Major Developments
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Senior Leadership in Senate Committee on Banking, Housing, and Urban Affairs Address Failed Banks' CEOs: You Must Answer for Your Banks' Downfalls
March 23, 2023
Senior Leadership in Senate Committee on Banking, Housing, and Urban Affairs (Committee) sent letters to Gregory Becker, former CEO of Silicon Valley Bank, and Joseph DePaolo, former CEO of Signature Bank, to call on them to testify in front of the Committee to answer for the banks' collapse.
U.S. House of Representatives
Committee on Financial Services
Members of House Financial Services Committee Demand Details on Biden Administration's Response to Recent Bank Failures
March 23, 2023
Senior members of the House Financial Services Committee sent letters to Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg and Treasury Secretary Janet Yellen.
Committee on Small Business
Hearing: Oversight of the Small Business Administration
March 23, 2023
The U.S. House Committee on Small Business held a hearing entitled, "Oversight of the Small Business Administration."
Chairman Williams Introduces Bipartisan Legislation Supporting Career and Technical Education for Small Businesses
March 22, 2023
Chairman Roger Williams (R-TX) along with Rep. Marie Gluesenkamp Perez (D-WA), Sen. Roger Marshall (R-KS), and Sen. Chris Coons (D-DE) issued the following statements after introducing the "Supporting Small Business and Career and Technical Education (CTE) Act."
Federal Agencies
U.S. Department of the Treasury
Testimony of Secretary of the Treasury Janet L. Yellen Before the Financial Services and General Government Appropriations, U.S. House
March 23, 2023
Secretary of the Treasury Janet L. Yellen testified before the U.S. House Financial Services and General Government Appropriations Committee.
Remarks by Assistant Secretary for Tax Policy Lily Batchelder on Implementation of the Inflation Reduction Act's Clean Energy Provisions
March 23, 2023
Assistant Secretary for Tax Policy Lily Batchelder gave remarks on the implementation of the Inflation Reduction Act's clean energy provisions.
Securities and Exchange Commission
Investor Alert: Exercise Caution with Crypto Asset Securities
March 23, 2023
The Securities and Exchange Commission (SEC) issued an investor alert urging investors to exercise caution with crypto asset securities.
Commodity Futures Trading Commission
Remarks of Chairman Rostin Behnam at the National Grain and Feed Association's 127th Annual Convention, La Quinta, California
March 23, 2023
Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam gave remarks at the National Grain and Feed Association's 127th Annual Convention.
Federal Housing Finance Agency
FHFA Releases 4th Quarter 2022 Foreclosure Prevention and Refinance Report
March 23, 2023
The Federal Housing Finance Agency (FHFA) released its fourth quarter 2022 Foreclosure Prevention and Refinance Report.
FHFA Announces Public Engagement Process for Implementation of Updated Credit Score Requirements
March 23, 2023
The FHFA announced plans for stakeholder input on proposed milestones as Fannie Mae and Freddie Mac work to replace the Classic FICO credit score model with the FICO 10T and the VantageScore 4.0 credit score models, and transition from requiring three credit reports to requiring two credit reports for single-family loan acquisitions.
Bank Policy Institute
BPI's Heather Hogsett Testifies Before House Subcommittee on Cybersecurity, CISA's Contributions
March 23, 2023
Heather Hogsett, Bank Policy Institute Senior Vice President of Technology and Risk Strategy for BITS, testified before the U.S. House Subcommittee on Cybersecurity and Infrastructure Protection.
International
European Commission
Updated Ukraine Recovery and Reconstruction Needs Assessment
March 23, 2023
A new joint assessment released today by the Government of Ukraine, the World Bank Group, the European Commission, and the United Nations, estimates that the cost of reconstruction and recovery in Ukraine has grown to US $411 billion.
Commission approves €1 billion Finnish scheme to support companies in the context of Russia's war against Ukraine
March 23, 2023
The European Commission has approved a €1 billion Finnish scheme to support companies in the context of Russia's war against Ukraine.
Bank of England
Transforming data collection communication to firms – March 2023
March 23, 2023
The Bank of England and Financial Conduct Authority (FCA) issued a communication to firms to provide an update on the progress of the joint transformation programme, which is being led by the Bank of England and FCA with industry to transform data collection from the UK financial sector.
Agents' summary of business conditions - 2023 Q1
March 23, 2023
The Bank of England published the Q1 2023 summary of reports compiled by regional agents on business conditions.
Latest results from the Decision Maker Panel survey - 2023 Q1
March 23, 2023
The Bank of England released the results of the Decision Maker Panel survey for Q1 2023.
Exchange of letters between the Governor and the Chancellor regarding CPI Inflation - March 2023
March 23, 2023
Bank of England Governor Andrew Bailey and Chancellor of the Exchequer Jeremy Hunt exchange letters regarding Consumer Price Index inflation.
Monetary Policy Committee: Bank Rate increased to 4.25%
March 23, 2023
The Monetary Policy Committee held a meeting and voted to increase the Bank Rate by 0.25 percentage points, to 4.25%.
Speech: Leadership, strategy and resilience
March 23, 2023
Bank of England CFO and Executive Director Afua Kyei gave a speech entitled, "Leadership, strategy and resilience."
UK Financial Conduct Authority
FCA appoints executive directors to co-lead Enforcement and Market Oversight
March 23, 2023
The Financial Conduct Authority has appointed Therese Chambers and Steve Smart as joint Executive Directors of Enforcement and Market Oversight.
Blog: Transforming how we support consumers online
March 23, 2023
The Financial Conduct Authority published a blog post entitled, "Transforming how we support consumers online."
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 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.
