PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, March 28, 2023
March 28, 2023
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Major Developments
Federal Deposit Insurance Corporation
First–Citizens Bank & Trust Company, Raleigh, NC, to Assume All Deposits and Loans of Silicon Valley Bridge Bank, N.A., From the FDIC
March 27, 2023
The Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement for all deposits and loans of Silicon Valley Bridge Bank, National Association, by First–Citizens Bank & Trust Company, Raleigh, North Carolina.
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Recent Bank Failures and the Federal Regulatory Response
March 27, 2023
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Recent Bank Failures and the Federal Regulatory Response." The Committee heard testimony from FDIC Chair Martin Gruenberg, Board of Governors of the Federal Reserve System (Federal Reserve) Vice Chair for Supervision Michael Barr, and Undersecretary for Domestic Finance Nellie Liang.
Federal Agencies
U.S. Department of the Treasury
Joint 10-Year Plans for the U.S. Strategy to Prevent Conflict and Promote Stability
March 27, 2023
The U.S. Department of State, the U.S. Department of the Treasury, the U.S. Department of Defense, and the U.S. Agency for International Development released joint 10-year plans for the U.S. Strategy to Prevent Conflict and Promote Stability.
Federal Reserve Bank of Boston
New study: Inheritances contribute only modestly to the wealth gap between white and black families
March 27, 2023
The Federal Reserve Bank of Boston published a new study entitled, "The Limited Role of Intergenerational Transfers for Understanding Racial Wealth Disparities."
Federal Deposit Insurance Corporation
Consolidated Reports of Condition and Income for First Quarter 2023
March 27, 2023
The FDIC released the Consolidated Reports of Condition and Income for the first quarter 2023.
Securities and Exchange Commission
Risk Alert: Observations from Examinations of Newly-Registered Advisers
March 27, 2023
The Securities and Exchange Commission (SEC) Division of Examinations issued a risk alert entitled, "Observations from Examinations of Newly-Registered Advisers."
U.S. Department of Housing and Urban Development/Federal Housing Administration
HUD Makes Available an Additional $3.4 Million in American Rescue Plan Funds
March 27, 2023
The U.S. Department of Housing and Urban Development (HUD) announced that it is making an additional $3,385,353 in American Rescue Plan (ARP) funding available to help HUD's Fair Housing Initiatives Program (FHIP) agencies combat housing discrimination related to the COVID-19 pandemic.
Fannie Mae
Fannie Mae Releases February 2023 Monthly Summary
March 27, 2023
Fannie Mae released the Monthly Summary for February 2023.
International
European Commission
Consumer Scoreboard: new data shows strong impact of the energy crisis on consumption habits
March 27, 2023
The European Commission has published the results of the 2023 Consumer Conditions Scoreboard, a survey on consumption habits in the EU Member States, as well as in Iceland and Norway.
Commission publishes the Regional Competitiveness Index
March 27, 2023
The European Commission has published the Regional Competitiveness Index, a fully revised version of a now long-established tool that measures different competitiveness dimensions for all EU regions.
Bank of England
Speech: Supply matters
March 27, 2023
Bank of England Governor Andrew Bailey gave a speech entitled, "Supply matters."
Speech: It's not the plane, it's the pilot
March 27, 2023
Bank of England Director of Insurance Supervision Shoib Khan gave a speech entitled, "It's not the plane, it's the pilot."
Minutes of the CBDC Engagement Forum - March 2023
March 27, 2023
The Bank of England released the minutes of the CBDC Engagement Forum held March 2, 2023.
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 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 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 (January 10, 2023)
- Federal Reserve Bank of New York 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 Trading Commission – Rostin Behnam (effective December 17, 2021)
- Commissioner Pham announces members of the Commodity Futures Trading Commission's (CFTC) 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)
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.