PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, February 16, 2023
February 16, 2023
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Major Developments
SEC Proposes Enhanced Safeguarding Rule for Registered Investment Advisers
February 15, 2023
The Securities and Exchange Commission (SEC) today proposed rule changes to enhance protections of customer assets managed by registered investment advisers. If adopted, the changes would amend and redesignate rule 206(4)-2, the SEC's custody rule, under the Investment Advisers Act of 1940 and amend certain related recordkeeping and reporting obligations.
- Proposed Rule
- Fact Sheet
- Press Release
- Chair Gensler Statement
- Commissioner Crenshaw Statement
- Commissioner Lizarraga Statement
- Commissioner Peirce Statement
- Commissioner Uyeda Statement
Federal Agencies
U.S. Department of the Treasury
Remarks by Assistant Secretary for Financial Institutions Graham Steele Before the Exchequer Club of Washington, D.C. addressing Fintech, Digital Assets and Cyber Issues
February 15, 2023
Secretary for Financial Institutions Graham Steele gave remarks before the Exchequer Club of Washington, D.C.
New Treasury Data Shows Emergency Rental Assistance Program Made Nearly 10 Million Payments to Families at Risk of Eviction
February 15, 2023
The U.S. Department of the Treasury today released Emergency Rental Assistance (ERA) data through September 30, 2022, which demonstrates continued assistance to renters across the country and investments in long-term eviction prevention and housing infrastructure.
Federal Reserve Board
Speech: Welcoming Remarks at Midwest Cyber Workshop
February 15, 2023
Federal Reserve Board Governor Michelle W. Bowman gave the welcoming remarks at the Midwest Cyber Workshop organized by the Federal Reserve Bank of Chicago, Kansas City, and St. Louis.
Federal Reserve Bank of New York
Empire State Manufacturing Survey – February 2023
February 15, 2023
The Federal Reserve Bank of New York released the February 2023 Empire State Manufacturing Survey.
Blog: What Is "Outlook-at-Risk?"
February 15, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "What Is "Outlook-at-Risk?"
Conference of State Bank Supervisors
Blog: State Bank Regulators Need Access to Beneficial Ownership Information
February 15, 2023
The Conference of State Bank Supervisors published a blog post entitled, "State Bank Regulators Need Access to Beneficial Ownership Information."
Securities and Exchange Commission
SEC Finalizes Rules to Reduce Risks in Clearance and Settlement
February 15, 2023
The Securities and Exchange Commission today adopted rule changes to shorten the standard settlement cycle for most broker-dealer transactions in securities from two business days after the trade date (T+2) to one (T+1). The final rule is designed to benefit investors and reduce the credit, market, and liquidity risks in securities transactions faced by market participants.
- Final Rule
- Fact Sheet
- Press Release
- Chair Gensler Statement
- Commissioner Crenshaw Statement
- Commissioner Lizarraga Statement
- Commissioner Peirce Statement
- Commissioner Uyeda Statement
Ginnie Mae
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Ginnie Mae Modifies Reverse Mortgage Securitization Program |
February 15, 2023
Ginnie Mae announced an All-Participants Memorandum (APM), 23-04, which reduces the required minimum size for all Home Equity Conversion Mortgage-Backed Securities (HMBS) pool types from $1,000,000 to $250,000.
International
European Commission
Statement by President von der Leyen on the 10th package of sanctions against Russia
February 15, 2023
European Commission President von der Leyen gave a statement on the 10th package of sanctions against Russia.
UK Financial Conduct Authority
Co-Chairs of the Joint Regulatory Oversight Committee welcome the Strategic Working Group report
February 15, 2023
The UK Financial Conduct Authority, as co-chair of the Joint Regulatory Oversight Committee, a cross-authority taskforce, welcomes the Strategic Working Group (SWG) report published today.
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 Board 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 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)
- New York Fed Names Roberto Perli SOMA Manager (February 2, 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 Trade 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)
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.