PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, October 19, 2023
October 19, 2023
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Major Developments
Federal Deposit Insurance Corporation
OIG Report: FDIC Strategies Related to Crypto-Asset Risks
October 18, 2023
The Federal Deposit Insurance Corporation Office of Inspector General published a report entitled, "FDIC Strategies Related to Crypto-Asset Risks" with the FDIC staff noting guidance forthcoming by January 30, 2024.
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Senators Call on Administration to Address Crypto-Financed Terrorism After Reports of Hamas Raising Millions in Crypto to Fund Operations
October 18, 2023
U.S. Senate Committee on Banking, Housing, and Urban Affairs Chair Sherrod Brown (D-OH), along with Senator Elizabeth Warren (D-MA) and a bipartisan group of more than 100 lawmakers in the House and Senate, sent a letter to National Security Advisor Jake Sullivan and Brian Nelson, Under Secretary for Terrorism and Financial Intelligence at the Department of the Treasury asking they provide information about how they plan to prevent crypto-financed terrorism.
U.S. House of Representatives
Committee on Financial Services
HEARING NOTICE: Subcommittees on Capital Markets, Financial Institutions & Monetary Policy, and Housing & Insurance
October 17, 2023
The U.S. House Financial Services Committee announced the following hearings:
Capital Markets Subcommittee Hearing Entitled: "Examining the SEC's Agenda: Unintended Consequences for U.S. Capital Markets and Investors"
Time: 10:00 AM ET
Date: Tuesday, October 24, 2023
Place: 2128 Rayburn House Office Building
Financial Institutions & Monetary Policy Subcommittee Hearing Entitled: "The Tangled Web of Global Governance: How the Biden Administration is Ceding Authority Over American Financial Regulation"
Time: 10:00 AM ET
Date: Tuesday, October 24, 2023
Place: 2220 Rayburn House Office Building
Housing & Insurance Subcommittee Hearing Entitled: "The Factors Influencing the High Cost of Insurance for Consumers"
Time: 2:00 PM ET
Date: Tuesday, October 24, 2023
Place: 2128 Rayburn House Office Building
Federal Agencies
U.S. Department of the Treasury
Treasury International Capital Data for August
October 18, 2023
The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for August 2023.
Remarks by Under Secretary for International Affairs Jay Shambaugh on New Technologies and Cross-border Payments
October 18, 2023
U.S. Department of the Treasury Under Secretary for International Affairs Jay Shambaugh gave remarks on new technologies and cross-border payments at an event organized by Harvard Law School and the Program on International Financial Systems.
Treasury Sanctions Hamas Operatives and Financial Facilitators
October 18, 2023
The U.S. Department of the Treasury Office of Foreign Assets Control imposed sanctions on ten key Hamas terrorist group members, operatives, and financial facilitators in Gaza and elsewhere including Sudan, Türkiye, Algeria, and Qatar.
Federal Reserve Board
Survey of Consumer Finances – 2022
October 18, 2023
The Federal Reserve Board published the 2022 Survey of Consumer Finances.
Beige Book – October 2023
October 18, 2023
The Federal Reserve Board published the Beige Book for October 2023.
Speech: Something's Got to Give
October 18, 2023
Federal Reserve Board Governor Christopher J. Waller gave a speech entitled, "Something's Got to Give," at the Distinguished Speaker Seminar hosted by the European Economics and Financial Center in London, UK.
Remarks at Fed Listens Event on Transitioning to the Post-Pandemic Economy
October 18, 2023
Federal Reserve Board Governor Michelle W. Bowman gave brief remarks at a Fed Listens event on Transitioning to the Post-Pandemic Economy, hosted by the Federal Reserve Bank of Richmond in Richmond, Virginia.
Federal Reserve Bank of New York
Blog: Borrower Expectations for the Return of Student Loan Repayment
October 18, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Borrower Expectations for the Return of Student Loan Repayment."
Blog: An Update on the Health of the U.S. Consumer
October 18, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "An Update on the Health of the U.S. Consumer."
Securities and Exchange Commission
SEC Proposes Rule to Address Volume-Based Exchange Transaction Pricing for NMS Stocks
October 18, 2023
The Securities and Exchange Commission proposed a new rule that would prohibit national securities exchanges from offering volume-based transaction pricing in connection with the execution of agency or riskless principal orders in NMS stocks.
- Proposed Rule
- Fact Sheet
- Press Release
- Chair Gensler Statement
- Commissioner Peirce Statement
- Commissioner Lizárraga Statement
- Commissioner Uyeda Statement
Commodity Futures Trading Commission
CFTC Staff Issues No-Action Letter Regarding Certain Block and Cap Amendments
October 18, 2023
The Commodity Futures Trading Commission's Division of Market Oversight issued a letter extending the no-action position taken in CFTC Letter No. 22-03 regarding the compliance dates for certain amendments, adopted in November 2020, to the CFTC's swap data reporting rules concerning block trades and post-initial cap sizes.
Keynote of Commissioner Christy Goldsmith Romero on The Power of Representation and Financial Inclusion in the American Dream
October 18, 2023
Commodity Futures Trading CommissionCommissioner Christy Goldsmith Romero gave keynote remarks on the power of representation and financial inclusion in the American dream at the Association of Asian American Investment Managers Annual Conference.
CFTC Releases Enforcement Advisory on Penalties, Monitors and Admissions
October 17, 2023
The Commodity Futures Trading Commission's Division of Enforcement today issued an advisory designed to give enforcement staff guidance on future enforcement resolution recommendations to the Commission.
Remarks: The Right Touch: Updated Guidance on Penalties, Monitors, and Admissions
October 18, 2023
Commodity Futures Trading Commission Director of Enforcement Ian McGinley gave remarks entitled, "The Right Touch: Updated Guidance on Penalties, Monitors, and Admissions" at the New York University School of Law Program on Corporate Compliance and Enforcement.
FINRA
Investor Insights: Pretexting: Fact or Fiction?
FINRA issued an Investor Insights alert entitled, "Pretexting: Fact or Fiction?"
U.S. Small Business Administration
SBA Administrator Guzman and Business Leaders Reaffirm Support for 8(a) Program
October 18, 2023
U.S. Small Business Administration Administrator Isabel Guzman and business leaders across the country voiced support for the SBA's 8(a) Business Development Program.
International
Bank of England
Prudential Regulation Authority
Panel appointments: Statement by the PRA and the Bank of England
October 18, 2023
The Bank of England and Prudential Regulation Authority issued a statement of policy setting out the PRA's approach to appointing members to its statutory panels.
Bank of England
Speech: Cyber risks and operational resilience: getting prepared
October 18, 2023
External Financial Policy Committee Member Elisabeth Stheeman gave a speech entitled, "Cyber risks and operational resilience: getting prepared," at the London School of Economics.
UK Financial Conduct Authority
The Joint Regulatory Oversight Committee welcomes OBL's submission of two data collection frameworks
October 18, 2023
The Joint Regulatory Oversight Committee (including HM Treasury, the Financial Conduct Authority, Payment Systems Regulator, and the Competition and Markets Authority) announced Open Banking Limited has published two data collection frameworks on the themes of "Leveling up availability and performance" and "Mitigating the risks of financial crime."
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.