Blog: Daily Financial Regulation Update — Tuesday, January 24, 2023 … – JD Supra

Major Developments

NYDFS Releases Consumer Protection Guidance In the Event of Virtual Currency Insolvency

January 23, 2023

New York State Department of Financial Services Superintendent Adrienne A. Harris released Regulatory Guidance to better protect customers in the event of an insolvency or similar proceeding.

OCC Solicits Research on Emerging Risks in the Banking System

January 23, 2023

The Office of the Comptroller of the Currency is soliciting academic research papers on emerging risks in the banking system or related policy and supervisory issues for submission by March 3, 2023.

Federal Agencies

Federal Reserve Board

OIG Report: The Board Can Enhance Enterprise Practices for Data Management Roles and Responsibilities

January 23, 2023

The Federal Reserve Board Office of Inspector General released a report entitled, “The Board Can Enhance Enterprise Practices for Data Management Roles and Responsibilities.”

Federal Reserve Bank of New York

SCE Public Policy Survey – December 2022

January 23, 2023

The Federal Reserve Bank of New York released the results of the December 2022 SCE Public Policy Survey.

Securities and Exchange Commission

Remarks before the Digital Assets at Duke Conference

January 20, 2023

Securities and Exchange Commission Commissioner Hester M. Peirce gave remarks before the Digital Assets at Duke conference.

Fee Rate Advisory #2 For Fiscal Year 2023

January 23, 2023

The Securities and Exchange Commission announced that, starting on February 27, 2023, the fee rates applicable to most securities transactions will be set at $8.00 per million dollars.

Commodity Futures Trading Commission

Remarks of Chairman Rostin Behnam at the Commodity Markets Council 2023 State of the Industry Conference, Fort Lauderdale, Florida

January 23, 2023

Commodity Futures Trading Commission Chair Rostin Behnam gave remarks at the Commodity Markets Council 2023 State of the Industry Conference.

International

Bank of England Prudential Regulation Authority

Letter: Insurance Stress Test 2022 feedback

January 23, 2023

Bank of England Prudential Regulation Authority Executive Director of Insurance Supervision Charlotte Gerken sent a letter to CEOs with 2022 Insurance Stress Test feedback.

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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