PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, April 5, 2023
April 05, 2023
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Major Developments
Congress
U.S. House of Representatives
Committee on Financial Services
Representatives Send Bipartisan, Bicameral Letter Demanding Proposed Beneficial Ownership Reporting Regime Reflect Congressional Intent
April 4, 2023
The Chairman of the House Financial Services Committee, Patrick McHenry (R-NC), Senator Sheldon Whitehouse (D-RI) and a bipartisan, bicameral group of lawmakers sent a letter to Treasury Secretary Janet Yellen and Financial Crimes Enforcement Network (FinCEN) acting Director Himamauli Das regarding the Treasury Department's Notice of Proposed Rulemaking on Beneficial Ownership Information Reporting Requirements.
Federal Agencies
U.S. Department of the Treasury
Treasury Releases Guidance to Drive Investment to Coal Communities
April 4, 2023
The U.S. Treasury Department and Internal Revenue Service (IRS) released guidance that provides detailed information about the bonus under the Inflation Reduction Act for clean energy projects and facilities located in communities that have driven and historically been at the forefront of energy production.
Federal Reserve Board
Paper: Breaks in the Phillips Curve: Evidence from Panel Data
April 4, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) published a paper entitled, "Breaks in the Phillips Curve: Evidence from Panel Data."
Governor Cook Gives Welcoming Remarks at Exploring Careers in Economics Conference
April 4, 2023
Federal Reserve Governor Lisa D. Cook gave welcoming remarks at the "Exploring Careers in Economics" conference sponsored by the Federal Reserve.
Conference of State Bank Supervisors
Community Bankers' Economic Outlook Continues Downward Slide
April 4, 2023
The Conference of State Bank Supervisors released the Community Bank Sentiment Index showing that community bankers nationwide shared a dismal outlook on economic conditions.
Bank Policy Institute
Blog: Congress's 2018 Regulatory Tailoring Law Did Not Preclude the Fed from Applying Enhanced Prudential Standards to Silicon Valley Bank
April 4, 2023
The Bank Policy Institute published a blog post entitled, "Congress's 2018 Regulatory Tailoring Law Did Not Preclude the Fed from Applying Enhanced Prudential Standards to Silicon Valley Bank."
International
European Commission
Commission approves €3.5 billion French scheme to support small companies in the context of Russia's war against Ukraine
April 4, 2023
The European Commission has approved a €3.5 billion French scheme to support small and medium-sized enterprises and microenterprises in the context of Russia's war against Ukraine.
Commission approves €2 billion Austrian support to Wien Energie in the context of Russia's war against Ukraine
April 4, 2023
The European Commission has approved a €2 billion Austrian measure to support the energy supplier Wien Energie GmbH in the context of Russia's war against Ukraine.
rescEU: supporting the development of new emergency shelter reserves with €116 million
April 4, 2023
The EU is allocating €116.6 million to Croatia, Poland, Slovenia, Spain, Sweden and Turkey to procure and host new rescEU shelter reserves able to accommodate thousands of people.
European Banking Authority
Robust EU/EEA banking sector shows strong capital and liquidity ratios
April 4, 2023
The European Banking Authority published its quarterly Risk Dashboard (RDB) together with the first edition of the RDB on minimum requirement for own funds and eligible liabilities.
Bank of England
Speech: Inflation persistence and monetary policy
April 4, 2023
Bank of England Chief Economist and Executive Director for Monetary Analysis Huw Pill gave a speech entitled, "Inflation persistence and monetary policy."
Speech: Quantitative Easing and Quantitative Tightening
April 4, 2023
Bank of England Monetary Policy Committee Member Silvana Tenreyro gave a speech entitled, "Quantitative Easing and Quantitative Tightening."
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 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 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)
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.