Congress
U.S. House of Representatives
Committee on Financial Services
HEARING NOTICE: Subcommittee on National Security, Illicit Finance, and International Financial Institutions
July 11, 2023
The U.S. House Financial Services Committee announced the following hearing:
National Security, Illicit Finance, and International Financial Institutions Subcommittee Hearing Entitled: "Potential Consequences of FinCEN's Beneficial Ownership Rulemaking"
Time: 2:00 PM ET
Date: Tuesday, July 18, 2023
Place: 2128 Rayburn House Office Building
HEARING NOTICE: Subcommittees on Capital Markets and Financial Institutions & Monetary Policy
July 11, 2023
The U.S. House Financial Services Committee announced the following hearings:
Capital Markets Subcommittee Hearing Entitled: "Oversight of the SEC's Division of Corporation Finance"
Time: 10:00 AM ET
Date: Tuesday, July 18, 2023
Place: 2128 Rayburn House Office Building
Financial Institutions and Monetary Policy Subcommittee Hearing Entitled: "Climate-Risk: Are Financial Regulators Politically Independent?"
Time: 10:00 AM ET
Date: Tuesday, July 18, 2023
Place: 2220 Rayburn House Office Building
Federal Agencies
Federal Reserve Board
Minutes of the Board's discount rate meetings from May 22 through June 14, 2023
July 11, 2023
The Board of Goverors of the Federal Reserve System (Federal Reserve) released the minutes from its recent meetings to review and determine the discount rates provided to depository institutions through the discount window. Today's minutes cover the Board meetings that occurred from May 22 through June 14.
Federal Deposit Insurance Corporation
Money Smart Newsletter – July 2023
July 11, 2023
The Federal Deposit Insurance Corporation (FDIC) released the Money Smart Newsletter for July 2023.
Commodity Futures Trading Commission
CFTC Staff Extends Temporary No-Action Letter Regarding Certain Financial Reporting Requirements for Bank Swap Dealers
July 11, 2023
The Commodity Futures Trading Commission's (CFTC) Market Participants Division issued a temporary no-action letter extending CFTC Staff Letter No. 21-18 concerning financial reporting obligations for swap dealers (SDs) subject to capital requirements of a prudential regulator (bank SDs) under the CFTC's SD financial reporting rules.
Statement of Commissioner Caroline D. Pham Regarding the TW SEF MAT Determinations of USD SOFR and GBP SONIA Overnight Index Swaps
July 11, 2023
Commodity Futures Trading Commission (CFTC) Commissioner Caroline D. Pham issued a statement regarding TW SEF MAT determinations of USD SOFR and GDP SONIA overnight index swaps.
Consumer Financial Protection Bureau
Prepared Remarks of Director Rohit Chopra for the CFPB Hearing on Medical Billing and Collections
July 11, 2023
Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra gave remarks at the CFPB hearing on medical billing and collections.
International
European Banking Authority
Supervisors of banks are making progress in the fight against financial crime, the EBA finds
July 11, 2023
The European Banking Authority published the findings from its 2022 review of competent authorities' approaches to tackling money laundering and terrorist financing (ML/TF) risks in the banking sector.
UK Financial Conduct Authority
The Financial Conduct Authority continues crackdown on unregistered crypto ATMs in the UK
July 11, 2023
Since the start of 2023, the Financial Conduct Authority has visited and inspected 34 locations across the UK suspected of hosting crypto ATMs.
Review: Investment pathways: Post-implementation review
July 11, 2023
The Financial Conduct Authority released a multi-firm review entitled, "Investment pathways: Post-implementation review."
Feedback Statement: Government-regulator response to 'Value for Money: A framework on metrics, standards and disclosures'
July 11, 2023
The Financial Conduct Authority published a feedback statement entitled, "Government-regulator response to 'Value for Money: A framework on metrics, standards and disclosures'."
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.