PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, September 30, 2023
September 30, 2023
FedACTion Task Force
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Federal Agencies
U.S. Department of the Treasury
U.S. Department of the Treasury Releases Report on Climate Change and Household Finances
September 29, 2023
The U.S Department of the Treasury released a report prepared in consultation with members of the Financial Literacy and Education Commission, entitled The Impact of Climate Change on American Household Finances.
Joint Statement on the U.S.-UK Financial Regulatory Working Group
September 29, 2023
Officials and senior staff from HM Treasury, the U.S. Department of Treasury, Bank of England, Financial Conduct Authority, Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Securities and Exchange Commission issued a joint statement following the eighth official meeting of the U.S.-UK Financial Regulatory Working Group which took place on September 6, 2023.
Federal Reserve Board
Paper: On the Negatives of Negative Interest Rates
September 29, 2023
The Federal Reserve Board published a working paper entitled, "On the Negatives of Negative Interest Rates."
Paper: Current Expected Credit Losses (CECL) Standard and Banks' Information Production
September 29, 2023
The Federal Reserve Board published a working paper entitled, "Current Expected Credit Losses (CECL) Standard and Banks' Information Production."
Federal Reserve Bank of New York
Article: Peeling the Inflation Onion, Revisited
September 29, 2023
The Federal Reserve Bank of New York published a The Teller Window article entitled, "Peeling the Inflation Onion, Revisited."
Federal Deposit Insurance Corporation
Information Technology Risk Examination (InTREx) Procedures
September 29, 2023
The Federal Deposit Insurance Corporation updated its Information Technology Risk Examination (InTREx) procedures.
OIG Report: The FDIC's Orderly Liquidation Authority
September 29, 2023
The Federal Deposit Insurance Corporation Office of Inspector General published a report entitled, "The FDIC's Orderly Liquidation Authority."
Securities and Exchange Commission
Investor Bulletin: Investor Resilience, Crypto Assets, and Sustainable Finance: World Investor Week 2023
September 29, 2023
The Securities and Exchange Commission Office of Investor Education and Advocacy, the Financial Industry Regulatory Authority, the Commodity Futures Trading Commission, the National Futures Association, the Securities Investor Protection Corporation, and the North American Securities Administrators Association issued an Investor Bulletin to provide investors with information about the three themes of World Investor Week 2023, a global campaign promoted by the International Organization of Securities Commissions (IOSCO) to raise awareness about the importance of investor education and protection.
Announcement Regarding Pending Registration Statements and Offering Statements
September 29, 2023
The Securities and Exchange Commission Divisions of Corporation Finance and Investment Management issued a joint announcement regarding acceleration of effective dates for pending registration statements and offering statements.
U.S. Department of Education
Department of Education Moves Forward with Student Debt Relief Negotiated Rulemaking
September 29, 2023
The U.S. Department of Education released an issue paper laying out its initial set of policy considerations to create a path to debt relief for student loan borrowers.
International
European Banking Authority
The EBA responds to the European Commission's Call for Advice on significance criteria and supervisory fees under the Markets in Crypto-Assets Regulation
September 29, 2023
The European Banking Authority published its response to the European Commission's Call for Advice on two EC delegated acts under the Markets in Crypto-assets Regulation relating to the criteria for determining the significance of asset-referenced tokens and electronic money tokens and to the supervisory fees that may be charged by the EBA to issuers of significant ARTs and significant EMTs.
ESAs specify criticality criteria and oversight fees for critical ICT third-party providers under DORA in response to the European Commission's call for advice
September 29, 2023
The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published their joint response to the European Commission's Call for Advice on two EC delegated acts under the Digital Operational Resilience Act (DORA) specifying further criteria for critical ICT third-party service providers (CTPPs) and determining oversight fees levied on such providers.
Bank of England
Statistics: Banking sector regulatory capital - 2023 Q2
September 29, 2023
The Bank of England released the banking sector regulatory capital statistics for Q2 2023.
Statistics: Money and Credit – August 2023
September 29, 2023
The Bank of England released the Money and Credit statistical analysis and effective interest rates for August 2023.
Bank of England Prudential Regulation Authority
PRA statement on the evaluation of the Written Auditor reporting policy
September 29, 2023
The Prudential Regulation Authority issued a statement setting out the work and conclusions evaluation of the written auditor reporting policy, to assess how it is delivering against its original objectives.
UK Financial Conduct Authority
Speech: It's time for an Enlightenment on financial inclusion
September 29, 2023
Financial Conduct Authority CEO Nikhil Rathi gave a speech at PWC Glasgow for the Scottish Financial Enterprise: Extending Financial Inclusion event entitled, "It's time for an Enlightenment on financial inclusion."
FCA reveals GFIN Greenwashing TechSprint winners
September 29, 2023
The Financial Conduct Authority hosted the first Global Financial Innovation Network (GFIN) Greenwashing TechSprint Showcase day on September 20, 2023.
FCA confirms leasehold buildings insurance reforms
September 29, 2023
The Financial Conduct Authority has confirmed new measures to support leaseholders in the multi-occupancy buildings insurance market.
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.