Daily Financial Regulation Update -- Saturday, May 27, 2023

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PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

Congress

U.S. House of Representatives

Committee on Financial Services

McHenry Sends Letter to Treasury Regarding Rumored Outbound Investment Executive Order

May 26, 2023

U.S. House Financial Services Committee Chairman Patrick McHenry (NC-10) sent a letter to Secretary of the Treasury Janet Yellen regarding Treasury's rumored Executive Order on outbound investment to China.

Federal Agencies

U.S. Department of the Treasury

Secretary of the Treasury Janet L. Yellen Sends Letter to Congressional Leadership on the Debt Limit

May 26, 2023

U.S. Secretary of the Treasury Janet L. Yellen sent a letter to all members of Congressional leadership regarding the debt limit.

Federal Reserve Board

Fed Communication, News, Twitter, and Echo Chambers

May 26, 2023

The Board of Governors of the Federal Reserve System (Federal Reserve) published a staff working paper entitled, "Fed Communication, News, Twitter, and Echo Chambers."

National Credit Union Administration

NCUA Board Member Rodney E. Hood's Remarks at Women in Housing and Finance Symposium in Washington, D.C.

May 26, 2023

National Credit Union Administration (NCUA) Board Member Rodney E. Hood gave remarks at the Women in Housing and Finance Symposium.

Ginnie Mae

Ginnie Mae Implements Additional Reporting and Feedback System (RFS) Loan Level Data Elements

May 26, 2023

Ginnie Mae announced the collection and incorporation of additional loan-level data elements in the Reporting and Feedback System investor reporting process in an All Participants Memorandum.

State Agencies

New York State Department of Financial Services

Statement of DFS Superintendent Harris Before the Standing Committee on Consumer Affairs and Protection and Standing Committee on Banks New York State Assembly

May 26, 2023

Department of Financial Services (DFS) Superintendent Adrienne A. Harris gave a statement before the New York State Assembly Standing Committee on Consumer Affairs and Protection and Standing Committee on Banks.

International

European Banking Authority

ESAs launch discussion on criteria for critical ICT third-party service providers and oversight fees

May 26, 2023

The European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) today published a joint Discussion Paper seeking stakeholders' input on aspects of the Digital Operational Resilience Act.

Bank of England
Bank of England Prudential Regulation Authority

UK Financial Conduct Authority

Joint statement from FCA, PRA and Bank of England on the government's proposed amendments to the CCP run-off regime

May 26, 2023

The Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Bank of England welcome HM Treasury's statement and the government's proposed amendments to the Financial Services and Markets Bill relating to the CCP run-off regime.

Bank of England

Paper: Revisiting the monetary transmission mechanism through an industry-level differential approach

May 26, 2023

The Bank of England published a staff working paper entitled, "Revisiting the monetary transmission mechanism through an industry-level differential approach."

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.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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