Daily Financial Regulation Update — Wednesday, March 15, 2023

 

PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

Federal Deposit Insurance Corporation

Financial Institutions are Required to Meet Contractual Obligations with Bridge Banks established for Silicon Valley Bank and Signature Bank

March 14, 2023

The Federal Deposit Insurance Corporation issued Financial Institution Letter 10-2023 indicating that financial institutions are required to meet contractual obligations with bridge banks established to resolve Silicon Valley Bank and Signature Bank.

Federal Agencies

U.S. Department of the Treasury

On American Rescue Plan’s Second Anniversary, Treasury Releases New Data on Act’s Historic Investments in Economic Growth

March 14, 2023

To mark the second anniversary of the American Rescue Plan (ARP), the U.S Department of the Treasury released a report with new data illustrating the extent to which this funding supported both immediate pandemic recovery and long-term economic growth.

Remarks by Assistant Secretary for Economic Policy Ben Harris on the Russian Energy Price Cap at the American Enterprise Institute

March 14, 2023

Assistant Secretary for Economic Policy Ben Harris gave remarks on the Russian energy price cap at the American Enterprise Institute.

Board of Governors of the Federal Reserve System

Speech: Modernizing Traditional Banking

March 14, 2023

Federal Reserve Board Governors Bowman gave a speech entitled “The Innovation Imperative: Modernizing Traditional Banking” and the Independent Community Bankers of America ICBA Live 2023 Conference.

Consumer Financial Protection Bureau

 

Bringing tech enforcers together to protect consumers

March 14, 2023

The Consumer Financial Protection Bureau published a blog post entitled, “Bringing tech enforcers together to protect consumers.”

FINRA

Blog: Moving Forward: Anti-Money Laundering in 2023

March 14, 2023

FINRA published a blog post entitled, “Moving Forward: Anti-Money Laundering in 2023.”

U.S. Department of Labor

Consumer Price Index – February 2023

March 14, 2023

The U.S. Department of Labor Bureau of Labor Statistics released the Consumer Price Index report for February 2023.

Bank Policy Institute

Blog: Silicon Valley Bank Would Have Passed The Liquidity Coverage Ratio Requirement

March 14, 2023

The Bank Policy Institute published a blog post entitled, “Silicon Valley Bank Would Have Passed The Liquidity Coverage Ratio Requirement.”

BPI Statement on SVB and Signature Bank

March 13, 2023

The Bank Policy Institute released a statement on the failures of Silicon Valley Bank and Signature Bank.

International

Bank of England Prudential Regulation Authority

Consultation Paper: The non-performing exposures capital deduction

March 14, 2023

The Bank of England Prudential Regulation Authority published a consultation paper entitled, “The non-performing exposures capital deduction.”

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 Trade 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.

 

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