PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, May 11, 2023
May 11, 2023
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PH Fintech Tracker on Executive Order for Digital Assets
Major Developments
California Department of Financial Protection and Innovation
California DFPI Review of the Supervision and Closure of Silicon Valley Bank
May 10, 2023
The California Department of Financial Protection and Innovation (DFPI) released its Review of DFPI's Oversight and Regulation of Silicon Valley Bank.
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Joint Hearing: The Future of Digital Assets: Closing the Regulatory Gaps in the Digital Asset Ecosystem
May 10, 2023
The House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, alongside the House Committee on Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development, held a joint hearing entitled, "The Future of Digital Assets: Closing the Regulatory Gaps in the Digital Asset Ecosystem."
Hearing: Federal Responses to Recent Bank Failures
May 10, 2023
The House Committee on Financial Services Subcommittee on Financial Institutions and Monetary Policy held a hearing entitled, "Federal Responses to Recent Bank Failures."
Committee on Small Business
Hearing: Taking on More Risk: Examining the SBA's Changes to the 7(a) Lending Program Part I
May 10, 2023
The U.S. House Committee on Small Business held a hearing entitled, "Taking on More Risk: Examining the SBA's Changes to the 7(a) Lending Program Part I." The Committee heard testimony from the U.S. Small Business Administration Associate Administrator Patrick Kelly.
- Hearing
- Notice
- Press Release
- SBA Associate Administrator Kelly Testimony
- Committee Chair Williams Statement
- Ranking Member Velazquez Statement
Federal Agencies
Federal Reserve Bank of New York
Underlying Inflation Gauge – May 2023
May 10, 2023
The Federal Reserve Bank of New York released the May 2023 Underlying Inflation Gauge with data from April 2023.
Blog: Assessing the Outlook for Employment across Industries
May 10, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Assessing the Outlook for Employment across Industries."
Federal Reserve Bank of Boston
Paper: Personality Traits and Financial Outcomes
May 10, 2023
The Federal Reserve Bank of Boston Research Department published a working paper entitled, "Personality Traits and Financial Outcomes."
Securities and Exchange Commission
Chair Gensler's Remarks at the 2023 SEC Municipal Securities Disclosure Conference
May 10, 2023
SEC Chair Gary Gensler and Commissioner Jaime Lizarraga gave remarks at the 2023 Municipal Securities Disclosure Conference.
The Next "Century of Progress": Remarks before the International Swaps and Derivatives Association Annual Meeting
May 10, 2023
SEC Chair Gary Gensler gave remarks before the International Swaps and Derivatives Association Annual Meeting entitled, "The Next 'Century of Progress.'"
Consumer Financial Protection Bureau
CFPB Issues Guidance to Rein in Creation of Fake Accounts to Harvest Fees
May 10, 2023
The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that a bank may violate federal law if it unilaterally reopens a deposit account to process transactions after a consumer has already closed it.
FINRA
FINRA, NFA Expand MOU to Include Information Sharing, Collaboration
May 10, 2023
The Financial Industry Regulatory Authority (FINRA) and National Futures Association recently held a special summit focused on crypto assets and agreed to expand their Memorandum of Understanding to address crypto activities that fall within their respective regulatory mandates.
Federal Housing Finance Agency
FHFA Announces Rescission of Enterprise Upfront Fees Based on Debt-To-Income (DTI) Ratio
May 10, 2023
The Federal Housing Finance Agency announced that it has rescinded the upfront fees based on borrowers' DTI ratios for loans acquired by Fannie Mae and Freddie Mac.
U.S. Department of Labor
BLS Releases April 2023 Jobs Report
May 5, 2023
The U.S. Department of Labor Bureau of Labor Statistics released the Employment Situation Report for April 2023.
Bank Policy Institute
BPI Chief Economist Bill Nelson participates on AEI Panel on Underlying Causes of the Banking Crisis of 2023
May 10, 2023
Bank Policy Institute Bill Nelson participated in a panel event hosted by the American Enterprise Institute on May 9, 2023. The panel examined some of the events around the collapse of Silicon Valley Bank, Signature Bank and First Republic and how failure of both management and supervision contributed to those events.
International
Bank of England
Speech: Money: A Question of Purpose and Trust
May 10, 2023
External member of the Financial Policy Committee Carolyn A. Wilkins gave a speech at the OMFIF global annual Digital Monetary Institute symposium entitled, "Money: A Question of Purpose and Trust."
UK Financial Conduct Authority
FCA warns of impending Consumer Duty deadline
May 10, 2023
With fewer than 90 days to go until the start of the Consumer Duty the Financial Conduct Authority has urged firms to ensure they are ready for the 31 July deadline.
- Press Release
- Executive Director Mills Speech
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 Reserve Bank of Boston announces 2023 Board of Directors (January 10, 2023)
- Federal Reserve Bank of Boston announces new external advisory council members (April 10, 2023)
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)
- SEC appoints Deborah J. Jeffrey as Inspector General (April 17, 2023)
- Eric R. Werner named Director of Fort Worth Regional Office (April 25, 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)
- Commissioner Goldsmith Romero announces Yevgeny Shrago as Senior Counsel and Policy Advisor (April 14, 2023)
- CFTC Appoints Jeffrey Sutton as Executive Director (April 18, 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.