PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, January 11, 2023
January 11, 2023
FedACTion Task Force
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PH Fintech Tracker on Executive Order for Digital Assets
Federal Agencies
U.S. Department of the Treasury
Remarks by Secretary of the Treasury Janet L. Yellen at Bilateral Meeting with Canadian Deputy Prime Minister and Minister of Finance Chrystia Freeland
January 10, 2023
U.S. Secretary of the Treasury Janet L. Yellen gave remarks at the bilateral meeting with Canadian Prime Minister and Minister of Finance Chrystia Freeland.
Federal Reserve Board
Federal Reserve Board announces the designation of the Chairs and Deputy Chairs of the 12 Federal Reserve Banks for 2023
January 10, 2023
The Federal Reserve Board announced the designation of the Chairs and Deputy Chairs of the 12 Federal Reserve Banks for 2023.
Minutes of the Board's discount rate meetings on November 14 through December 14, 2022
January 10, 2023
The Federal Reserve Board released the minutes of its interest rate meetings from November 14 through December 14, 2022.
Chair Powell Gives Speech at Panel on "Central Bank Independence and the Mandate—Evolving Views"
January 10, 2023
Federal Reserve Board Chair Jerome Powell gave a speech at a panel on "Central Bank Independence and the Mandate—Evolving Views" at the Symposium on Central Bank Independence, Sveriges Riksbank, Stockholm, Sweden.
Speech: Brief Remarks on the Economy and Bank Supervision
January 10, 2023
Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, "Brief Remarks on the Economy and Bank Supervision," addressing among other things digital asset regulation.
Federal Reserve Bank of New York
Report: Financial Sanctions, SWIFT, and the Architecture of the International Payments System
January 10, 2023
The Federal Reserve Bank of New York published a staff report entitled, "Financial Sanctions, SWIFT, and the Architecture of the International Payments System."
Conference of State Bank Supervisors
CBSI: Community Bankers Have Bleak Economic Outlook
January 9, 2023
The Conference of State Bank Supervisors released the Q4 2022 Community Bank Sentiment Index showing that community bankers are starting the year with a negative economic outlook and largely believe the nation is in a recession.
Consumer Financial Protection Bureau
Blog: Protecting people's access to their money
January 10, 2023
The Consumer Financial Protection Bureau published a blog post entitled, "Protecting people's access to their money."
FINRA
FINRA Publishes 2023 Report on Exam and Risk Monitoring Program
January 10, 2023
FINRA published its 2023 Report on FINRA's Examination and Risk Monitoring Program to provide member firms with key insights and observations to use in strengthening their compliance programs.
International
Bank of England Prudential Regulation Authority
Letter: Insurance Supervision: 2023 priorities
January 10, 2023
Bank of England Prudential Regulation Authority Insurance Supervision Executive Director Charlotte Gerken and Director Shoib Khan sent a letter to CEOs of PRA-regulated insurance firms on PRA's 2023 priorities.
Letter: International banks active in the UK: 2023 priorities
January 10, 2023
Bank of England Prudential Regulation Authority Authorisations, Regulatory Technology, and International Supervision Executive Director Nathanaël Benjamin and Director Rebecca Jackson sent a letter to CEOs of PRA-regulated international banks active in the UK on the PRA's 2023 priorities.
Letter: UK Deposit Takers Supervision: 2023 priorities
January 10, 2023
Bank of England Prudential Regulation Authority UK Deposit Takers Executive Director David Bailey and Director Charles Woods sent a letter to CEO's of PRA-regulated UK deposit takers on the PRA's 2023 priorities.
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)
Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)
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
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.