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

• Press Release

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

• Press Release

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.

• Minutes
• Press Release

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.

• Newsletter

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.

• Letter
• Press Release

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.

• Statement

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.

• Remarks

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.

• Report
• Press Release

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.

• Press Release

Review: Investment pathways: Post-implementation review

July 11, 2023

The Financial Conduct Authority released a multi-firm review entitled, "Investment pathways: Post-implementation review."

• 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'."

• Feedback Statement
• Summary

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 Phillip N Jefferson (nominated May 12, 2023)
• 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 Lisa D. Cook (sworn in May 23, 2022)
• Governor Adriana Kugler (nominated May 12, 2023)
• Federal Reserve announces appointment of Joshua Gallin as Secretary of the Federal Open Market Committee (February 2, 2023)
• President Biden nominates Dr. Philip Jefferson for Vice Chair and Dr. Adriana Kugler to serve as a Member on the Federal Reserve Board, and renominates Dr. Lisa Cook for an additional full term as Member (May 12, 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)
• Cali Brooks and Miguel Soto-Class appointed to Federal Reserve Bank of New York Community Advisory Board (April 4, 2023)
• Federal Reserve Bank of New York names Mihaela Nistor as Chief Risk Officer and Head of the Risk Group (May 31, 2023)
• Federal Reserve Bank of New York names Beverly Hirtle as Research Advisor and begins search for new Director of Research (June 6, 2023)
• Aisha Benson appointed to the Federal Reserve Bank of New York Community Advisory Group (June 20, 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 Reserve Bank of Boston announces new external advisory council members (April 10, 2023)
• Federal Reserve Bank of Boston names Egon Zakrajšek as Director of Economic Research (May 17, 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)
• FDIC names three bankers to Minority Depository Institutions Subcommittee (May 25, 2023)
• FDIC names eight new members to Advisory Committee on Community Banking (May 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)
• SEC appoints Deborah J. Jeffrey as Inspector General (April 17, 2023)
• Eric R. Werner named Director of Fort Worth Regional Office (April 25, 2023)

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

• Commissioner Pham announces members of the CFTC's Global Markets Advisory Committee (January 12, 2023)
• Commissioner Pham announces additional staff appointment (February 7, 2023)
• Chairman Behnam announces veteran Federal prosecutor Ian McGinley as Enforcement Director (February 28, 2023)
• Commissioner Goldsmith Romero announces Yevgeny Shrago as Senior Counsel and Policy Advisor (April 14, 2023)
• CFTC appoints Jeffrey Sutton as Executive Director (April 18, 2023)
• Commissioner Goldsmith Romero announces Scott Lee as Senior Counsel and Policy Advisor (July 11, 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)

• Senate confirms Dilwar Syed as Deputy Administrator for the U.S. Small Business Administration (June 8, 2023)
• Dilawar Syed sworn in as Deputy Administrator of the U.S. Small Business Administration (July 11, 2023)

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.