PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, November 7, 2023
November 07, 2023
FedACTion Task Force
Subscribe to PH FedACTion: Financial Regulatory Updates
Major Developments
Bank of England
Bank of England Prudential Regulation Authority
UK Financial Conduct Authority
FCA and Bank of England publish proposals for regulating stablecoins
November 6, 2023
The Bank of England, Prudential Regulation Authority, and UK Financial Conduct Authority published their proposed approach to innovation in payments, money and money-like instruments. The proposals are set out in a cross-authority roadmap paper, Bank of England discussion paper, FCA discussion paper, and PRA letter to bank CEOs.
- Cross-Authority Roadmap Paper
- BoE Discussion Paper
- FCA Discussion Paper
- PRA Letter
- Stablecoins Explainer
- Press Release
Federal Agencies
U.S. Department of the Treasury
Federal Reserve Board
Federal Reserve Bank of New York
U.S. Securities and Exchange Commission
U.S. Commodity Futures Trading Commission
Inter-Agency Working Group Releases New Report on Treasury Market Resilience Efforts
November 6, 2023
The Inter-Agency Working Group on Treasury Market Surveillance—which is composed of staff from the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the U.S. Securities and Exchange Commission, and the U.S. Commodity Futures Trading Commission—issued a staff progress report to provide an additional update on a wide range of significant steps its members have taken to enhance the resilience of the U.S. Treasury market.
U.S. Department of the Treasury
Secretary Yellen Hosts Americas Partnership for Economic Prosperity Leaders
November 3, 2023
Treasury Secretary Yellen hosted a discussion with Inter-American Development Bank (IDB) President Goldfajn, Barbados Prime Minister Mia Mottley, Costa Rican President Rodrigo Chaves, Dominican Republic President Luis Abinader, Ecuadorean President Guillermo Lasso, Peruvian President Dina Boluarte, and Uruguayan President Lacalle Pou.
Federal Reserve Board
Senior Loan Officer Opinion Survey on Bank Lending Practices – October 2023
November 6, 2023
The Federal Reserve Board released the results of the October 2023 Senior Loan Officer Opinion Survey on Bank Lending Practices.
Paper: Hawkish or Dovish Fed? Estimating a Time-Varying Reaction Function of the Federal Open Market Committee's Median Participant
November 6, 2023
The Federal Reserve Board published a working paper entitled: "Hawkish or Dovish Fed? Estimating a Time-Varying Reaction Function of the Federal Open Market Committee's Median Participant."
Speech: Financial Stability: Resilience and Challenges
November 6, 2023
Federal Reserve Board Governor Lisa D. Cook gave a speech entitled, "Financial Stability: Resilience and Challenges."
Federal Reserve Bank of New York
Blog: Banking System Vulnerability: 2023 Update
November 6, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Banking System Vulnerability: 2023 Update."
Federal Deposit Insurance Corporation
FDIC Consumer News – November 2023
November 6, 2023
The Federal Deposit Insurance Corporation published the November 2023 edition of FDIC Consumer News entitled, "Shopping for a Certificate of Deposit?"
Securities and Exchange Commission
Remarks to the 2023 Conference on SEC Regulation Outside the United States: Fifth Annual Scott Friestad Memorial Lecture
November 6, 2023
Securities and Exchange Commission Commissioner Mark T. Uyeda delivered the Fifth Annual Scott Friestad Memorial Lecture at the 2023 SEC Regulation Outside the United States conference in London, UK.
Financial Crimes Enforcement Network
FinCEN and the Bureau of Industry and Security Issue Joint Notice and New Key Term for Reporting Evasion of U.S. Export Controls Globally
November 6, 2023
The Department of Commerce's Bureau of Industry and Security and the U.S. Department of the Treasury's Financial Crimes Enforcement Network issued a joint notice highlighting a new Suspicious Activity Report key term for financial institutions to reference when reporting potential efforts by individuals or entities seeking to evade U.S. export controls not related to Russia's invasion of Ukraine.
FINRA
Investor Insights: Supplemental FAQ: MMTLP Corporate Action and Trading Halt
November 6, 2023
FINRA issued an Investor Insights alert entitled, "Supplemental FAQ: MMTLP Corporate Action and Trading Halt."
International
European Commission
Commission consults Member States on a proposal for a partial adjustment of the phase-out schedule of the State aid Temporary Crisis and Transition Framework in view of the upcoming winter heating period
November 6, 2023
The European Commission has sent to Member States for consultation a draft proposal to partially adjust the phase-out schedule of the provisions of the State aid Temporary Crisis and Transition Framework aimed at providing a crisis response following Russia's aggression against Ukraine and the unprecedented increase in energy prices.
Bank of England
Bank of England Executive Director and Financial Policy Committee appointment
November 6, 2023
The Court of the Bank of England appointed Nathanaël Benjamin as Executive Director for Financial Stability Strategy and Risk.
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.