PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, November 9, 2023
November 09, 2023
FedACTion Task Force
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Congress
U.S. Senate
U.S. House of Representatives
Committee on Small Business
Hearing: Burdensome Regulations: Examining the Effects of Department of Energy Regulations on America's Job Creators
November 8, 2023
The U.S. House Committee on Small Business held a hearing entitled, "Burdensome Regulations: Examining the Effects of Department of Energy Regulations on America's Job Creators."
Federal Agencies
Federal Reserve Board
Chair Powell's Opening Remarks at "A Look at the Past, Present and Future" Conference
November 8, 2023
Federal Reserve Board Chair Jerome H. Powell gave opening remarks at "A Look at the Past, Present, and Future," a conference celebrating the Centennial of the Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C.
Vice Chair Jefferson's Closing Remarks at "A Look at the Past, Present and Future" Conference"
November 8, 2023
Federal Reserve Board Vice Chair Philip N. Jefferson gave closing remarks entitled, "Research and Statistics Centennial Anniversary: Past, Present and Future," at "A Look at the Past, Present, and Future," a conference celebrating the Centennial of the Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C.
Speech: Financial Stability: Resilience, Challenges, and Global Connections
November 8, 2023
Federal Reserve Board Governor Lisa D. Cook gave a speech entitled, "Financial Stability: Resilience, Challenges, and Global Connections," at the Central Bank of Ireland in Dublin, Ireland.
Federal Reserve Bank of New York
Report: Congestion in Onboarding Workers and Sticky R&D
November 8, 2023
The Federal Reserve Bank of New York published a staff report entitled, "Congestion in Onboarding Workers and Sticky R&D."
Remarks: The Dual Transformation of Research and Statistics and Monetary Policy
November 8, 2023
Federal Reserve Bank of New York President and CEO John C. Williams gave remarks entitled, "The Dual Transformation of R&S and Monetary Policy," at Research and Statistics at 100: A Look at the Past, Present, and Future, Board of Governors of the Federal Reserve System, Washington, DC.
Liberty Street Economics: Blog Series on the Economic and Financial Impacts of Extreme Weather Events in the Fed's Second District
November 8, 2023
The Federal Reserve Bank of New York announced an upcoming Liberty Street Economics blog series on the economic and financial impacts of extreme weather events in the Fed's Second District.
Blog: Comparing Physical Risk: The Fed's Second District versus the Nation
November 8, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Comparing Physical Risk: The Fed's Second District versus the Nation."
Federal Housing Finance Agency
FHFA Releases Annual Report on 2022 Federal Home Loan Bank Targeted Mission Activities
November 8, 2023
The Federal Housing Finance Agency released its Report on 2022 Federal Home Loan Bank Targeted Mission Activities.
Bank Policy Institute
Blog: The Basel Proposal: What It Means for Retail Lending
November 8, 2023
The Bank Policy Institute published a blog post entitled, "The Basel Proposal: What It Means for Retail Lending."
International
European Commission welcomes final agreement on EU Digital Identity Wallet
November 8, 2023
The European Commission welcomed the final agreement reached by the European Parliament and the Council of the EU at the final trilogue on the Regulation introducing European Digital Identity Wallets.
- Questions and Answers
- Provisional Political Agreement
- Proposed Regulation
- Recommendation
- Press Release
European Banking Authority
The EBA consults on draft regulatory technical standards on liquidity requirements and on draft Guidelines on liquidity stress testing of relevant issuers of tokens, under Markets in Crypto-Assets Regulation
November 8, 2023
The European Banking Authority (EBA) launched three consultations on draft Regulatory Technical Standards to specify the liquidity requirements of the reserve of assets, the highly liquid financial instruments in the reserve of assets and the minimum content of the liquidity management policy and procedures of relevant issuers of tokens. Furthermore, the EBA consulted on draft Guidelines to establish the common reference parameters of the stress test scenarios to be included in their liquidity stress testing.
- Liquidity Requirements Consultation Paper
- Highly Liquid Financial Instruments Consultation Paper
- Minimum Contents Consultation Paper
- Guidelines Consultation Paper
- Press Release
The EBA consults on draft technical standards on own funds requirements and stress testing of issuers under MiCAR
November 8, 2023
The EBA launched two consultations on draft Regulatory Technical Standards on own funds requirements and stress testing of issuers under the Markets in Crypto-Assets Regulation (MiCAR) which form part of the prudential package of MiCAR products. The first RTS specify the adjustment of own funds requirements and stress testing of issuers of asset-referenced tokens and e-money tokens. The second RTS specify the procedure and timeframe to adjust its own funds requirements for issuers of significant asset-referenced tokens or of e-money tokens.
- Adjustment of Own Funds Requirements Consultation Paper
- Procedure and Timeframe Consultation Paper
- Press Release
The EBA consults on draft Guidelines on recovery plans for issuers of asset-referenced tokens and e-money tokens under MiCAR
November 8, 2023
The EBA launched a consultation on draft Guidelines on recovery plans to be drafted by issuers of asset-referenced tokens (ARTs) and e-money tokens.
The EBA consults on the reporting of transactions with asset-referenced tokens and e-money tokens denominated in a non-EU currency under MiCAR
November 8, 2023
The EBA launched a consultation under the MiCAR on draft Regulatory Technical Standards (RTS) specifying the methodology to be applied by issuers of asset-referenced tokens and of e-money tokens denominated in a non-EU currency for reporting transactions associated to uses of these tokens "as a means of exchange." In addition, the EBA also consulted on draft Implementing Technical Standards (ITS) specifying the related reporting requirements under MiCAR.
The EBA consults on draft technical standards on supervisory colleges under MiCAR
November 8, 2023
The EBA launched a consultation on draft Regulatory Technical Standards specifying the criteria for determining the composition of supervisory colleges for each issuer of a significant asset referenced token or of a significant e-money token.
Bank of England
Report: 2023 CCP Supervisory Stress Test
November 8, 2023
The Bank of England published the results of the 2023 Supervisory Stress Test of Central Counterparties.
Consultation Paper: Bank of England Levy Framework Document
November 8, 2023
The Bank of England published a consultation paper entitled, "Bank of England Levy Framework Document."
Speech: Openness beats fragmentation
November 8, 2023
Bank of England Governor Andrew Bailey gave a speech entitled, "Openness beats fragmentation," at the Central Bank of Ireland's 2nd Financial Services Conference in Dublin, Ireland.
UK Financial Conduct Authority
Dear CEO letter: FCA expectations for wealth management & stockbroking firms
November 8, 2023
The Financial Conduct Authority (FCA) sent a letter to Chief Executive Officers entitled, "FCA expectations for wealth management & stockbroking firms."
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.