PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, April 26, 2023
April 26, 2023
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Major Developments
U.S. Department of Justice
Consumer Financial Protection Bureau
Equal Employment Opportunity Commission
Federal Trade Commission
DOJ, CFPB, EEOC and FTC Release Joint Statement on Artificial Intelligence (AI) and Automated Systems
April 25, 2023
The Civil Rights Division of the United States Department of Justice, the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), and the U.S. Equal Employment Opportunity Commission (EEOC) released a joint statement outlining a commitment to enforce their respective laws and regulations as emerging automated systems and artificial intelligence become increasingly common.
- Joint Statement
- DOJ Press Release
- CFPB Press Release
- EEOC Press Release
- FTC Press Release
- CFPB Director Chopra Statement
Federal Reserve Board
Federal Reserve Board announces that the review of the supervision and regulation of Silicon Valley Bank, led by Vice Chair for Supervision Barr, will be released on Friday, April 28, at 11:00 a.m. ET
April 25, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) on Tuesday announced that the review of the supervision and regulation of Silicon Valley Bank, led by Vice Chair for Supervision Michael S. Barr, will be released on Friday, April 28, at 11:00 a.m. ET.
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Banking Committee Introduces Bipartisan Bill to Address the Fentanyl Crisis
April 25, 2023
The leaders of the Senate Committee on Banking, Housing, and Urban Affairs today introduced the bipartisan Fentanyl Eradication and Narcotics Deterrence (FEND) Off Fentanyl Act, a sanctions and anti-money laundering bill aimed at combatting the country's fentanyl crisis by targeting the illicit fentanyl supply chain.
Federal Agencies
U.S. Department of the Treasury
Treasury Department Announces 2023 De-Risking Strategy
April 25, 2023
The U.S. Department of the Treasury issued the 2023 De-risking Strategy, as mandated by Congress in the Anti-Money Laundering Act of 2020.
Federal Reserve Bank of New York
Statement Regarding the Policy on Counterparties for Market Operations and Reverse Repurchase Counterparties
April 25, 2023
The Federal Reserve Bank of New York made adjustments to the Policy on Counterparties for Market Operations and expectations and eligibility requirements for Reverse Repo Counterparties.
Conference of State Bank Supervisors
Blog: Did Community Banker Sentiment Falter Further After the March 2023 Bank Closures?
April 25, 2023
The Conference of State Bank Supervisors published a blog post entitled, "Did Community Banker Sentiment Falter Further After the March 2023 Bank Closures?"
Commodity Futures Trading Commission
Illicit Finance and Other Key Risks of Digital Assets: Keynote at City Week 2023
April 25, 2023
Commodity Futures Trading Commission (CFTC) Commissioner Christy Goldsmith Romero gave remarks at City Week entitled, "Illicit Finance and Other Key Risks of Digital Assets."
National Credit Union Administration
Update to Interagency Policy Statement on Allowances for Credit Losses
April 25, 2023
The National Credit Union Administration sent a letter to credit unions with the update to the Interagency Policy Statement on Allowances for Credit Losses.
Federal Housing Finance Agency
FHFA House Price Index Up 0.5 Percent in February; Up 4.0 Percent from Last Year
April 25, 2023
U.S. house prices rose in February, up 0.5 percent from January, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index.
International
European Banking Authority
ESAs call for vigilance in the face of mounting financial risks
April 25, 2023
The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) issued their Spring 2023 Joint Committee Report on risks and vulnerabilities in the EU financial system
EBA publishes final draft technical standards on the determination of the exposure value of synthetic excess spread in synthetic securitisations
April 25, 2023
The European Banking Authority published its final draft Regulatory Technical Standards specifying the determination by originator institutions of the exposure value of synthetic excess spread.
Bank of England
Market Notice: Changes to the provision of U.S. dollar repo operations from 1 May 2023
April 25, 2023
The Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank, in consultation with the Federal Reserve, have jointly decided to revert from daily to weekly 7-day maturity operations, which provide liquidity via the standing U.S. dollar liquidity swap line arrangements.
The renewed RTGS service – key benefits
April 25, 2023
The Bank of England released a summary of key benefits to the renewed Real-Time Gross Settlement service.
Speech: Monetary policy: prices versus quantities
April 25, 2023
Bank of England Deputy Governor for Monetary Policy Ben Broadbent gave a speech at the National Institute of Economic and Social Research entitled, "Monetary policy: prices versus quantities."
UK Financial Conduct Authority
FCA warns consumers about mismanagement of 'asset protection' trust schemes
April 25, 2023
The Financial Conduct Authority (FCA) is warning consumers about mismanagement of asset protection trust schemes.
Speech: Regulation of Digital Assets in the UK
April 25, 2023
FCA Executive Director Sarah Pritchard gave a speech at City Week speech entitled, "Regulation of Digital Assets in the UK."
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 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 Board of Directors (January 10, 2023)
- Federal Reserve Bank of New York names Roberto Perli SOMA Manager (February 2, 2023)
- Cali Brooks and Miguel Soto-Class appointed to Federal Reserve Bank of New York Community Advisory Board (April 4, 2023)
Federal Reserve Bank of Boston – Susan M. Collins (effective July 1, 2022)
- Federal Reserve Bank of Boston announces 2023 Board of Directors (January 10, 2023)
- Federal Reserve Bank of Boston announces new external advisory council members (April 10, 2023)
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)
- SEC appoints Deborah J. Jeffrey as Inspector General (April 17, 2023)
- Eric R. Werner named Director of Fort Worth Regional Office (April 25, 2023)
Commodity Futures Trading Commission – Rostin Behnam (effective December 17, 2021)
- Commissioner Pham announces members of the CFTC's 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)
- Commissioner Goldsmith Romero announces Yevgeny Shrago as Senior Counsel and Policy Advisor (April 14, 2023)
- CFTC Appoints Jeffrey Sutton as Executive Director (April 18, 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.