PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, January 26, 2023
January 26, 2023
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Major Developments
Financial Crimes Enforcement Network
FinCEN Alert on Potential U.S. Commercial Real Estate Investments by Sanctioned Russian Elites, Oligarchs, and Their Proxies
January 25, 2023
The Financial Crimes Enforcement Network (FinCEN) is issuing an alert to financial institutions on potential investments in the U.S. commercial real estate sector by sanctioned Russian elites, oligarchs, their family members, and the entities through which they act.
Federal Agencies
U.S. Department of the Treasury
Secretary of the Treasury Janet L. Yellen Announces U.S.-South Africa Task Force to Combat the Financing of Wildlife Trafficking
January 25, 2023
Secretary of the Treasury Janet L. Yellen announced a commitment between the U.S. Department of the Treasury and South Africa's National Treasury to form a United States – South Africa Task Force on Combating the Financing of Wildlife Trafficking.
Securities and Exchange Commission
SEC Proposes Rule to Prohibit Conflicts of Interest in Certain Securitizations
January 25, 2023
The Securities and Exchange Commission proposed a rule to implement Section 27B of the Securities Act of 1933, a provision added by Section 621 of the Dodd-Frank Act.
- Proposed Rule
- Fact Sheet
- Press Release
- Chair Gensler Statement
- Commissioner Crenshaw Statement
- Commissioner Lizarraga Statement
- Commissioner Peirce Statement
- Commissioner Uyeda Statement
Consumer Financial Protection Bureau
Blog: Credit score transitions during the COVID-19 pandemic
January 25, 2023
The Consumer Financial Protection Bureau Office of Research published a blog post entitled, "Credit score transitions during the COVID-19 pandemic."
Financial Crimes Enforcement Network
Bank Policy Institute
BPI Supports Innovation, Competition and Protection of Consumer Data in Section 1033 Rulemaking
January 25, 2023
The Bank Policy Institute commented on the Consumer Financial Protection Bureau's Outline of Proposals addressing consumer data portability.
International
UK Financial Conduct Authority
FCA highlights areas of focus for firms implementing the Consumer Duty
January 25, 2023
The UK Financial Conduct Authority published a review of how firms are planning to implement the Consumer Duty.
Consumer warning on pre-paid probate plans
January 25, 2023
The UK Financial Conduct Authority issued a consumer warning on pre-paid probate plans.
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)
- vDirector 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)
- 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
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.