Blog: Daily Financial Regulation Update — Saturday, January 14, 2023 – Lexology

PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

U.S. Department of the Treasury

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

January 13, 2023

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

UK-US Financial Regulatory Working Group December 2022 Joint Statement

January 13, 2023

The UK-U.S. Financial Regulatory Working Group issued a joint statement following the seventh official meeting which took place on 14 December 2022 in London.

Federal Reserve Board

Federal Reserve Board announces Reserve Bank income and expense data and transfers to the Treasury for 2022

January 13, 2023

The Federal Reserve Board announced preliminary financial information indicating that the Federal Reserve Banks had estimated net income of $58.4 billion in 2022.

Federal Reserve Board releases results of survey of senior financial officers at banks about their strategies and practices for managing reserve balances

January 13, 2023

The Federal Reserve Board released results of a survey of senior financial officers at banks about their strategies and practices for managing reserve balances.

Federal Reserve Bank of New York

U.S. Economy in a Snapshot – January 2023

January 13, 2023

The Federal Reserve Bank of New York posted the U.S. Economy in a Snapshot for January 2023.

Financial Crimes Enforcement Network

FinCEN Issues Alert on Human Smuggling Along the Southwest Border of the United States

January 13, 2023

The Financial Crimes Enforcement Network (FinCEN) issued an alert to better support financial institutions in detecting financial activity related to human smuggling along the southwest border of the United States.

FinCEN Requests Comments on the Proposed Application that Individuals Will Use to Obtain a FinCEN Identifier in Connection with the Beneficial Ownership Information Reporting Requirements

January 13, 2023

The Financial Crimes Enforcement Network (FinCEN) is seeking comments to the application that FinCEN proposes to require individuals to use to obtain a FinCEN identifier, as set out in the Beneficial Ownership Information Reporting Requirements final rule.

FinCEN Requests Comments on the Proposed Report to Collect Beneficial Ownership Information from Reporting Companies

January 13, 2023

The Financial Crimes Enforcement Network (FinCEN) is seeking comment on the mechanism that FinCEN proposes to use to collect beneficial ownership information from reporting companies as set out in the Beneficial Ownership Information Reporting Requirements final rule.

FINRA

Proposed Rule Change to Amend the Codes of Arbitration Procedure

January 13, 2023

FINRA is proposing a rule change to amend the Codes of Arbitration Procedure to make various clarifying and technical changes to the Codes, including in response to recommendations in the report of independent counsel Lowenstein Sandler LLP.

Federal Housing Finance Agency

Supplemental Guidance to Advisory Bulletin 2017-02 – Information Security Management

January 13, 2023

The Federal Housing Finance Agency is issuing this Advisory Bulletin (AB) as supplemental guidance to FHFA AB 2017-02: Information Security Management, published on September 28, 2017.

Fannie Mae

Fannie Mae Shares Further Details on the LIBOR Transition

January 13, 2023

Fannie Mae reminded the market that it will transition its legacy LIBOR loans and securities to the Secured Overnight Financing Rate (SOFR) indexed benchmark replacements recommended by the Federal Reserve Board.

Freddie Mac

Freddie Mac Announces Additional Details Regarding the LIBOR Transition

January 13, 2023

Freddie Mac reiterated that it will transition its legacy U.S. dollar (USD) LIBOR-indexed contracts to an index based on the Secured Overnight Financing Rate (SOFR) for loans and securities for which Freddie Mac is responsible for selecting the replacement index.

Ginnie Mae

Ginnie Mae Releases 2022 Annual Report

January 13, 2023

Ginnie Mae released its Annual Report for 2022.

International

European Banking Authority

The liquidity coverage ratio of EU banks declined in the first half of 2022 but is still well above the minimum requirement

January 13, 2023

The European Banking Authority published its report on liquidity measures, which monitors and evaluates the liquidity coverage requirements currently in place in the EU.

Bank of England

Paper: Useful, usable, and used? Buffer usability during the Covid-19 crisis

January 13, 2023

The Bank of England published a staff working paper entitled, “Useful, usable, and used? Buffer usability during the Covid-19 crisis.”

Paper: Nonbank lenders as global shock absorbers: evidence from US monetary policy spillovers

January 13, 2023

The Bank of England published a staff working paper entitled, “Nonbank lenders as global shock absorbers: evidence from US monetary policy spillovers.”

Minutes of Money Market Committee meeting – December 2022

January 13, 2023

The Bank of England released the minutes of the Money Market Committee meeting held December 6, 2022.

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)

  • Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
  • Vice Chair Lael Brainard (sworn in May 23, 2022)
  • Governor Phillip N Jefferson (sworn in May 23, 2022)
  • Governor Lisa D. Cook (sworn in 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)

  • 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)

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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