Daily Financial Regulation Update — Saturday, January 28, 2023 | Paul Hastings LLP
Important Developments
The Federal Reserve Board issues a policy statement on Section 9(13) of the Federal Reserve Act, including the effective exclusion of uninsured and insured banks subject to Federal Reserve Board oversight and oversight from holding crypto assets as principals
January 27, 2023
The Federal Reserve Board has issued a policy statement interpreting Section 9(13) of the Federal Reserve Act and has made a rebuttable presumption that it will exercise its discretion to limit state member banks (insured and uninsured) to only engage in such activities to participate as principals, which are permitted for national banks, subject in each case to the conditions and restrictions imposed on national banks in relation to the activity. In the policy statement, the Federal Reserve Board noted that it had not identified an authority that would allow national banks to hold most crypto assets as capital of any amount, and therefore concluded that it would presumably allow state member banks would ban from participating in crypto assets. related activities under Section 9(13) of the Federal Reserve Act.
The policy statement noted that state member banks attempting to issue dollar tokens (I.e., stablecoins) would have to comply with all conditions imposed by the OCC on national banks in relation to such activities, including the OCC Interpretive Letters No.
congress
federal agencies
Financial Crime Enforcement Network
Prepared Remarks by FinCEN Acting Deputy Director during ID Policy Forum
January 27, 2023
Jimmy Kirby, acting deputy director of the Financial Crimes Enforcement Network, delivered remarks during the Identity Policy Forum.
International
Bank of England
Minutes of the Securities Lending Committee Meeting – November 2022
January 27, 2023
The Bank of England has released Minutes of its November 2022 Securities Lending Committee meeting.
Statistic: Capital issue – December 2022
January 27, 2023
The Bank of England has released capital issuance statistics for December 2022.
administrative changes
Job offers
Office of the Comptroller of the Currency
- Comptroller – Free (Michael Hsu serves as Acting Comptroller)
Financial Crime Enforcement Network
- Director – free (Himamauli Das acts as Acting Director)
Appointments/Confirmation Hearings
US Department of Treasury – Janet Yellen (effective January 26, 2021)
Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)
- Vice Chairman for Oversight Michael Barr (sworn in July 19, 2022)
- Vice Chair Lael Brainard (sworn in 23 May 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 Company – Martin Grünberg (valid from January 5, 2023)
Office of the Auditor – Michael Hsu (acting auditor 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 – Isabella Casillas Guzman (effective March 16, 2021)
US Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)
Federal Agency for Housing Financing – Sandra L. Thompson (effective June 22, 2022)
US Department of Education – dr Miguel Cardona (valid from March 2, 2021)
PH Client Warnings
Click here to read more from our Coronavirus series.
Legislation/Legal Updates
Click here to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), Effective March 27, 2020.
Click here to view the full text of the Paycheck Protection Program Increase Act of 2020, Effective April 24, 2020.
Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Effective June 5, 2020.
Click here to view the full text Consolidated Appropriations Act, 2021, Effective December 27, 2020.
Click here to view the full text of America’s 2021 bailout plan, Effective March 11, 2021.
Click here to see the full text of the PPP Extension Act of 2021, Effective March 30, 2021.
Click here for a running list of proposed legislation from the Senate Committee on Banking, Housing and Urban Development, the Senate Committee on Small Business and Entrepreneurship, the House Committee on Financial Services, and the House Committee on Small Business.
