PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, November 21, 2023
November 21, 2023
FedACTion Task Force
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California Department of Financial Protection and Innovation
DFPI Releases First Invitation for Comment for the Digital Financial Assets Law
November 20, 2023
The Department of Financial Protection and Innovation announced it is seeking public comment prior to engaging in formal rulemaking for the new Digital Financial Assets Law, which was signed into law by Governor Gavin Newsom on Oct. 13, 2023. The Commissioner invites interested parties to submit comments by Jan. 12, 2024.
Federal Agencies
Federal Reserve Board
Paper: Retail Central Bank Digital Currencies: Implications for Banking and Financial Stability
November 20, 2023
The Federal Reserve Board published a working paper entitled, "Retail Central Bank Digital Currencies: Implications for Banking and Financial Stability."
Paper: Trade Uncertainty and U.S. Bank Lending
November 20, 2023
The Federal Reserve Board published a working paper entitled, "Trade Uncertainty and U.S. Bank Lending."
Federal Reserve Bank of New York
Consumers Expect Further Decline in Credit Applications and Rise in Rejection Rates
November 20, 2023
The Federal Reserve Bank of New York's Center for Microeconomic Data released results from the October 2023 Survey of Consumer Expectations (SCE) Credit Access Survey, which provides information on consumers' experiences with, and expectations about, credit demand and credit access.
Report: Banks versus Hurricanes: A Case Study of Puerto Rico after Hurricanes Irma and Maria
November 20, 2023
The Federal Reserve Bank of New York published a staff report entitled, "Banks versus Hurricanes: A Case Study of Puerto Rico after Hurricanes Irma and Maria," and an accompanying Liberty Street Economics blog post.
Securities and Exchange Commission
SEC Updates Securities Act Rules Compliance and Disclosure Interpretations Guidance
November 20, 2023
The Securities and Exchange Commission Division of Corporation Finance has updated its Compliance and Disclosure Interpretations Q&A guidance for the Securities Act Rules. The updated guidance includes Section 239 Rule 436 – Date of Filing, Question 239.02; and Section 240 Rule 457 – Computation of Fee, Question 240.17.
SEC Updates Regulation S-K Compliance and Disclosure Interpretations Guidance
November 20, 2023
The Securities and Exchange Commission Division of Corporation Finance has updated its Compliance and Disclosure Interpretations Q&A guidance for Regulation S-K, Section 146 Item 601 – Exhibits, Question 146.18.
SEC Updates Interactive Data Compliance and Disclosure Interpretations Guidance
November 20, 2023
The Securities and Exchange Commission Division of Corporation Finance has updated its Compliance and Disclosure Interpretations Q&A guidance for interactive data. The updated guidance includes: Inline XBRL, Question 101.10; and Regulation S-K, Question 146.18.
Bank Policy Institute
Blog: Statistics on Collateral Pledged to the Discount Window
November 20, 2023
The Bank Policy Institute published a blog post entitled, "Statistics on Collateral Pledged to the Discount Window."
State Agencies
International
European Commission
Commission adjusts phase-out of certain crisis tools of the State aid Temporary Crisis and Transition Framework
November 20, 2023
The European Commission has adopted an amendment to the State aid Temporary Crisis and Transition Framework to prolong by six months a limited number of sections of the Framework aimed at providing a crisis response following Russia's aggression against Ukraine and the unprecedented increase in energy prices.
Bank of England
Quarterly Bulletin: Financial stability buy/sell tools: a gilt market case study
November 20, 2023
The Bank of England published the Quarterly Bulletin entitled, "Financial stability buy/sell tools: a gilt market case study."
Speech: A measure of wheat for a penny: food price inflation in historical perspective
November 20, 2023
Bank of England Governor Andrew Bailey gave a speech entitled, "A measure of wheat for a penny: food price inflation in historical perspective," at the Henry Plumb Memorial Lecture.
Bank of England Prudential Regulation Authority
Other systemically important institutions (O-SII) buffer rates for ring-fenced banks and large building societies
November 20, 2023
The Prudential Regulation Authority has set the 2023 O-SII buffer rates for ring-fenced banks and large building societies.
2023 list of UK firms designated as other systemically important institutions (O-SIIs)
November 20, 2023
The Prudential Regulation Authority published the list of UK firms designated as other systemically important institutions.
UK Financial Conduct Authority
Speech: Building firm foundations for healthy cultures
November 20, 2023
Financial Conduct Authority Executive Director of Risk and Compliance Oversight Sheree Howard gave a speech entitled, "Building firm foundations for healthy cultures," at XLOD Global London.
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.