Blog: Daily Financial Regulation Update — Thursday, January 19, 2023 … – JD Supra

Major Developments

FinCEN Identifies Virtual Currency Exchange Bitzlato as a “Primary Money Laundering Concern” in Connection with Russian Illicit Finance

January 18, 2023

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an order that identifies the virtual currency exchange Bitzlato Limited (Bitzlato) as a “primary money laundering concern” in connection with Russian illicit finance.

Federal Agencies

U.S. Department of the Treasury

Treasury International Capital Data for November

January 18, 2023

The U.S. Department of the Treasury released Treasury International Capital (TIC) data for November 2022. =

Remarks by Secretary of the Treasury Janet L. Yellen at Bilateral Meeting with People’s Republic of China Vice Premier Liu He

January 18, 2023

The U.S. Secretary of the Treasury Janet L. Yellen gave remarks at a bilateral meeting with People’s Republic of China Vice Premier Liu He.

Federal Reserve Board

Beige Book – January 2023

January 18, 2023

The Federal Reserve Board published the Beige Book for January 2023.

Paper: Beyond “Horizontal” and “Vertical”: The Welfare Effects of Complex Integration

January 18, 2023

The Federal Reserve Board published a working paper entitled, “Beyond ‘Horizontal’ and ‘Vertical’: The Welfare Effects of Complex Integration.”

Data: Industrial Production and Capacity Utilization – G.17

January 18, 2023

The Federal Reserve Board released the G.17 industrial production and capacity utilization data for December 2022.

Federal Reserve Bank of New York

Business Leaders Survey – January, 2023

January 18, 2023

The Federal Reserve Bank of New York released the results of the January 2023 Business Leaders Survey.

Blog: Inflation Disparities by Race and Income Narrow

January 18, 2023

The Federal Reserve Bank of New York published a blog post in the Liberty Street Economics “Economic Inequality Series: Inflation Disparities” entitled, “Inflation Disparities by Race and Income Narrow.”

Blog: Young, Less Educated Faced Higher Inflation in 2021—But Gaps Now Closed

January 18, 2023

The Federal Reserve Bank of New York published a blog post in the Liberty Street Economics “Economic Inequality Series: Inflation Disparities” entitled, “Young, Less Educated Faced Higher Inflation in 2021—But Gaps Now Closed.”

Blog: Rural Households Hit Hardest by Inflation in 2021-22

January 18, 2023

The Federal Reserve Bank of New York published a blog post in the Liberty Street Economics “Economic Inequality Series: Inflation Disparities” entitled, “Rural Households Hit Hardest by Inflation in 2021-22”

Federal Reserve Bank of Boston

New report: Buprenorphine treatment may improve job-finding rates of people with opioid use disorder

January 18, 2023

The Federal Reserve Bank of Boston staff published a report entitled, “Can Treatment with Medications for Opioid Use Disorder Improve Employment Prospects? Evidence from Rhode Island Medicaid Enrollees.”

Conference of State Bank Supervisors

CBSI: Community Bankers Expect a Challenging 2023

January 18, 2023

The Conference of State Bank Supervisors released the fourth quarter 2022 Community Bank Sentiment Index (CBSI) which indicates that community bankers are more pessimistic than they were in the previous quarter and near its lowest level recorded in the second quarter of 2022.

Consumer Financial Protection Bureau

CFPB releases updates to mortgage servicing exam procedures

January 18, 2023

The Consumer Financial Protection Bureau released updated Mortgage Servicing Examination Procedures, which provide transparency to stakeholders.

Financial Crimes Enforcement Network

FinCEN Announces Inflation Adjustments to BSA Civil Monetary Penalties

January 18, 2023

The Financial Crimes Enforcement Network (FinCEN) is issuing a final rule to reflect annual inflation adjustments to its civil monetary penalties as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended. This rule adjusts certain maximum civil monetary penalties within the jurisdiction of FinCEN to the amounts required by that Act.

FINRA

Regulatory Notice: FINRA Amends FINRA Rule 2231

January 18, 2023

FINRA has adopted amendments to Rule 2231 (Customer Account Statements) to add eight new supplementary materials pertaining to:

i) compliance with Rule 4311 (Carrying Agreements);

ii) the transmission of customer account statements to other persons or entities;

iii) the use of electronic media to satisfy delivery obligations;

iv) compliance with Rule 3150 (Holding of Customer Mail);

v) the information disclosed on customer account statements;

vi) assets externally held;

vii) the use of logos and trademarks, etc.; and

viii) the use of summary statements.

National Credit Union Administration

Guidance: NCUA’s 2023 Supervisory Priorities

January 18, 2023

The National Credit Union Administration sent a letter to credit unions outlining the NCUA’s supervisory priorities for 2023.

Ginnie Mae

January 18, 2023

Ginnie Mae announced in two All Participants Memoranda (APM) that it is extending certain delinquency reporting exemptions for issuers and permitting the use of alternative audit procedures. Details regarding the extension of these temporary measures related to delinquency thresholds and audit policy can be found in APM 23-01, and APM 23-02 respectively.

Bank Policy Institute

Report: The Role of Credit Card Late Fees in Encouraging Timely Repayment Is Essential to Efficient Functioning of the Market

January 18, 2023

The Bank Policy Institute published a report entitled, “The Role of Credit Card Late Fees in Encouraging Timely Repayment Is Essential to Efficient Functioning of the Market.”

State Agencies

New York State Department of Financial Services

DFS Adopts Updated Check Cashing Regulation Creating Fairer, Data-Driven Fee Methodology for New Yorkers

January 18, 2023

The New York State Department of Financial Services has adopted an updated check cashing regulation following the proposed regulation announced in June.

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)
  • vDirector 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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