Major Developments

Federal Reserve Announces July Launch of FedNow Service

The Federal Reserve announced that the FedNow Service will start operating in July and provided details on preparations for launch.

Congress

U.S. House of Representatives

Committee on Small Business

Chairman Williams Questions Small Business Administration’s Decision to Not Account for Taxpayer Dollars

March 15, 2023

Chairman Roger Williams (R-TX) issued a regarding the Small Business Administration’s decision to end the collection on purchased Paycheck Protection Program loans with an outstanding balance of $100,000 or less.

Federal Agencies

U.S. Department of the Treasury

Treasury International Capital Data for January

March 15, 2023

The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for January 2023.

Federal Reserve Board

Speech: The Innovation Imperative: Modernizing Traditional Banking

March 14, 2023

Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, “The Innovation Imperative: Modernizing Traditional Banking.”

Federal Reserve Bank of New York

Empire State Manufacturing Survey – March 2023

March 15, 2023

The Federal Reserve Bank of New York released the Empire State Manufacturing Survey report for March 2023.

Federal Reserve Bank of Boston

Article: Boston Fed expanding hiring program for professionals rejoining workforce

March 15, 2023

The Federal Reserve Bank of Boston published an article entitled, “Boston Fed expanding hiring program for professionals rejoining workforce.”

Securities and Exchange Commission

SEC Proposes to Expand and Update Regulation SCI

March 15, 2023

The Securities and Exchange Commission (SEC) proposed amendments to expand and update Regulation Systems Compliance and Integrity (SCI), the set of rules adopted in 2014 to help address technological vulnerabilities in the U.S. securities markets and improve SEC oversight of the core technology of key U.S. securities markets entities.

SEC Proposes New Requirements to Address Cybersecurity Risks to the U.S. Securities Markets

March 15, 2023

The SEC proposed requirements for broker-dealers, clearing agencies, major security-based swap participants, the Municipal Securities Rulemaking Board, national securities associations, national securities exchanges, security-based swap data repositories, security-based swap dealers, and transfer agents (Market Entities) to address their cybersecurity risks.

SEC Proposes Changes to Reg S-P to Enhance Protection of Customer Information

March 15, 2023

The SEC proposed amendments to Regulation S-P that would enhance the protection of customer information by, among other things, requiring broker-dealers, investment companies, registered investment advisers, and transfer agents to provide notice to individuals affected by certain types of data breaches that may put them at risk of identity theft or other harm.

SEC Reopens Comment Period for Proposed Cybersecurity Risk Management Rules and Amendments for Registered Investment Advisers and Funds

March 15, 2023

The SEC reopened the comment period on proposed rules and amendments related to cybersecurity risk management and cybersecurity-related disclosure for registered investment advisers, registered investment companies, and business development companies that were proposed by the SEC on February 9, 2022.

Opening Statement before the March 15 Commission Meeting

March 15, 2023

SEC Chair Gary Gensler gave the opening statement at an open meeting of the SEC.

Commodity Futures Trading Commission

CFTC Unanimously Approves Proposed Rule to Codify No-Action Position Regarding the Treatment of Separate Accounts of a Single Customer by Clearing Members

March 15, 2023

The Commodity Futures Trading Commission (CFTC) unanimously approved a proposed rule to codify the no-action position in CFTC Staff Letter No. 19-17 regarding the treatment of separate accounts of a single customer by futures commission merchants (FCMs) that are clearing members of derivatives clearing organizations (DCOs).

Keynote of Chairman Rostin Behnam at the FIA Boca 2023 International Futures Industry Conference, Boca Raton, Florida

March 15, 2023

CFTC Chair Rostin Behnam gave a keynote address at the FIA Boca 2023 International Futures Industry Conference.

Consumer Financial Protection Bureau

2022 Financial Literacy Annual Report

March 15, 2023

The Consumer Financial Protection Bureau (CFPB) issued the 2022 Financial Literacy Annual Report to Congress.

CFPB Launches Inquiry Into the Business Practices of Data Brokers

March 15, 2023

The CFPB has launched an inquiry into companies that track and collect information on people’s personal lives.

FINRA

Regulatory Notice: FINRA Issues Guidance in Connection With Failures of Silicon Valley Bank and Signature Bank

March 15, 2023

FINRA issued a regulatory notice to provide guidance for members affected by the recent failures of Silicon Valley Bank and Signature Bank.

National Credit Union Administration

NCUA Releases Q4 2022 State-level Credit Union Data Report

March 15, 2023

The National Credit Union Administration released the Quarterly U.S. Map Review for the fourth quarter of 2022 showing that federally insured credit unions, overall, experienced continued growth in assets, shares and deposits, and loans during 2022.

Federal Housing Finance Agency

FHFA Director Sandra L. Thompson’s Statement on Upfront Fees Based on Certain Borrowers’ Debt-To-Income Ratio

March 15, 2023

Federal Housing Finance Agency Director Sandra L. Thompson gave a statement on upfront fees based on certain borrowers’ debt-to-income ratio.

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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