Major Developments
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Oversight of the Credit Reporting Agencies
April 27, 2023
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Oversight of the Credit Reporting Agencies."
Committee on Small Business and Entrepreneurship
Hearing: Oversight of SBA's Implementation of Final Rules to Expand Access to Capital
April 27, 2023
The U.S. Senate Committee on Small Business & Entrepreneurship held a hearing entitled, "Oversight of SBA's Implementation of Final Rules to Expand Access to Capital."
U.S. House of Representatives
Committee on Financial Services
Hearing: The Future of Digital Assets: Identifying the Regulatory Gaps in Digital Asset Market Structure
April 27, 2023
The U.S. House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion held a hearing entitled, "The Future of Digital Assets: Identifying the Regulatory Gaps in Digital Asset Market Structure."
Hearing: Oversight of the Financial Crimes Enforcement Network (FinCEN) and the Office of Terrorism and Financial Intelligence (TFI)
April 27, 2023
The U.S. House Committee on Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions held a hearing entitled, "Oversight of the Financial Crimes Enforcement Network (FinCEN) and the Office of Terrorism and Financial Intelligence (TFI)."
Federal Agencies
U.S. Department of the Treasury
Treasury Department Convenes Roundtable Discussion on Inflation Reduction Act Incentives for Underserved Communities
April 27, 2023
Deputy Secretary of the Treasury Wally Adeyemo led the next in a series of roundtable discussions with nearly 40 small climate businesses and nonprofit developers in the clean energy industry on how the Low-Income Communities Bonus Credit Program will incentivize investment in underserved communities, and ensure all Americans benefit from the growth of the clean energy economy.
Remarks by Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg at Media Engagement in Astana, Kazakhstan
April 27, 2023
Assistant Secretary for Terrorist Financial and Financial Crimes Elizabeth Rosenberg gave remarks at media engagement in Astana, Kazakhstan.
Federal Reserve Board
Inspector General Letter on S. 915, a Bill Regarding Presidential Appointment and Senate Confirmation of the Inspector General for the Board and the CFPB
April 27, 2023
Board of Governors of the Federal Reserve System (Federal Reserve) and Consumer Financial Protection Bureau (CFPB) Inspector General Mark Bialek sent a letter to Senator Rick Scott regarding S. 915, a bill that would require presidential appointment and Senate confirmation of the inspector general for the Federal Reserve and CFPB.
Federal Reserve Bank of New York
New York Fed to Co-Host Research Conference on Financial Intermediation
April 27, 2023
On Friday, May 5, the Federal Reserve Bank of New York and the Salomon Center of New York University's Leonard N. Stern School of Business will host a research conference to enhance the interaction among researchers interested in financial intermediation.
Federal Deposit Insurance Corporation
Securities Transaction Settlement Cycle
April 27, 2023
The Federal Deposit Insurance Corporation (FDIC) sent a Financial Institution Letter on the securities transaction settlement cycle.
Consumer Financial Protection Bureau
Blog: Credit reporting companies should do more to ensure that servicemembers receive the free credit monitoring services they are legally entitled to
April 27, 2023
The CFPB published a blog post entitled, "Credit reporting companies should do more to ensure that servicemembers receive the free credit monitoring services they are legally entitled to."
FINRA
Information Notice: March 2023 Options Disclosure Document
April 27, 2023
Financial Industry Regulatory Authority (FINRA) is advising member firms that the Options Clearing Corporation has issued the March 2023 Options Disclosure Document.
International
European Commission
Commission and EIB announce funds worth €18 billion to boost investments in climate action and sustainable economies
April 27, 2023
The European Commission and the European Investment Bank have announced €18 billion of financing under Global Gateway, Europe's investment strategy for partner countries.
European Banking Authority
EBA updates on the definition of a large decline of net interest income in relation to the interest rate risk in the banking book
April 27, 2023
The European Banking Authority published an Opinion in response to the EU Commission's amendments relating to the draft Regulatory Technical Standards on the supervisory outlier tests specifying technical aspects of the revised framework on interest rate risks for banking book positions.
Bank of England
Speech: Investing in financial stability
April 27, 2023
Bank of England Executive Director for Financial Stability Strategy and Risk Sarah Breeden gave a speech at the Insolvency Practitioners Association annual conference entitled, "Investing in financial stability."
Speech: Moderation in all things
April 27, 2023
Bank of England Executive Director for Insurance Supervision Charlotte Gerken gave a speech at the 20th Annual Conference on Bulk Annuities entitled, "Moderation in all things."
Jonathan Hall's CV and questionnaire for the Treasury Select Committee
April 27, 2023
The Treasury Committee has endorsed the reappointment of Jonathan Hall as an external member of the Bank of England's Financial Policy Committee, publishing his CV and written questionnaire to MPs.
Bank of England Prudential Regulation Authority
Occasional consultation paper – April 2023
April 27, 2023
The Bank of England Prudential Regulation Authority published an occasional consultation paper for April 2023.
UK Financial Conduct Authority
Speech: A credit market that delivers for consumers
April 27, 2023
Financial Conduct Authority Director of Consumer Finance Roma Pearson gave a speech at Credit Summit 2023 entitled, "A credit market that delivers for consumers."
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.
