Daily Financial Regulation Update — Thursday, February 23, 2023

PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

Federal Reserve Board

Minutes of the Federal Open Market Committee, January 31-February 1, 2023

February 22, 2023

The Federal Reserve Board released the minutes of the Federal Open Market Committee meeting held January 31 – February 1, 2023.

Federal Reserve Bank of New York

Blog: How Much Can GSCPI Improvements Help Reduce Inflation?

February 22, 2023

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “How Much Can GSCPI Improvements Help Reduce Inflation?”

Federal Reserve Bank of Boston

Paper: Forecasting CPI Shelter under Falling Market-Rent Growth

February 22, 2023

The Federal Reserve Bank of Boston published a Current Policy Perspectives paper entitled, “Forecasting CPI Shelter under Falling Market-Rent Growth.”

Federal Deposit Insurance Corporation

Proposed Revisions to the Consolidated Reports of Condition and Income (Call Reports) and the FFIEC 002 Report

February 22, 2023

The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency, under the auspices of the Federal Financial Institutions Examination Council (FFIEC), published proposed regulatory reporting changes in the Federal Register for public comment. These proposed changes apply to all three versions of the Call Report (FFIEC 031, FFIEC 041, and FFIEC 051) and to the Report of Assets and Liabilities of U.S. Branches and Agencies of Foreign Banks (FFIEC 002), as applicable, and are proposed to take effect as of the June 30, 2023, report date.

Securities and Exchange Commission

Statement on the Final Rule on Extending Form 144 EDGAR Filing Hours and Celebrating the EDGAR System on its 30th Anniversary

February 22, 2023

Mark T. Uyeda, Commissioner of the Securities and Exchange Commission, issued a statement on the final rule extending Form 144 EDGAR filing hours and celebrating the EDGAR system on its 30^th anniversary.

Federal Housing Finance Agency

FHFA Announces Public Comment Period on Federal Home Loan Bank Members’ Community Support Performance

February 22, 2023

The Federal Housing Finance Agency (FHFA) announced that the FHFA will review all applicable Federal Home Loan Bank members in 2023 under FHFA’s community support program regulation.

International

Bank of England

Minutes of the Meeting of the Court of Directors held on 15 December 2022

February 22, 2023

The Bank of England Court of Directors released minutes from the meeting held on December 15, 2022.

Court minutes from 2020 that were previously redacted

February 22, 2023

The Bank of England Court of Directors released previously redacted information in minutes from meetings held in 2020.

Blog: What do we know about the demand for Bank of England reserves?

February 22, 2023

The Bank of England published a Bank Overground blog post entitled, “What do we know about the demand for Bank of England reserves?”

UK Financial Conduct Authority

Speech: Call of Duty: How putting customers front and centre will help industry innovate

February 22, 2023

UK Financial Conduct Authority Executive Director Sheldon Mills gave a speech entitled, “Call of Duty: How putting customers front and centre will help industry innovate.”

Administration Changes

Vacancies

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.