Major Developments
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: The Consumer Financial Protection Bureau's Semi-Annual Report to Congress
June 13, 2023
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "The Consumer Financial Protection Bureau's Semi-Annual Report to Congress."
U.S. House of Representatives
Committee on Financial Services
Hearing: The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem
June 13, 2023
The U.S. Committee on Financial Services held a hearing entitled, "The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem."
Hearing: The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System
June 13, 2023
The U.S. Committee on Financial Services held a hearing entitled, "The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System."
Representatives Send Letter to SEC on Proposed Rulemaking Regarding the Definition of "Exchange"
June 13, 2023
Members of the U.S. House Committee on Financial Services sent a letter to the Securities and Exchange Commission (SEC) demanding that the SEC rescind its proposed rulemaking regarding the definition of "exchange."
Federal Agencies
U.S. Department of the Treasury
Remarks by Assistant Secretary for Financial Institutions Graham Steele on the Digitization of Financial Services at the Transform Payments USA 2023 Conference
June 13, 2023
Assistant Secretary for Financial Institutions Graham Steele delivered remarks at the Transform Payments USA conference in Austin, Texas on the digitization of financial services.
Federal Deposit Insurance Corporation
Revisions to the Consolidated Reports of Condition and Income (Call Reports) and the FFIEC 002 Report
June 13, 2023
The Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (Federal Reserve), and the Office of the Comptroller of the Currency (OCC) published final regulatory reporting changes which apply to all three versions of the Call Report (FFIEC 031, FFIEC 041, and FFIEC 051) and to the Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks (FFIEC 002), as applicable, and are subject to approval by the U.S. Office of Management and Budget.
FDIC State Profiles – Q1 2023
June 13, 2023
The FDIC released the FDIC State Profiles for the first quarter 2023.
Securities and Exchange Commission
Statement on the Spring 2023 Regulatory Agenda
June 13, 2023
Securities and Exchange Commission (SEC) Chair Gary Gensler issued a statement on the Office of Information and Regulatory Affairs Spring 2023 Regulatory Agenda.
Commodity Futures Trading Commission
CFTC Extends Public Comment Period on Proposed Rule to Address the Treatment of Separate Accounts of a Single Beneficial Owner by Clearing Members
June 13, 2023
The Commodity Futures Trading Commission (CFTC) is extending through June 30, 2023 the deadline for the public comment period on a proposal to address the treatment of separate accounts of a single beneficial owner by futures commission merchants that are clearing members of derivatives clearing organizations.
Financial Crimes Enforcement Network
FinCEN and South African Financial Intelligence Center Host First Meeting of Task Force on Combatting the Financing of Wildlife Trafficking and Terrorist Finance Dialogues
June 13, 2023
A delegation from the U.S. Department of the Treasury, led by the Financial Crimes Enforcement Network (FinCEN), traveled to South Africa for the first meeting of the Task Force.
International
European Commission
Sustainable Finance: Commission takes further steps to boost investment for a sustainable future
June 13, 2023
The European Commission has put forward a new package of measures to build on and strengthen the foundations of the EU sustainable finance framework.
European Banking Authority
EBA published its final resolvability testing Guidelines
June 13, 2023
The European Banking Authority published its Guidelines addressed to institutions and resolution authorities on resolvability testing.
EBA and EIOPA publish Data Point Modelling Standard 2.0 to foster collaboration and harmonisation in the field of supervisory reporting
June 13, 2023
The European Banking Authority and the EIOPA published the Data Point Modeling Standard 2.0 to create a fully consistent approach for modelling reporting requirements.
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.
