Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Brown Pushes to Hold Wall Street & Silicon Valley Executives Accountable
March 17, 2023
U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after the Biden Administration announced new accountability measures for executives of failed big banks.
U.S. House of Representatives
Committee on Financial Services
Ranking Member Waters Announces Legislation in Progress to Strengthen Administration’s Authorities on Clawbacks and Penalties
March 17, 2023
Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, sent a letter to the Board of Governors of the Federal Reserve System (Federal Reserve), Federal Deposit Insurance Corporation (FDIC) and the Securities and Exchange Commission (SEC) announcing that she is crafting legislation to enhance executive authority around bank failures to better protect depositors, and urging regulators to finish bank compensation rules and use its available enforcement powers to hold executives accountable for any unlawful activity.
Federal Agencies
Conference of State Bank Supervisors
State Regulators Seek Public Comment on Proposed Mortgage Industry Licensing Standards
March 16, 2023
The Conference of State Bank Supervisors announced a public comment period for proposed uniform state licensing standards for mortgage companies.
Federal Deposit Insurance Corporation
FDIC Quarterly: 2022 Summary of Deposits Highlights
March 17, 2023
The FDIC published a report in the FDIC Quarterly entitled, “2022 Summary of Deposits Highlights.”
Securities and Exchange Commission
Statement on Retail Options on Silicon Valley Bank and Signature Bank Stock
March 17, 2023
SEC Commissioner Caroline A. Crenshaw issued a statement on retail options purchased on Silicon Valley Bank and Signature Bank stock.
SEC Updates Tender Offer Rules and Schedules
March 17, 2023
The SEC Division of Corporation Finance updated its Compliance and Disclosure Interpretations of tender offer rules.
Statement: Responsibilities of Lead Auditors to Conduct High-Quality Audits When Involving Other Auditors
March 17, 2023
SEC Chief Accountant Paul Munter issued a statement entitled, “Responsibilities of Lead Auditors to Conduct High-Quality Audits When Involving Other Auditors.”
Bank Policy Institute
Blog: The Fed’s Discount Window Lending
March 17, 2023
The Bank Policy Institute published a blog post entitled, “The Fed’s Discount Window Lending.”
State Agencies
California Department of Financial Protection and Innovation
Proposed Rule: California Consumer Financial Protection Law
March 17, 2023
The California Department of Financial Protection and Innovation (DFPI) has filed a Notice of Proposed Action with the Office of Administrative Law and invites public comments on the proposed rulemaking implementing registration requirements for covered persons under section 90009 of the California Consumer Financial Protection Law (CCFPL) and clarifies the requirements for exemption from registration under the CCFPL and clarifies the regulation of advances pursuant to section 22150 of the California Financing Law.
DFPI Statement: First Republic Bank
March 17, 2023
The DFPI issued a statement on the deposits of eleven banks into First Republic Bank.
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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