Major Developments
SEC Reopens Comment Period for Proposed Amendments to Exchange Act Rule 3b-16 and Provides Supplemental Information as to what is an "Exchange"
April 14, 2023
The SEC today reopened the comment period and provided supplemental information on proposed amendments to the definition of "exchange" under Exchange Act Rule 3b-16.
Federal Reserve Board announces its approval for UBS Group AG to acquire the U.S. subsidiaries of Credit Suisse Group AG
April 14, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) announced its approval for UBS Group AG, of Zürich, Switzerland, to acquire the U.S. subsidiaries of Credit Suisse Group AG, of Zürich, Switzerland.
Congress
U.S. House of Representatives
Representatives Send Letter to SEC Regarding Failure to Provide Information on Charges Against Sam Bankman-Fried
April 13, 2023
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), along with the Chairman of the Subcommittee on Oversight and Investigations, Bill Huizenga (MI-04), sent a letter to Securities and Exchange Commission (SEC) Chair Gary Gensler demanding that the SEC provide a staff recommendation memo and other information related to charges filed by the agency against FTX founder Sam Bankman-Fried.
Federal Agencies
U.S. Department of the Treasury
US- EU - UK Sanctions Evasion Meeting with Private Sector Participants
April 13, 2023
Deputy Secretary of the Treasury Wally Adeyemo; European Commissioner for Financial Stability, Financial Services, and Capital Markets Union Mairead McGuinness; and HM Treasury Director General for International Finance Lindsey Whyte hosted representatives from financial institutions to discuss continued efforts to counter sanctions evasion and combat Russian military procurement in key jurisdictions.
Federal Reserve Board
Data: G.17 Industrial Production and Capacity Utilization – March 2023
April 14, 2023
The Federal Reserve released the G.17 Industrial Production and Capacity Utilization data for March 2023.
Speech: The Consequences of Fewer Banks in the U.S. Banking System
April 14, 2023
Federal Reserve Governor Michelle W. Bowman gave a speech at the Wharton Financial Regulation Conference entitled, "The Consequences of Fewer Banks in the U.S. Banking System."
Speech: Financial Stabilization and Macroeconomic Stabilization: Two Tools for Two Problems
April 14, 2023
Federal Reserve Governor Christopher J. Waller gave a speech at the Graybar National Training Conference entitled, "Financial Stabilization and Macroeconomic Stabilization: Two Tools for Two Problems."
Paper: Stressed Banks? Evidence from the Largest-Ever Supervisory Review
April 14, 2023
The Federal Reserve published a paper entitled, "Stressed Banks? Evidence from the Largest-Ever Supervisory Review."
Federal Reserve Bank of New York
U.S. Economy in a Snapshot – April 2023
April 14, 2023
The Federal Reserve Bank of New York released the U.S. Economy in a Snapshot for April 2023.
Blog: Mitigating the Risk of Runs on Uninsured Deposits: the Minimum Balance at Risk
April 14, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Mitigating the Risk of Runs on Uninsured Deposits: the Minimum Balance at Risk."
Commodity Futures Trading Commission
Bank of England
The Bank of England and the Commodity Futures Trading Commission announce joint statement on the supervision of cross-border central counterparties
April 14, 2023
The Bank of England and the Commodity Futures Trading Commission have announced a further strengthening of their commitment to close cooperation and mutual understandings on the supervision of cross-border central counterparties.
Consumer Financial Protection Bureau
CFPB Announces Revised Methodology for Determining Average Prime Offer Rates
April 14, 2023
The Consumer Financial Protection Bureau (CFPB) announced a revised version of its "Methodology for Determining Average Prime Offer Rates."
Blog: Protecting people from discriminatory targeting
April 14, 2023
The CFPB published a blog post entitled, "Protecting people from discriminatory targeting."
International
Bank of England
Paper: Self-fulfilling fire sales and market backstops
April 14, 2023
The Bank of England published a staff working paper entitled, "Self-fulfilling fire sales and market backstops."
Paper: The gravity of syndication ties in international equity underwriting
April 14, 2023
The Bank of England published a staff working paper entitled, "The gravity of syndication ties in international equity underwriting."
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.
