PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, January 28, 2023
January 28, 2023
FedACTion Task Force
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PH Fintech Tracker on Executive Order for Digital Assets
Major Developments
Federal Reserve Board issues policy statement on Section 9(13) of the Federal Reserve Act, including effectively precluding uninsured and insured banks subject to Federal Reserve Board oversight and supervision from holding crypto-assets as principal
January 27, 2023
The Federal Reserve Board issued a policy statement interpreting Section 9(13) of the Federal Reserve Act and established a rebuttable presumption that it will exercise its discretion to limit state member banks (insured and uninsured) to engaging as principal in only those activities that are permissible for national banks, in each case subject to the terms, conditions and limitations placed on national banks with respect to the activity. In the policy statement, the Federal Reserve Board noted that it had not identified any authority permitting national banks to hold most crypto-assets as principal in any amount and, therefore, concluded it would presumptively prohibit state member banks from engaging in crypto-asset-related activities under Section 9(13) of the Federal Reserve Act.
The policy statement did note that state member banks seeking to issue dollar tokens (i.e., stablecoins) would be required to adhere to all the conditions the OCC has placed on national banks with respect to such activity, including under OCC Interpretive Letters Nos. 1174 and 1179, subject to receipt of a supervisory nonobjection before commencing such activity.
Congress
Federal Agencies
Financial Crimes Enforcement Network
Prepared Remarks of FinCEN Acting Deputy Director During the ID Policy Forum
January 27, 2023
Jimmy Kirby, Acting Deputy Director of the Financial Crimes Enforcement Network, delivered remarks during the Identity Policy Forum.
International
Bank of England
Minutes of the Securities Lending Committee meeting – November 2022
January 27, 2023
The Bank of England released the minutes of the Securities Lending Committee meeting for November 2022.
Statistics: Capital Issuance - December 2022
January 27, 2023
The Bank of England released the capital issuance statistics for December 2022.
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)
- 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.