Daily Financial Regulation Update -- Wednesday, March 8, 2023

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Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: The Semiannual Monetary Policy Report to the Congress

March 7, 2023

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "The Semiannual Monetary Policy Report to the Congress."

• Hearing
• Committee Chair Brown Statement
• Committee Ranking Member Scott Statement
• Federal Reserve Board Chair Powell Statement

Committee on Small Business and Entrepreneurship

Senators Send Letter to SBA Regarding Concerns on Irresponsible Changes to Lending Programs

March 7, 2023

U.S. Senator Ben Cardin (D-MD), Chairman of the U.S. Senate Committee on Small Business and Entrepreneurship, and Ranking Member Joni Ernst (R-IA), sent a letter to the Small Business Administration expressing concerns about the agency's recent changes made to its loan underwriting to permit an unlimited number of non-bank financial technology companies to participate as lenders.

• Letter
• Press Release

U.S. House of Representatives

Committee on Financial Services

Representatives Reintroduce Bipartisan Legislative Fix to Digital Asset Tax Reporting Requirements

March 7, 2023

The Chairman of the House Financial Services Committee, Patrick McHenry (R-NC), reintroduced the Keep Innovation in America Act for the 118th Congress alongside Rep. Ritchie Torres (D-NY) and a bipartisan group of lawmakers.

• Bill Text
• Summary
• Press Release

Federal Agencies

U.S. Department of the Treasury

Remarks by Secretary of the Treasury Janet L. Yellen at the First Meeting of the FSOC Climate-related Financial Risk Advisory Committee

March 7, 2023

Secretary of the Treasury Janet L. Yellen delivered opening remarks at the first meeting of the Climate-related Financial Risk Advisory Committee.

• Remarks

Federal Reserve Bank of New York

Speech: Culture and Conduct: Key Learnings and the Year Ahead from the New York Fed

March 7, 2023

Federal Reserve Bank of New York Senior Vice President James Hennessy gave a speech entitled, "Culture and Conduct: Key Learnings and the Year Ahead from the New York Fed."

• Speech

Federal Reserve Bank of Boston

Paper: The Limited Role of Intergenerational Transfers for Understanding Racial Wealth Disparities

March 7, 2023

The Federal Reserve Bank of Boston published a Current Policy Perspectives paper entitled, "The Limited Role of Intergenerational Transfers for Understanding Racial Wealth Disparities."

• Paper

Conference of State Bank Supervisors

Blog: The Money Transmission Modernization Act: A Powerful Story of State and Industry Collaboration

March 7, 2023

The Conference of State Bank Supervisors published a blog post entitled, "The Money Transmission Modernization Act: A Powerful Story of State and Industry Collaboration."

• Blog

Securities and Exchange Commission

Speech: Meeting the Challenges and Fulfilling The Promise of Global Financial Markets

March 7, 2023

Securities and Exchange Commission Commissioner Mark T. Uyeda gave remarks before the Institute of International Bankers entitled, "Meeting the Challenges and Fulfilling The Promise of Global Financial Markets."

• Speech

Commodity Futures Trading Commission

Speech: A Thoughtful Approach to the Daunting Challenge of Climate Financial Risk

March 7, 2023

Commodity Futures Trading Commission Commissioner Christy Goldsmith Romero gave remarks at ISDA's ESG Forum on Promoting Market Resilience entitled, "A Thoughtful Approach to the Daunting Challenge of Climate Financial Risk."

• Speech

Consumer Financial Protection Bureau

CFPB and NLRB Announce Information Sharing Agreement to Protect American Consumers and Workers from Illegal Practices

March 7, 2023

The Consumer Financial Protection Bureau and the National Labor Relations Board signed an information sharing agreement, creating a formal partnership between the two agencies to better protect American families and to address practices that harm workers in the "gig economy" and other labor markets.

• Memorandum of Understanding
• Press Release

Bank Policy Institute

Blog: The "Branch Destruction" Fiction | Part I

March 7, 2023

The Bank Policy Institute published a blog post entitled, "The "Branch Destruction" Fiction | Part I."

• Blog

International

European Banking Authority

Women's representation on boards has gradually improved, but imbalances remain

March 7, 2023

The European Banking Authority published its Report on diversity practices and the gender pay gap at the level of the management body.

• Report
• Press Release

Bank of England

Letter from Mel Beaman on firms' preparations for the second Resolvability Assessment Framework (RAF) assessment

March 7, 2023

Bank of England Executive Director Melanie Beaman sent a letter to Chief Financial Officers of the major UK banks ahead of the second Resolvability Assessment Framework assessment.

• Letter

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 Board 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 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)
• New York Fed Names Roberto Perli SOMA Manager (February 2, 2023)

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

• Boston Fed Announces 2023 Board of Directors (January 10, 2023)

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 Trade 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)

• CFPB Announces Appointments of New Advisory Committee Members (March 1, 2023)

National Credit Union Administration – Todd M. Harper (effective January 20, 2021)

• Cory Phariss Named New AMAC President (February 9, 2023)

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.