left-caret

PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, February 7, 2023

February 07, 2023

FedACTion Task Force

Subscribe to PH FedACTion: Financial Regulatory Updates

PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

Federal Reserve Bank of New York

Report: International Capital Flow Pressures and Global Factors

February 6, 2023

The Federal Reserve Bank of New York published a staff report entitled, "International Capital Flow Pressures and Global Factors."

Blog: Understanding the "Inconvenience" of U.S. Treasury Bonds

February 6, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Understanding the "Inconvenience" of U.S. Treasury Bonds."

FINRA

Investor Insight: Prepping for Proxy Season: A Primer on Proxy Statements and Shareholders' Meetings

February 6, 2023

FINRA released an Investor Insight article entitled, "Prepping for Proxy Season: A Primer on Proxy Statements and Shareholders' Meetings."

Investor Insight: Get On Board: Understanding The Role of Corporate Directors

February 6, 2023

FINRA released an Investor Insight article entitled, "Get On Board: Understanding The Role of Corporate Directors."

National Credit Union Administration

Letter: Expansion of Permissible CUSO Activities and Associated Risks

February 6, 2023

The National Credit Union Administration sent a letter to federally insured credit unions on an expansion of permissible Credit Union Service Organization activities and associated risks with new activities.

Freddie Mac

Freddie Mac Multifamily White Paper Surveys Statewide Tenant Protections

February 6, 2023

Freddie Mac Multifamily released a first-of-its-kind comparative analysis of tenant protections provided by state landlord tenant acts.

International

European Commission

Commission seeks feedback on the implementation of the Foreign Subsidies Regulation

February 6, 2023

The Commission invites stakeholders to give feedback on the implementation of the Foreign Subsidies Regulation.

European Banking Authority

The European Supervisory Authorities meet stakeholders from across the financial sector amid preparations for the Digital Operational Resilience Act

February 6, 2023

The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) held a joint public event in the format of a technical discussion about the Digital Operational Resilience Act (DORA) on 6 February 2023.

Bank of England

Speech: Turning Points and Monetary Policy Strategy

February 6, 2023

Bank of England Monetary Policy Committee member Catherine L. Mann gave a speech entitled, "Turning Points and Monetary Policy Strategy."

UK Financial Conduct Authority

Statement: Cryptoasset firms marketing to UK consumers must get ready for financial promotions regime

February 6, 2023

The UK Financial Conduct Authority released a statement that all cryptoasset firms marketing to UK consumers, including firms based overseas, will soon need to comply with the new UK financial promotions regime.

Blog: How we can help consumers cope during the cost of living squeeze

February 6, 2023

The UK Financial Conduct Authority published a blog post entitled, "How we can help consumers cope during the cost of living squeeze."

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)

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)

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 Trade 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)

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.