Congress
U.S. Senate
Hearing: Bank Mergers and the Economic Impacts of Consolidation
July 12, 2023
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Bank Mergers and the Economic Impacts of Consolidation."
U.S. House of Representatives
Committee on Financial Services
Hearing: Protecting Investor Interests: Examining Environmental and Social Policy in Financial Regulation
July 12, 2023
The U.S. House Committee on Financial Services held a hearing entitled, "Protecting Investor Interests: Examining Environmental and Social Policy in Financial Regulation."
Federal Agencies
U.S. Department of the Treasury
Deputy Secretary of the Treasury Wally Adeyemo Meets with Counterparts in Germany
July 12, 2023
Deputy Secretary of the Treasury Wally Adeyemo traveled to Germany to meet with government counterparts and business leaders to discuss joint efforts to respond to Russia's illegal invasion of Ukraine and combat sanctions evasion and to discuss opportunities to build secure and resilient clean energy supply chains and enhance energy security in the U.S. and Europe.
Federal Reserve Board
Beige Book – July 2023
July 12, 2023
The Federal Reserve released the Beige Book for July 2023.
Federal Reserve Bank of New York
Underlying Inflation Gauge – July 2023
July 12, 2023
The Federal Reserve Bank of New York released the July 2023 Underlying Inflation Gauge (UIG) with data from June 2023.
Blog: Runs on Stablecoins
July 12, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Runs on Stablecoins."
Federal Reserve Bank of Boston
Policy Brief: Retirement for early educators: Challenges and possibilities
July 12, 2023
The Federal Reserve Bank of Boston published a policy brief entitled, "Retirement for early educators: Challenges and possibilities."
Securities and Exchange Commission
SEC Adopts Money Market Fund Reforms and Amendments to Form PF Reporting Requirements for Large Liquidity Fund Advisers
July 12, 2023
The Securities and Exchange Commission (SEC) adopted amendments to certain rules that govern money market funds under the Investment Company Act of 1940.
SEC Proposes Rule Amendments to the Broker-Dealer Customer Protection Rule
July 12, 2023
The SEC amendments to Rule 15c3-3 (the Customer Protection Rule) to require certain broker-dealers to increase the frequency with which they perform computations of the net cash they owe to customers and other broker-dealers (known as PAB account holders) from weekly to daily.
Consumer Financial Protection Bureau
Blog: Ensuring consumers receive critical lending protections
July 12, 2023
The Consumer Financial Protection Bureau published a blog post entitled, "Ensuring consumers receive critical lending protections."
Financial Crimes Enforcement Network
FinCEN Exchange in San Antonio Brings Together Public and Private Stakeholders to Combat Fentanyl Trafficking and Human Smuggling
July 12, 2023
The Financial Crimes Enforcement Network (FinCEN) convened a FinCEN Exchange today in San Antonio, Texas, focused on combating illicit financial transactions related to fentanyl trafficking and human smuggling.
FINRA
Investor Insights: Know the Facts About Direct Registered Shares
July 12, 2023
FINRA published an Investor Insights alert entitled, "Know the Facts About Direct Registered Shares."
International
European Banking Authority
EBA encourages timely preparatory steps towards the application of MiCAR to asset-referenced and electronic money tokens
July 12, 2023
The European Banking Authority published a statement for the attention of financial institutions and other undertakings who intend to commence, or have commenced, asset-referenced token (ART) or electronic money token (EMT) activities prior to 30 June 2024 (the application date for the relevant provisions of the Markets in Crypto-assets Regulation - MiCAR) and for competent authorities.
EBA consults on draft technical standards on EU market access of issuers of asset-referenced tokens under the Markets in Crypto-Assets Regulation
July 12, 2023
The European Banking Authority consulted on two sets of draft regulatory technical standards (RTS) and one set of implementing technical standards (ITS) relating to the authorisation as issuer of asset-referenced tokens (ARTs) and the assessment of acquisition of qualifying holdings in issuers of ARTs under the Markets in Crypto-assets Regulation (MiCAR).
EBA consults on draft technical standards on complaints handling procedures under the Markets in Crypto-Assets Regulation
July 12, 2023
The European Banking Authority published a Consultation Paper on draft regulatory technical standards (RTS) on complaints handling procedures for issuers of asset-referenced tokens (ARTs) under the Markets in Crypto-Assets Regulation (MiCAR).
Bank of England
Financial Stability Report - July 2023
July 12, 2023
The Bank of England published its Financial Stability Report for July 2023.
Stress testing the UK banking system: 2022/23 Annual Cyclical Scenario results
July 12, 2023
The Bank of England released the results of the 2022/23 annual cyclical scenario stress test.
Financial Stability in Focus: Interest rate risk in the economy and financial system
July 12, 2023
The Bank of England published the Financial Stability in Focus report which sets out where risks from higher interest rates sit within the UK economy and financial system.
Policy Statement: The Financial Policy Committee's approach to setting the countercyclical capital buffer
July 12, 2023
The Bank of England published a policy statement entitled, "The Financial Policy Committee's approach to setting the countercyclical capital buffer."
UK Financial Conduct Authority
Speech: Our emerging regulatory approach to Big Tech and Artificial Intelligence
July 12, 2023
Financial Conduct Authority Chief Executive Nikhil Rathi gave a speech at The Economist entitled, "Our emerging regulatory approach to Big Tech and Artificial Intelligence."
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.
