PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, February 1, 2023
February 01, 2023
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Congress
U.S. House of Representatives
Committee on Financial Services
House Passes Three Bipartisan Financial Services Bills
January 30, 2023
The U.S. House of Representatives passed several pieces of bipartisan financial services legislation. Among the bipartisan bills passed are initiatives to combat the financial exploitation of seniors and other vulnerable adults, streamline federal credit union board meeting requirements, and increase access to capital for rural small businesses. The bills include:
i) H.R. 500, the Financial Exploitation Prevention Act, sponsored by Capital Markets Subcommittee Chairwoman Ann Wagner (MO-02);
ii) H.R. 582, the Credit Union Board Modernization Act, co-sponsored by Oversight and Investigations Subcommittee Chairman Bill Huizenga (MI-04); and
iii) H.R. 298, the Expanding Access to Capital for Rural Job Creators Act, sponsored by Rep. Alex Mooney (WV-02).
Federal Agencies
Securities and Exchange Commission
SEC Updates Guidance on Forms 10-K, 20-F and 40-F
January 31, 2023
The Securities and Exchange Commission has updated its Q&A guidance related to Exchange Act Forms 10-K (Question 104.19), 20-F (Question 112.04) and 40-F (Question 110.09).
Commodity Futures Trading Commission
Statement of Commissioner Kristin N. Johnson Regarding IOSCO Publication of Principles for the Regulation and Supervision of Commodity Derivatives Markets – Final Report
January 31, 2023
Kristin N. Johnson, Commissioner of the Commodity Futures Trading Commission, issued a statement regarding the International Organization of Securities Commissions' publication of the final report Principles for the Regulation and Supervision of Commodity Derivatives Markets.
Freddie Mac
Perspective: Meeting our Mission in a Turbulent Year for Multifamily
January 31, 2023
Freddie Mac published an Executive Perspective by Senior VP and Head of Multifamily Kevin Palmer entitled, "Meeting our Mission in a Turbulent Year for Multifamily."
Bank Policy Institute
Blog: Basel Finalization: The History and Implications for Capital Regulation – Part II
January 31, 2023
The Bank Policy Institute published a blog post entitled, "Basel Finalization: The History and Implications for Capital Regulation – Part II."
Blog: Looking for a Needle in the Capital Stacks
January 31, 2023
The Bank Policy Institute published a blog post entitled, "Looking for a Needle in the Capital Stacks."
International
European Commission
EU Cohesion Policy: European Structural and Investment Funds supported SMEs, employment of millions of people and clean energy production
January 31, 2023
The European Commission adopted the EU 2022 Summary Report on the Implementation of the ESI Funds.
European Banking Authority
EBA clarifies the application of strong customer authentication requirements to digital wallets
January 31, 2023
The European Banking Authority published three Q&As that clarify the application of strong customer authentication to digital wallets under the revised Payment Service Directive.
ESAs consult on draft Guidelines on the system for the exchange of information relevant to fit and proper assessments.
January 31, 2023
The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) published a consultation paper on draft joint Guidelines on the system for the exchange of information when assessing the fitness and propriety requirements.
EBA launches 2023 EU-wide stress test
January 31, 2023
The European Banking Authority launched the 2023 EU-wide stress test and released the macroeconomic scenarios.
EBA launches public consultation on the amending ITS on supervisory reporting to introduce new IRRBB reporting
January 31, 2023
The European Banking Authority launched a public consultation on its draft Implementing Technical Standards on supervisory reporting with respect to IRRBB.
Bank of England
Bank of England Prudential Regulation Authority
UK Financial Conduct Authority
Letter: 2022 CBEST thematic findings
The Bank of England, Prudential Regulation Authority, and UK Financial Conduct Authority supervisory teams published a cover letter to senior management functions with responsibility for cyber, highlighting the thematic findings from the latest cycle of CBEST assessments.
Bank of England
Asset Purchase Facility Quarterly Report - 2022 Q4
January 31, 2023
The Bank of England released the Asset Purchase Facility Quarterly Report for Q4 2022.
Bank of England Prudential Regulation Authority
Consultation Paper: Moving Senior Managers Regime forms from the PRA Rulebook
January 31, 2023
The Bank of England Prudential Regulation Authority published a consultation paper entitled, "Moving Senior Managers Regime forms from the PRA Rulebook."
Administration Changes
Vacancies
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)
- Vice Chair Lael Brainard (sworn in May 23, 2022)
- Governor Phillip N Jefferson (sworn in May 23, 2022)
- Governor Lisa D. Cook (sworn in May 23, 2022)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
- Vincent Alvarez Designated Chair of New York Fed Board of Directors; Rosa Gil Designated Deputy Chair (January 10, 2023)
- Pat Wang Appointed as a Class C Director to New York Fed Board of Directors (January 10, 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)
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)
Commodity Futures Trade 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)
PH Client Alerts
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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.