest rate ceiling through Sept. 10, 2024; and
ii) The agency's 2023 Annual Performance Plan.
Bank Policy Institute
Infographic: Some of the Many Ways Banks Keep Zelle Customers Safe
January 26, 2023
The Bank Policy Institute published a new infographic outlining examples of just some of the many safeguards banks employ to protect Zelle users.
International
European Banking Authority
EBA issues Opinion to the European Commission on the draft European Sustainability Reporting Standards
January 26, 2023
The European Banking Authority published an Opinion on the draft European Sustainability Reporting Standards developed by the European Financial Reporting 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 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)
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)
- vDirector 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.