PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, April 6, 2023
April 06, 2023
FedACTion Task Force
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PH Fintech Tracker on Executive Order for Digital Assets
Federal Agencies
U.S. Department of the Treasury
Treasury Sanctions Marketplace Genesis Market
April 5, 2023
The U.S. Department of the Treasury's Office of Foreign Assets Control took action to designate Genesis Market, for its part in the theft and sale of device credentials and related sensitive information.
Federal Deposit Insurance Corporation
FDIC Consumer Compliance Supervisory Highlights
April 5, 2023
The FDIC issued the March 2023 edition of the Consumer Compliance Supervisory Highlights.
FDIC Announces Retention of Financial Advisor to Assist with the Liquidation of Securities of the Former Signature Bank, New York, NY, and Silicon Valley Bank, Santa Clara, CA
April 5, 2023
The Federal Deposit Insurance Corporation (FDIC) as receiver of the former Signature Bank, New York, NY, and Silicon Valley Bank, Santa Clara, CA, will undertake a marketing process to sell the securities portfolios retained from the two receiverships.
Press Release
Commodity Futures Trading Commission
Commisioners' Statements before the Agricultural Advisory Committee
April 5, 2023
Commodity Futures Trading Commission (CFTC) Commissioners Christy Goldsmith Romero, Summer K. Mersinger, and Caroline D. Pham gave opening statements before the Agricultural Advisory Committee.
- Commissioner Goldsmith Romero Statement
- Commissioner Mersinger Statement
- Commissioner Pham Statement
FINRA
Investor Insights: Storing Crypto Assets
April 5, 2023
The Financial Industry Regulatory Authority (FINRA) issued an Investor Insights article entitled, "Storing Crypto Assets."
National Credit Union Administration
NCUA Opening 2023 CDRLF Grant Round May 1
April 5, 2023
The National Credit Union Administration (NCUA) announced credit unions eligible for Community Development Revolving Loan Fund grants in 2023 can apply between May 1 and June 30.
Federal Housing Finance Agency
FHFA Announces Updated Equitable Housing Finance Plans for Fannie Mae and Freddie Mac
April 5, 2023
The Federal Housing Finance Agency (FHFA) announced updates to Fannie Mae and Freddie Mac's Equitable Housing Finance Plans for 2023.
International
European Commission
Multi-agency Donor Coordination Platform ramps up efforts to help Ukraine address priority recovery needs in 2023
April 5, 2023
The Government of Ukraine, the G7 Members of the Steering Committee and representatives from international financial institutions discussed, during the second meeting of the Multi-agency Donor Coordination Platform's Steering Committee for Ukraine, how to best coordinate economic support for Ukraine's immediate financing needs and future economic recovery and reconstruction efforts.
European Banking Authority
EBA launches call for papers for its 2023 Policy Research Workshop
April 5, 2023
The European Banking Authority launched a call for papers in view of its 12th Policy Research Workshop taking place on 7-8 November 2023 and titled "Interest rate and Liquidity Risk Management, Regulation and the Macro-economic environment".
Bank of England
Minutes of the SONIA Stakeholder Advisory Group
April 5, 2023
The Bank of England released the minutes of the SONIA Stakeholder Advisory Group meeting held March 15, 2022.
UK Financial Conduct Authority
FCA sets clear plan for next 12 months
April 5, 2023
The Financial Conduct Authority (FCA) released its Business Plan 2023/24.
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 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)
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)
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.