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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Wednesday, May 17, 2023

May 17, 2023

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Major Developments

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: Examining the Failures of Silicon Valley Bank and Signature Bank

May 16, 2023

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Examining the Failures of Silicon Valley Bank and Signature Bank."

U.S. House of Representatives

Committee on Financial Services

Hearing: Oversight of Prudential Regulators

May 16, 2023

The U.S. House Committee on Financial Services held a hearing entitled, "Oversight of Prudential Regulators."

Federal Agencies

U.S. Department of the Treasury

Treasury Sanctions Russian Ransomware Actor Complicit in Attacks on Police and U.S. Critical Infrastructure

May 16, 2023

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), designated Mikhail Matveev for his role in launching cyberattacks against U.S. law enforcement, businesses, and critical infrastructure.

Remarks by Secretary of the Treasury Janet L. Yellen at Independent Community Bankers of America (ICBA) 2023 Capital Summit

May 16, 2023

Secretary of the Treasury Janet L. Yellen gave remarks at the Independent Community Bankers of America 2023 Capital Summit.

Federal Reserve Bank of New York

Business Leaders Survey & Supplemental Survey – May 2023

May 16, 2023

The Federal Reserve Bank of New York published the results of the May 2023 Business Leaders Survey and Supplemental Survey Report.

Report: Applications or Approvals: What Drives Racial Disparities in the Paycheck Protection Program?

May 16, 2023

The Federal Reserve Bank of New York published a staff report entitled, "Applications or Approvals: What Drives Racial Disparities in the Paycheck Protection Program?"

Securities and Exchange Commission

Remarks: Cybersecurity: Protecting Investors

May 16, 2023

Securities and Exchange Commission (SEC) Commissioner Jaime Lizarraga gave remarks before the Digital Directors Network 2023 Conference entitled, "Cybersecurity: Protecting Investors."

Remarks at the 2023 SEC Municipal Securities Disclosure Conference

May 16, 2023

SEC Commissioner Jaime Lizarraga gave remarks at the 2023 SEC Municipal Securities Disclosure Conference.

Commissioner Uyeda Remarks at MFA Global Summit

May 16, 2023

SEC Commissioner Mark T. Uyeda gave remarks at the Managed Funds Association's Global Summit.

Bank Policy Institute

Blog: The Importance of Regional Banks for Small Business Lending and Economic Growth

May 16, 2023

The Bank Policy Institute published a blog post entitled, "The Importance of Regional Banks for Small Business Lending and Economic Growth."

International

European Commission

New tax transparency rules will help Member States shine a light on the crypto-asset sector

May 16, 2023

The Commission welcomes the political agreement reached by EU Finance Ministers on new tax transparency rules for all service providers facilitating transactions in crypto-assets for customers resident in the EU.

Remarks by Executive Vice-President Dombrovskis at the ECOFIN press conference

May 16, 2023

European Commission Executive Vice-President Dombrovskis gave remarks at the ECOFIN press conference.

European Banking Authority

EBA publishes Report on holdings of eligible liabilities issued by G-SIIs and O-SIIs

May 16, 2023

The European Banking Authority published a Report on the holdings by EU banks of minimum requirement for own funds and eligible liabilities instruments issued by the most systemic European banks.

Bank of England

Minutes of the Securities Lending Committee meeting March 2023

May 16, 2023

The Bank of England released the minutes of the Securities Lending Committee meeting held March 29, 2023.

Summary Minutes of Sub-Group and Task Force Meetings Q1

May 16, 2023

The Bank of England released the summary minutes of the Working Group on Sterling Risk-Free Reference Rates Sub-Group and Task Form meetings for Q1 2023.

Speech: Supervision and Data - to boldly regulate as no one has regulated before

May 16, 2023

Bank of England Director of Authorisations, RegTech and International Supervision Rebecca Jackson gave a speech at the Association of Foreign Banks Mansion House lunch entitled, "Supervision and Data - to boldly regulate as no one has regulated before."

UK Financial Conduct Authority

Speech: Meeting the challenge in our changing global markets

May 16, 2023

Financial Conduct Authority (FCA) Executive Director Sarah Pritchard gave a speech at the UK Finance and EY: Capita Markets Insights launch conference entitled, "Meeting the challenge in our changing global markets."

Speech: The drive for data in Non-Bank Financial Intermediation (NBFI)

May 16, 2023

FCA Chair Ashley Alder gave a speech at the Managed Funds Associations' Global Summit entitled, "The drive for data in Non-Bank Financial Intermediation (NBFI)."

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)

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 Trading 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.