Daily Financial Regulation Update -- Thursday, July 20, 2023

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Congress

U.S. House of Representatives

Committee on Financial Services

Hearing to Examine the Potential Consequences of FinCEN's Beneficial Ownership Rulemaking

July 18, 2023

The House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions held a hearing entitled "Potential Consequences of FinCEN's Beneficial Ownership Rulemaking."

Federal Agencies

International

European Banking Authority

The European Banking Authority publishes final guidance on the overall recovery capacity in recovery planning

July 19, 2023

The European Banking Authority (EBA) published its final Guidelines on the overall recovery capacity (ORC) in recovery planning. The Guidelines establish a consistent framework for the determination of the ORC by institutions in their recovery plans and the respective assessment by competent authorities and aim at strengthening institutions' effective crisis preparedness.

Bank of England Prudential Regulation Authority

Consultation Paper: Margin requirements for non-centrally cleared derivatives: Amendments to BTS 2016/2251

July 18, 2023

A consultation paper (CP) setting out the Prudential Regulation Authority's (PRA) and Financial Conduct Authority's (FCA) proposal to extend the temporary exemptions for single-stock equity options and index options from the United Kingdom's bilateral margining requirements from January 4, 2024 until January 4, 2026. The CP also sets out the PRA's and the FCA's proposed approach to model pre-approval in relation to bilateral initial margin models.

Administration Changes

Vacancies

Board of Governors of the Federal Reserve System

  • Vice Chair – Vacant (Vice Chair Lael Brainard resigned effective on or around February 20, 2023)

Office of the Comptroller of the Currency

  • Comptroller – Vacant (Michael Hsu serves as Acting Comptroller)

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)

Financial Crimes Enforcement Network – Andrea Gacki (effective July 13, 2023)

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.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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