Major Developments

Congress

U.S. House of Representatives

Committee on Financial Services

Lawmakers Demand Clarity from FinCEN, Treasury Regarding Beneficial Ownership Reporting Requirements

June 8, 2023

U.S. House Financial Services Committee Chairman Patrick McHenry (NC-10), along with National Security, Illicit Finance, and International Financial Institutions Subcommittee Chairman Blaine Luetkemeyer (MO-03), House Committee on Small Business Chairman Roger Williams (TX-25), and House Appropriations Subcommittee on Financial Services and General Government Chairman Steve Womack (AR-03), sent a letter to Financial Crimes Enforcement Network (FinCEN) Acting Director Himamauli Das and U.S. Treasury Secretary Janet Yellen demanding that FinCEN outline its plan for educating small businesses about their reporting responsibilities as they pertain to the agency's forthcoming beneficial ownership proposed rule.

• Letter
• Press Release

Federal Agencies

U.S. Department of the Treasury

Remarks by Secretary of the Treasury Janet L. Yellen Before the Treasury Advisory Committee on Racial Equity

June 8, 2023

Secretary of the Treasury Janet L. Yellen gave remarks before the Treasury Advisory Committee on Racial Equity.

• Remarks

Treasury Department Announces Framework to Promote Fairer, More Equitable Compliance Across Programs and Services

June 8, 2023

The U.S. Department of the Treasury announced a new effort to help ensure fairness and increase transparency in the Department's compliance and enforcement practices.

• Memorandum
• Press Release

Federal Reserve Board
Consumer Financial Protection Bureau
Federal Deposit Insurance Corporation
National Credit Union
Office of the Comptroller of the Currency

Agencies propose interagency guidance on reconsiderations of value for residential real estate valuations

June 8, 2023

Five federal regulatory agencies today requested public comment on proposed guidance addressing reconsiderations of value for residential real estate transactions.

• Interagency Guidance
• Press Release
• FRB Memo
• FDIC Financial Institution Letter
• OCC Bulletins

Conference of State Bank Supervisors

Blog: NMLS and NMLS Consumer Access: Protecting Consumers During the Homebuying Process

June 8, 2023

The Conference of State Bank Supervisors published a blog post entitled, "NMLS and NMLS Consumer Access: Protecting Consumers During the Homebuying Process."

• Blog

Securities and Exchange Commission

Remarks: We've Seen This Story Before

June 8, 2023

Securities and Exchange Commission Chair Gary Gensler gave remarks before the Piper Sandler Global Exchange & Fintech Conference entitled, "We've Seen This Story Before" addressing digital assets and the Federal securities laws.

• Remarks

Commodity Futures Trading Commission

CFTC Approves Final Governance Rule, Two Proposals and Other Business at the Commission Open Meeting

June 7, 2023

The Commodity Futures Trading Commission at its open meeting approved the following:

i) Final Rule: Governance Requirements for Derivatives Clearing Organizations;

ii) Proposed Rule: Derivatives Clearing Organizations Recovery and Orderly Wind-down Plans; Information for Resolution Planning;

iii) Proposed Rule: Amendments to Part 17 Large Trader Reporting Requirements; and

iv) Notice of Proposed Determination and Order/Request for Comment: Capital Comparability Determination in connection with an Application Submitted on behalf of Nonbank Swap Dealers Domiciled in the French Republic and Federal Republic of Germany and Subject to Capital and Financial Reporting Requirements of the European Union.

• Final Rule – DCO Governance Requirements
• Proposed Rule – DCO Recovery and Wind-down Plans
• Proposed Rule – Amendments to Large Trader Reporting Requirements
• Notice of Proposed Determination and Order
• Press Release

Consumer Financial Protection Bureau

Semi-Annual Report of the Consumer Financial Protection Bureau

June 8, 2023

The Consumer Financial Protection Bureau submitted its Semi-Annual Report to Congress.

• Report

International

Bank of England

Minutes of the Meeting of the Court of Directors held on 5 April 2023

June 8, 2023

The Bank of England released the minutes of a meeting of the Court of Directors held on April 5, 2023.

• Minutes

UK Financial Conduct Authority

FCA introduces new rules for marketing cryptoassets

June 8, 2023

The Financial Conduct Authority introduced new advertising rules, including a cooling-off period for first time crypto assets investors.

• Policy Statement
• Guidance Consultation
• Research Note
• Press Release

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 Phillip N Jefferson (nominated May 12, 2023)
• 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 Lisa D. Cook (sworn in May 23, 2022)
• Governor Adriana Kugler (nominated May 12, 2023)
• Federal Reserve announces appointment of Joshua Gallin as Secretary of the Federal Open Market Committee (February 2, 2023)
• President Biden nominates Dr. Philip Jefferson for Vice Chair and Dr. Adriana Kugler to serve as a Member on the Federal Reserve Board, and renominates Dr. Lisa Cook for an additional full term as Member (May 12, 2023)

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

• Vincent Alvarez designated Chair of Federal Reserve Bank of New York Board of Directors; Rosa Gil designated Deputy Chair (January 10, 2023)
• Pat Wang appointed as a Class C Director to Federal Reserve Bank of New York Board of Directors (January 10, 2023)
• Federal Reserve Bank of New York names Roberto Perli SOMA Manager (February 2, 2023)
• Cali Brooks and Miguel Soto-Class appointed to Federal Reserve Bank of New York Community Advisory Board (April 4, 2023)
• Federal Reserve Bank of New York names Mihaela Nistor as Chief Risk Officer and Head of the Risk Group (May 31, 2023)
• Federal Reserve Bank of New York names Beverly Hirtle as Research Advisor and begins search for new Director of Research (June 6, 2023)

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

• Federal Reserve Bank of Boston announces 2023 Board of Directors (January 10, 2023)
• Federal Reserve Bank of Boston announces new external advisory council members (April 10, 2023)
• Federal Reserve Bank of Boston names Egon Zakrajšek as Director of Economic Research (May 17, 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)
• FDIC names three bankers to Minority Depository Institutions Subcommittee (May 25, 2023)
• FDIC names eight new members to Advisory Committee on Community Banking (May 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)
• SEC appoints Deborah J. Jeffrey as Inspector General (April 17, 2023)
• Eric R. Werner named Director of Fort Worth Regional Office (April 25, 2023)

Commodity Futures Trading 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)
• Commissioner Goldsmith Romero announces Yevgeny Shrago as Senior Counsel and Policy Advisor (April 14, 2023)
• CFTC Appoints Jeffrey Sutton as Executive Director (April 18, 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)

• Senate confirms Dilwar Syed as Deputy Administrator for the U.S. Small Business Administration (June 8, 2023)

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.