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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, March 4, 2023

March 04, 2023

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

Securities and Exchange Commission

Announcement Regarding Extension of EDGAR Filing Hours and Notice of End of Email Filing Option for Form 144

March 3, 2023

The Securities and Exchange Commission issued an announcement that the new filing deadline and other amendments are effective on March 20, 2023, and the Form 144 electronic filing requirement will begin on April 13, 2023.

Consumer Financial Protection Bureau

Report on the Home Mortgage Disclosure Act Rule Voluntary Review

March 3, 2023

The Consumer Financial Protection Bureau issued a report on the Home Mortgage Disclosure Act rule on voluntary review.

Bank Policy Institute

Robust Bank Regulation Offers Model for Administration's Digital Asset Priorities

March 3, 2023

The Bank Policy Institute and the American Bankers Association filed a comment with the White House Office of Science and Technology Policy in response to its effort to establish digital asset research and development priorities.

International

Bank of England

Paper: The greening of lending: mortgage pricing of energy transition risk

March 3, 2023

The Bank of England published a staff working paper entitled, "The greening of lending: mortgage pricing of energy transition risk."

Speech: Looking through a glass onion: lessons from the 2022 LDI intervention

March 3, 2023

Bank of England Executive Director for Markets Andrew Hauser gave a speech entitled, "Looking through a glass onion: lessons from the 2022 LDI intervention."

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)

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)

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 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.