PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, May 12, 2023
May 12, 2023
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Major Developments
Federal Deposit Insurance Corporation
FDIC Board of Directors Issues a Proposed Rule on Special Assessment Pursuant to Systemic Risk Determination
May 11, 2023
The Federal Deposit Insurance Corporation (FDIC) Board of Directors approved a notice of proposed rulemaking, which would implement a special assessment to recover the cost associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank.
- Board Memorandum
- Proposed Rule
- Press Release
- Financial Institution Letter
- Fact Sheet
- FDIC Chairman Gruenberg Statement
- FDIC Vice Chairman Hill Statement
- FDIC Director McKernan Statement
- Acting Comptroller Hsu Statement
- CFPB Director Chopra Statement
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Examining Cannabis Banking Challenges of Small Businesses and Workers
May 11, 2023
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Examining Cannabis Banking Challenges of Small Businesses and Workers."
- Hearing
- Committee Chair Statement
- Ranking Member Scott Statement
- Senator Merkley Testimony
- Senator Daines Testimony
U.S. House of Representatives
Committee on Financial Services
Representatives Comment on SEC's Custody Proposal
May 11, 2023
House Financial Services Committee Chairman Patrick McHenry (NC-10) and Digital Assets, Financial Technology and Inclusion Subcommittee Chairman French Hill (AR-02) were joined by Committee leadership in a comment letter to the Securities and Exchange Commission (SEC) demanding that the SEC rescind its proposed rule increasing the cost of offering custodial services for registered investments advisors (RIAs).
Hearing: Oversight of Silicon Valley Bank and Signature Bank: GAO's Preliminary Review
May 11, 2023
The U.S. House Committee on Financial Services Subcommittee on Oversight and Investigations held a hearing entitled, "Oversight of Silicon Valley Bank and Signature Bank: GAO's Preliminary Review."
- Hearing
- Committee Memorandum
- Subcommittee Chair Huizenga Statement
- Ranking Member Waters Statement
- GAO Director Clements
Committee on Small Business
Hearing: Leveling the Playing Field: The State of Small Business Contracting
May 11, 2023
The U.S. House Committee on Small Business held a hearing entitled, "Leveling the Playing Field: The State of Small Business Contracting."
Federal Agencies
U.S. Department of the Treasury
Remarks by Under Secretary for Domestic Finance Nellie Liang at the International Swaps and Derivatives Association Annual General Meeting
May 11, 2023
Under Secretary for Domestic Finance Nellie Liang gave remarks at the International Swaps and Derivatives Association Annual General Meeting.
Federal Reserve Board
Speech: Climate Change and Financial Stability
May 11, 2023
Board of Governors of the Federal Reserve System (Federal Reserve) Governor Christopher J. Waller gave a speech entitled, "Climate Change and Financial Stability."
Federal Reserve Bank of New York
The Federal Reserve and U.S. Treasury Did Not Intervene in FX Markets During the First Quarter
May 11, 2023
The Federal Reserve and U.S. Treasury did not intervene in foreign exchange markets during the January – March 2023 quarter, the Federal Reserve Bank of New York said today in its quarterly report to the U.S. Congress.
Blog: Bank Funding during the Current Monetary Policy Tightening Cycle
May 11, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Bank Funding during the Current Monetary Policy Tightening Cycle."
Securities and Exchange Commission
Risk Alert: Observations from Examinations of Investment Advisers and Investment Companies Concerning LIBOR-Transition Preparedness
May 11, 2023
The SEC issued a risk alert entitled, "Observations from Examinations of Investment Advisers and Investment Companies Concerning LIBOR-Transition Preparedness."
Speech: Keynote Address at the 21st Symposium on Building the Financial System of the 21st Century: An Agenda for Europe and the United States
May 11, 2023
SEC Commissioner Mark T. Uyeda gave a keynote address at the 21st Symposium on Building the Financial System of the 21st Century: An Agenda for Europe and the United States.
FINRA
Investor Insights: What Is a Blockchain, and Why Should I Care?
May 11, 2023
Financial Industry Regulatory Authority (FINRA) published an Investor Insights article entitled, "What Is a Blockchain, and Why Should I Care?"
Federal Housing Finance Agency
Foreclosure Prevention, Refinance, and Federal Property Manager's Report - February 2023
May 11, 2023
The Federal Housing Finance Agency published the Foreclosure Prevention, Refinance, and Federal Property Manager's Report for February 2023.
State Agencies
International
Bank of England
Monetary Policy Report - May 2023
May 11, 2023
The Bank of England published the quarterly Monetary Policy Report for May 2023.
Explainer: How do higher interest rates help to lower inflation?
May 11, 2023
The Bank of England published an explainer entitled, "How do higher interest rates help to lower inflation?"
Bank of England Prudential Regulation Authority
Policy Statement: Risks from contingent leverage
May 11, 2023
The Prudential Regulation Authority published a policy statement entitled, "Risks from contingent leverage."
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 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)
- 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.