Major Developments
Departments of Justice, Commerce, and Treasury Issue Joint Compliance Note on Voluntary Self-Disclosure Of Potential Violations
July 26, 2023
The Department of Justice, Department of Commerce's Bureau of Industry and Security (BIS), and the Department of the Treasury's Office of Foreign Assets Control (OFAC) issued a joint compliance note focusing on the voluntary self-disclosure policies that apply to U.S. sanctions, export controls, and other national security laws, including recent updates to certain of those policies.
Congress
U.S. House of Representatives
Committee on Financial Services
Committee Holds Markup of Financial Assets Ecosystem Legislation
July 26, 2023
The U.S. House Committee on Financial Services held a markup on the following legislation:
H.R. 4763, the Financial Innovation and Technology for the 21st Century Act
H.R. 1747, the Blockchain Regulatory Certainty Act
H.R. 3244, the Stop Fentanyl Money Laundering Act of 2023
H.R. 4768, the No Russian Agriculture Act
H.R. 4765, the Exposing China's Support for the Taliban Act
H.R. 2969, the Financial Technology Protection Act of 2023
Committee on Small Business
Committee on Small Business Holds Hearing on Challenges Facing Rural Small Businesses
July 26, 2023
The U.S. House Committee on Small Business held a hearing entitled, "Rural Entrepreneurship: Examining the Challenges and the State of Rural Small Businesses."
Federal Agencies
U.S. Department of the Treasury
Testimony of Under Secretary for International Affairs Jay C. Shambaugh Before the Committee on Foreign Relations, U.S. Senate addressing Economic Coercion and increasing U.S. Competitiveness
July 26, 2023
Treasury's Under Secretary for International Affairs Jay C. Shambaugh testified at a hearing before the U.S. Senate Committee on Foreign Relations.
Remarks By Assistant Secretary for Financial Institutions Graham Steele at the Americans for Financial Reform Education Fund regarding Lessons from SVB
July 25, 2023
Assistant Secretary for Financial Institutions Graham Steele gave remarks at the Americans for Financial Reform Education Fund.
Federal Reserve Board
Federal Reserve issues FOMC statement
July 26, 2023
The Board of Governors of the Federal Reserve Systems Federal Open Market Committee issued a statement announcing the unanimous vote to raise the interest rate paid on reserve balances by 25 bps to 5.4 percent.
Conference of State Bank Supervisors
Blog: Worse Than Dismal: Community Banker Sentiment at Another Record Low
July 26, 2023
The Conference of State Bank Supervisors published a blog post entitled, "Worse Than Dismal: Community Banker Sentiment at Another Record Low."
Securities and Exchange Commission
SEC Proposes Reforms Relating to Investment Advisers Operating Exclusively Through the Internet
July 26, 2023
The Securities and Exchange Commission (SEC) proposed amendments to the rule permitting certain investment advisers that provide investment advisory services through the internet to register with the Commission.
SEC Proposes New Requirements to Address Risks to Investors From Conflicts of Interest Associated With the Use of Predictive Data Analytics by Broker-Dealers and Investment Advisers
July 26, 2023
The SEC proposed new rules that would require broker-dealers and investment advisers (collectively, "firms") to take certain steps to address conflicts of interest associated with their use of predictive data analytics and similar technologies to interact with investors to prevent firms from placing their interests ahead of investors' interests.
SEC Adopts Rules on Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure by Public Companies
July 26, 2023
The SEC adopted rules requiring registrants to disclose material cybersecurity incidents they experience and to disclose on an annual basis material information regarding their cybersecurity risk management, strategy, and governance.
Remarks at the SEC/DFI/NASAA Joint Public Roundtable
July 25, 2023
Securities and Exchange Commission Commissioner Mark T. Uyeda gave remarks at the SEC/DFI/NASAA Joint Public Roundtable.
Commodity Futures Trading Commission
CFTC Holds Open Meeting, Approves Four Regulations
July 26, 2023
The Commodity Futures Trading Commission held an open meeting on Wednesday, July 26, where it considered and approved the following:
i) Final Rule: Reporting and Information Requirements for Derivatives Clearing Organizations
ii) Proposed Rule: Swap Confirmation Requirements for Swap Execution Facilities
iii) Proposed Rule: Amendments to Provisions Common to Registered Entities
iv) Proposed Rule: Amendments to Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants (Seeded Funds and Money Market Funds)
Consumer Financial Protection Bureau
CFPB Exams Find Unfair, Deceptive, and Abusive Practices Across a Wide Array of Consumer Financial Product Lines
July 26, 2023
The Consumer Financial Protection Bureau (CFPB) released a new Supervisory Highlights report which found unfair, deceptive, and abusive acts or practices across many consumer financial products.
Blog: Looking at credit scores only tells part of the story – cashflow data may tell another part
July 26, 2023
The CFPB published a blog post entitled, "Looking at credit scores only tells part of the story – cashflow data may tell another part."
Federal Housing Finance Agency
Working Paper: How Do Students Value an Elite Education? Evidence on Residential Location and Applications to NYC Specialized Schools
July 26, 2023
The Federal Housing Finance Agency published a working paper entitled, "How Do Students Value an Elite Education? Evidence on Residential Location and Applications to NYC Specialized Schools."
International
European Banking Authority
The EBA consults on Guidelines on the establishment of national lists or registers of credit services
July 26, 2023
The European Banking Authority launched a public consultation on its draft Guidelines on the establishment and maintenance of national lists or registers of credit servicers under Directive 2021/2167.
Bank of England Prudential Regulation Authority
Policy Statement: Credit Unions: Changes to the regulatory regime
July 26, 2023
The Prudential Regulation Authority published a policy statement entitled, "Credit Unions: Changes to the regulatory regime."
Supervisory Statement: Supervising credit unions
July 26, 2023
The Prudential Regulation Authority published a supervisory statement entitled, "Supervising credit unions."
UK Financial Conduct Authority
Financial Lives survey highlights importance of the FCA's Consumer Duty
July 26, 2023
The Financial Conduct Authority released its latest Financial Lives survey.
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)
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.
