Major Developments

Office of Financial Research

Paper: Digital Currency and Banking-Sector Stability

March 22, 2023

The Office of Financial Research published a working paper entitled, "Digital Currency and Banking-Sector Stability."

• Paper
• Blog

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Scott Delivers Remarks to the American Bankers Association

March 22, 2023

U.S. Senator Tim Scott (R-S.C.), Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, delivered remarks to the American Bankers Association at a summit in Washington, D.C.

• Remarks/Video

Hearing on Silicon Valley Bank Collapse on March 28, 2023

March 21, 2023

Sen. Sherrod Brown (D-OH), Chair of the Senate Committee on Banking, Housing, and Urban Affairs, announced the first of several hearings on the collapse of Silicon Valley Bank and Signature Bank to be held March 28.

• Press Release

Federal Agencies

U.S. Department of the Treasury

Testimony of Secretary of the Treasury Janet L. Yellen Before the Financial Services and General Government Subcommittee, U.S. Senate

March 22, 2023

Secretary of the Treasury Janet L. Yellen testified before the U.S. Senate Financial Services and General Government Subcommittee.

• Testimony

At Low Income Housing Forum, Deputy Secretary Adeyemo Announces Nearly 10.8 Million Emergency Rental Assistance Program Payments to Families at Risk of Eviction

March 22, 2023

During remarks at the National Low Income Housing Coalition's 2023 Housing Policy Forum, Deputy Secretary of the Treasury Wally Adeyemo announced new data from the U.S. Department of the Treasury showing nearly 10.8 million Emergency Rental Assistance (ERA) payments made through December 31, 2022. Alongside the data, the Department of the Treasury released a new blog detailing how ERA had expanded reach to tenants in need while building long-term eviction prevention infrastructure.

• Press Release
• Blog

Federal Deposit Insurance Corporation

The Federal Deposit Insurance Corporation (FDIC) released the Purchase and Assumption agreement with Flagstar Bank, N.A. with respect to its purchase of the assets and liabilities of Signature Bridge Bank, National Association.

Agreement

Federal Reserve Board

Federal Reserve issues FOMC statement

March 22, 2023

The Board of Governors of the Federal Reserve System (Federal Reserve) issued a Federal Open Market Committee statement announcing the Committee's intention to raise the target range for the Federal funds rate to 4-3/4 to 5 percent.

• Statement
• Implementation Note

Federal Reserve Board and Federal Open Market Committee release economic projections from the March 21-22 FOMC meeting

March 22, 2023

The Federal Reserve and Federal Open Market Committee released tables and charts that summarize the economic projections made by Federal Open Market Committee participants in conjunction with the March 21-22 meeting.

• Projections

Securities and Exchange Commission

SEC Proposes to Modernize the Submission of Certain Forms, Filings, and Materials Under the Securities Exchange Act of 1934

March 22, 2023

The Securities and Exchange Commission (SEC) proposed amendments designed to modernize its information collection and analysis methods by, among other things, proposing that a number of filings be submitted to the SEC electronically on EDGAR using structured data where appropriate.

• Proposed Rule
• Fact Sheet
• Press Release
• Chair Gensler Statement
• Commissioner Crenshaw Statement
• Commissioner Lizarraga Statement
• Commissioner Peirce Statement
• Commissioner Uyeda Statement

Commodity Futures Trading Commission

Commissioners Give Opening Statements at the Technology Advisory Committee on DeFi, Responsible Artificial Intelligence, Cloud Technology & Cyber Resilience

March 22, 2023

Commodity Futures Trading Commission (CFTC) Commissioners Christy Goldsmith Romero, Summer K. Mersinger, and Caroline D. Pham gave opening statements at a meeting of the Technology Advisory Committee on DeFi, Responsible Artificial Intelligence, Cloud Technology & Cyber Resilience.

• Commissioner Romero Statement
• Commissioner Mersinger Statement
• Commissioner Pham Statement

Opening Statement of Commissioner Summer K. Mersinger Before the Technology Advisory Committee

March 22, 2023

CFTC Commissioner Summer K. Mersinger gave an opening statement at a meeting of the Technology Advisory Committee on DeFi, Responsible Artificial Intelligence, Cloud Technology & Cyber Resilience.

• Statement

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)

• Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
• Governor Michelle W. Bowman (sworn in November 26, 2018)
• Governor Christopher J. Waller (sworn in December 18, 2020)
• Governor Phillip N Jefferson (sworn in May 23, 2022)
• Governor Lisa D. Cook (sworn in May 23, 2022)
• Federal Reserve Board announces appointment of Joshua Gallin as Secretary of the Federal Open Market Committee (February 2, 2023)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

• Vincent Alvarez designated Chair of Federal Reserve Bank of New York Board of Directors; Rosa Gil designated Deputy Chair (January 10, 2023)
• Pat Wang appointed as a Class C Director to Federal Reserve Bank of New York Board of Directors (January 10, 2023)
• Federal Reserve Bank of New York names Roberto Perli SOMA Manager (February 2, 2023)

Federal Reserve Bank of Boston – Susan M. Collins (effective July 1, 2022)

• Federal Reserve Bank of Boston announces 2023 Board of Directors (January 10, 2023)

Federal Deposit Insurance Corporation – Martin Gruenberg (effective January 5, 2023)

• Vice Chairman Travis Hill (sworn in January 5, 2023)
• Director Jonathan McKernan (sworn in January 5, 2023)
• Director Michael Hsu (Acting Comptroller of the Currency)
• Director Rohit Chopra (Director of Consumer Financial Protection Bureau)
• FDIC announces senior leadership changes in Division of Risk Management Supervision (January 26, 2023)

Office of the Comptroller of the Currency – Michael Hsu (acting Comptroller, effective May 10, 2021)

• OCC announces Deputy Comptroller for Systemic Risk Identification and Support (January 11, 2023)
• Kristen Baldwin named OCC Chief Information Officer (February 8, 2023)

Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)

• SEC announces appointment of Cristina Martin Firvida as Investor Advocate (January 10, 2023)
• Paul Munter named Chief Accountant (January 11, 2023)
• Erik Gerding named Director of Division of Corporation Finance (January 13, 2023)
• Silvestre Fontes named Director of Boston Regional Office (January 25, 2023)
• Cicely LaMothe named Deputy Director, Disclosure Operations, for the Division of Corporation Finance (February 14, 2023)

Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)

• Commissioner Pham announces members of the CFTC's Global Markets Advisory Committee (January 12, 2023)
• CFTC Commissioner Pham announces additional Staff Appointment (February 7, 2023)
• Chairman Behnam announces veteran Federal prosecutor Ian McGinley as Enforcement Director (February 28, 2023)

Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)

• CFPB announces appointments of New Advisory Committee Members (March 1, 2023)

National Credit Union Administration – Todd M. Harper (effective January 20, 2021)

• Cory Phariss named new AMAC President (February 9, 2023)

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.