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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, March 1, 2023

March 01, 2023

FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: Advancing National Security and Foreign Policy Through Sanctions, Export Controls, and Other Economic Tools

February 28, 2023

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Advancing National Security and Foreign Policy Through Sanctions, Export Controls, and Other Economic Tools."

U.S. House of Representatives

Committee on Financial Services

Financial Services Committee Advances Bipartisan Bills to Combat Economic Threat from China

February 28, 2023

The House Financial Services Committee advanced several bipartisan bills during its first markup of the 118th Congress to combat the generational threat posed by the Chinese Communist Party's economic aggression.

Federal Agencies

U.S. Department of the Treasury

Preliminary Report on Foreign Holdings of U.S. Securities at End-June 2022

February 28, 2023

The U.S. Department of the Treasury released preliminary data from the June 2022 benchmark survey of foreign portfolio holdings of U.S. securities were released.

Federal Reserve Board

Minutes of the Board's discount rate meetings from January 23 and February 1, 2023

February 28, 2023

The Federal Reserve Board released the minutes of its interest rate meetings from January 23 and February 1, 2023.

Federal Reserve Bank of New York

Statement Regarding Agency Mortgage-Backed Securities Small Value Exercise

February 28, 2023

The Federal Reserve Bank of New York issued a statement regarding an agency mortgage-backed securities small value exercise to take place on March 7, 2023.

Statement Regarding Repurchase Agreement Small Value Exercise

February 28, 2023

The Federal Reserve Bank of New York issued a statement regarding a repurchase agreement small value exercise to take place on March 8, 2023.

Federal Deposit Insurance Corporation

FDIC-Insured Institutions Reported Net Income of $68.4 Billion in Fourth Quarter 2022

February 28, 2023

The Federal Deposit Insurance Corporation released the Quarterly Banking Profile for the fourth quarter 2022.

Commodity Futures Trading Commission

Commissioner Pham Announces New Subcommittees of the CFTC's Global Markets Advisory Committee and Seeks Nominations by March 14

February 28, 2023

Commodity Futures Trading Commission Commissioner Caroline D. Pham announced the Commission has established the Global Market Structure Subcommittee, the Digital Asset Markets Subcommittee, and the Technical Issues Subcommittee under the CFTC's Global Markets Advisory Committee (GMAC).

Consumer Financial Protection Bureau

FTC and CFPB Seek Public Comment on How Background Screening May Shut Renters out of Housing

February 28, 2023

The Federal Trade Commission and the Consumer Financial Protection Bureau are requesting comment on background screening issues affecting individuals who seek rental housing in the United States, including how the use of criminal and eviction records and algorithms affect tenant screening decisions and may be driving discriminatory outcomes.

National Credit Union Administration

NCUA Vice Chairman Kyle S. Hauptman Gives Address at the 2023 Governmental Affairs Conference

February 28, 2023

National Credit Union Administration Vice Chairman Kyle S. Hauptman spoke at the 2023 Governmental Affairs Conference in Washington, D.C., where he discussed his regulatory priorities, which include revamping the de novo chartering process, modernizing NCUA's transparency and feedback, and harnessing the power of blockchain technology and digital assets.

NCUA's Hood Discusses Recent Regulatory Reforms, Importance of DEI & Financial Inclusion at GAC

February 28, 2023

National Credit Union Administration Board Member Rodney E. Hood spoke at the 2023 Governmental Affairs Conference in Washington, D.C., where he discussed the progress that has been made through several regulatory reforms that provided credit unions greater flexibility while ensuring the safety and soundness of the system.

International

Bank of England
Bank of England Prudential Regulation Authority
UK Financial Conduct Authority

Sixth edition of the Regulatory Initiatives Grid

February 28, 2023

The Financial Services Regulatory Forum published the sixth edition of the Regulatory Initiatives Grid.

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)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

Federal Reserve Bank of Boston – Susan M. Collins (effective July 1, 2022)

Federal Deposit Insurance Corporation – Martin Gruenberg (effective January 5, 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)

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.