Major Developments
Federal Reserve Board announces the results from the review of the supervision and regulation of Silicon Valley Bank, led by Vice Chair for Supervision Barr
April 28, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) on Friday announced the results from the review of the supervision and regulation of Silicon Valley Bank.
GAO Releases Preliminary Review of Agency Actions Related to March 2023 Bank Failures
April 28, 2023
The U.S. Government Accountability Office released their preliminary review of agency actions related to the Silicon Valley Bank and Signature Bank failures.
FDIC Releases Report Detailing Supervision of the Former Signature Bank, New York, New York
April 28, 2023
The Federal Deposit Insurance Corporation (FDIC) released FDIC's Supervision of Signature Bank, an internal review evaluating the agency's supervision of Signature Bank, New York, New York, from 2017 until its failure in March 2023.
New York State Department of Financial Services Announces the Results from the Review of the Supervision and Closure of Signature Bank
April 28, 2023
New York State Department of Financial Services (DFS) released the DFS's internal review of the supervisory process and events leading to the closure of Signature Bank.
Congress
U.S. House of Representatives
Committee on Financial Services
Hearing: The Reauthorization of the National Flood Insurance Program: FEMA's Perspective
April 28, 2023
The U.S. House Committee on Financial Services Subcommittee on Housing and Insurance held a hearing entitled, "The Reauthorization of the National Flood Insurance Program: FEMA's Perspective."
Federal Agencies
U.S. Department of the Treasury
Report on Foreign Portfolio Holdings of U.S. Securities at End-June 2022
April 28, 2023
The U.S. Department of the Treasury released the final results of the annual survey of foreign portfolio holdings of U.S. securities at the end of June 2022.
G7 Enforcement Coordination Mechanism Deputies Meeting
April 27, 2023
Deputy Secretary Wally Adeyemo, Commerce Deputy Secretary Don Graves, and Vice Minister Masato Kanda of the Japanese Finance Ministry convened Deputies of the G7 Enforcement Coordination Mechanism to bolster the enforcement of multilateral sanctions and export controls aimed at denying Russia the inputs it needs to equip its military and the revenue necessary to fund its illegal war.
Treasury Department Convenes Roundtable to Discuss the American Rescue Plan's Historic Investments in Rental Assistance for AANHPI Communities
April 27, 2023
Chief Recovery Officer Jacob Leibenluft and Emergency Rental Assistance (ERA) Program Director Verónica Soto convened a virtual roundtable of tenants and local and national organizations to discuss the impact the American Rescue Plan's (ARP) ERA program has made on Asian American, Pacific Islander, and Native Hawaiian renters and communities.
Securities and Exchange Commission
SEC Reopens Comment Period for Proposed Rule Amendments to Modernize Beneficial Ownership Reporting
April 28, 2023
The Securities and Exchange Commission (SEC) reopened the comment period for its proposed amendments to modernize the rules governing beneficial ownership reporting, and the staff of the SEC's Division of Economic and Risk Analysis released a memorandum that provides supplemental data and analysis related to the proposed amendments' economic effects.
Speech: Tow Truck Taxonomies: Remarks before Eurofi
April 28, 2023
Securities and Exchange Commission (SEC) Commissioner Hester M. Peirce gave a speech at Eurofi entitled, "Tow Truck Taxonomies."
Consumer Financial Protection Bureau
CFPB Issues Rule to Facilitate Orderly Wind Down of LIBOR
April 28, 2023
The Consumer Financial Protection Bureau (CFPB) issued an interim final rule amending the agency's 2021 LIBOR transition rule.
Blog: Adjustable-rate loans are changing, because a widely-used interest rate index expires in June
April 28, 2023
The CFPB published a blog post entitled, "Adjustable-rate loans are changing, because a widely-used interest rate index expires in June."
State Agencies
California Department of Financial Protection and Innovation
The New Debt Collection Advisory Committee
April 28, 2023
The California Department of Financial Protection and Innovation announced the new Debt Collection Advisory Committee members for the 2023-2025 term.
International
European Banking Authority
EBA updates data on deposit guarantee schemes across the European Economic Area
April 28, 2023
The European Banking Authority published end-2022 data related to two key concepts and indicators in the Deposit Guarantee Schemes Directive, namely available financial means and covered deposits.
Bank of England
Exchange of letters between the Governor and the Chancellor on the Asset Purchase Facility - April 2023
April 28, 2023
Bank of England Governor Andrew Bailey and Chancellor of the Exchequer Jeremy Hunt exchanged letters regarding the Asset Purchase Facility.
Asset Purchase Facility Quarterly Report - 2023 Q1
April 28, 2023
The Bank of England released the Asset Purchase Facility Quarterly Report for Q1 2023.
Paper: Price formation in markets with trading delays
April 28, 2023
The Bank of England published a staff working paper entitled, "Price formation in markets with trading delays."
UK Financial Conduct Authority
OPBAS publishes report on legal and accountancy sector supervision
April 28, 2023
The Financial Conduct Authority Office for Professional Body Anti-Money Laundering Supervision published a report on findings that professional bodies are continuing to demonstrate good levels of compliance with money laundering regulations but improvements in how effectively they supervise have not been good enough.
DCRF Publishes 2023/24 Workplan and Annual Report
April 27, 2023
The Digital Regulator Co-operation Forum published its 2023/24 workplan and annual report.
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.
