PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, October 20, 2023
October 20, 2023
FedACTion Task Force
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Major Developments
Consumer Financial Protection Bureau
CFPB Proposes Rule to Jumpstart Competition and Accelerate Shift to Open Banking
October 19, 2023
The Consumer Financial Protection Bureau proposed a rule that would accelerate a shift toward open banking, where consumers would have control over data about their financial lives and would gain new protections against companies misusing their data.
Financial Crimes Enforcement Network
FinCEN Proposes New Regulation to Enhance Transparency in Convertible Virtual Currency Mixing and Combat Terrorist Financing
October 19, 2023
The U.S. Department of the Treasury's Financial Crimes Enforcement Network announced a Notice of Proposed Rule Making (NPRM) that identifies international Convertible Virtual Currency Mixing (CVC mixing) as a class of transactions of primary money laundering concern.
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing to Consider Nominations
October 19, 2023
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing on the following nominations:
- Ms. Tanya Otsuka, of Virginia, to be a Member of the National Credit Union Administration;
- The Honorable Mark Uyeda, of California, to be a Member of the Securities and Exchange Commission;
- The Honorable Spencer Bachus III, of Alabama, to be a Member of the Board of Directors of the Export-Import Bank;
- Ms. Jennifer Fain, of Virginia, to be Inspector General, Federal Deposit Insurance Corporation;
- The Honorable Claudia Slacik, of New York, to be a Director of the Securities Investor Protection Corporation; and
- The Honorable William Brodsky, of Illinois, to be a Director of the Securities Investor Protection Corporation.
- Hearing
- Chair Brown Statement
- NCUA Designate Otsuka Testimony
- SEC Designate Uyeda Testimony
- Export-Import Bank Board Designate Bachus Testimony
- FDIC Inspector General Designate Fain Testimony
- SIPC Designate Slacik Testimony
- SIPC Designate Brodsky Testimony
U.S. House of Representatives
Committee on Financial Services
HEARING NOTICE: Subcommittee on Oversight and Investigations
October 19, 2023
The U.S. Committee on House Financial Services announced the following hearing:
Oversight and Investigations Subcommittee Hearing Entitled: "Moving the Money: Understanding the Iranian Regime's Access to Money Around the World and How They Use It to Support Terrorism"
Time: 9:00 AM ET
Date: Thursday, October 26, 2023
Place: 2128 Rayburn House Office Building
Committee on Small Business
Hearing: Burdensome Regulations: Examining the Effects of DOL Rulemaking on America's Job Creators
October 19, 2023
The U.S. House Committee on Small Business held a hearing entitled, "Burdensome Regulations: Examining the Effects of DOL Rulemaking on America's Job Creators."
Federal Agencies
Federal Reserve Board
Vice Chair Barr Speech: Multiple Scenarios in Stress Testing
October 19, 2023
Federal Reserve Board Vice Chair for Supervision Michael S. Barr gave a speech entitled, "Multiple Scenarios in Stress Testing," at the Stress Test Research Conference at the Federal Reserve Bank of Boston, in Boston, Massachusetts.
Chair Powell's Opening Remarks at Economic Club of New York
October 19, 2023
Federal Reserve Board Chair Jerome H. Powell gave opening remarks at the Economic Club of New York Luncheon.
Vice Chair Jefferson's Opening Remarks at 18th Central Bank Conference on the Microstructure of Financial Markets
October 19, 2023
Federal Reserve Board Vice Chair Philip N. Jefferson gave opening remarks at the 18th Central Bank Conference on the Microstructure of Financial Markets, Board of Governors of the Federal Reserve System, in Washington, D.C.
Governor Cook's Speech: The Evolution of the Federal Reserve's Employment Mandate
October 18, 2023
Federal Reserve Board Governor Lisa D. Cook gave a speech entitled, "The Evolution of the Federal Reserve's Employment Mandate," at the Louis E. Martin Awards Ceremony at the 2023 Future of Black Communities Summit, Joint Center for Political and Economic Studies, in Washington, D.C.
Federal Reserve Bank of New York
Blog: Can China Catch Up with Greece?
October 19, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Can China Catch Up with Greece?"
Federal Reserve Bank of Boston
Paper: Credit Card Spending and Borrowing since the Start of the COVID-19 Pandemic
The Federal Reserve Bank of Boston published a Current Policy Perspectives paper entitled, "Credit Card Spending and Borrowing since the Start of the COVID-19 Pandemic."
Conference of State Bank Supervisors
Blog: Back to Dismal? Community Banker Sentiment Rebounds but Remains Gloomy
October 19, 2023
The Conference of State Bank Supervisors published a blog post entitled, "Back to Dismal? Community Banker Sentiment Rebounds but Remains Gloomy."
Office of the Comptroller of the Currency
Interest Rate Risk Statistics Report – Fall 2023
October 19, 2023
The Office of the Comptroller of the Currency published the fall 2023 edition of the Interest Rate Risk Statistics Report.
National Credit Union Administration
Board Issues Proposals on Fair Hiring in Banking; Simplification of Share Insurance
October 19, 2023
The National Credit Union Administration Board held its ninth open meeting of 2023, where it unanimously approved a proposed rule incorporating its Second Chance Interpretive Ruling and Policy Statement and the Fair Hiring in Banking Act into its regulations. The NCUA Board also approved a proposed rule that would simplify share insurance regulations by establishing a "trust accounts" category.
- Fair Hiring in Banking Proposed Rule
- Share Insurance Simplification Proposed Rule
- Cybersecurity Briefing
- Press Release
- Chair Harper Statement – Fair Hiring in Banking
- Chair Harper Statement – Share Insurance Simplification
- Chair Harper Statement – Cybersecurity Briefing
- Vice Chair Hauptman Statement – Fair Hiring in Banking
- Vice Chair Hauptman Statement – Share Insurance Simplification
- Board Member Hood Statement – Fair Housing in Banking
- Board Member Hood Statement – Share Insurance Simplification
- Board Member Hood Statement – Cybersecurity Briefing
International
European Commission
EU foreign investment screening and export controls help underpin European security
October 19, 2023
The European Commission released the Annual Report on Foreign Direct Investments Screening.
European Banking Authority
The EBA sets EU-wide examination program priorities for prudential supervisors for 2024
October 19, 2023
The European Banking Authority published the European Supervisory Examination Program for 2024, which identifies key topics for heightened supervisory attention across the European Union.
Bank of England
Real-Time Gross Settlement (RTGS) system and CHAPS Annual Report 2022/23
October 19, 2023
The Bank of England published its Annual Report for the Real-Time Gross Settlement system and CHAPS for 2022/23.
UK Financial Conduct Authority
Review: Proceeds of fraud - Detecting and preventing money mules
October 19, 2023
The Financial Conduct Authority published the key findings from its review of payment account providers' systems and controls against money mule activity so that others can learn from it.
Administration Changes
Vacancies
Office of the Comptroller of the Currency
- Comptroller – Vacant (Michael Hsu serves as Acting Comptroller)
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 (sworn in September 13, 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 September 13, 2022)
- Governor Adriana D. Kugler (sworn in September 13, 2023)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
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)
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)
Commodity Futures Trading 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)
Financial Crimes Enforcement Network – Andrea Gacki (effective July 13, 2023)
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.