The Structured Finance Association (SFA) has sent a letter to the Securities and Exchange Commission urging the need to protect investors while maintaining the strengths of our financial markets when the Commission considers its re-proposed rule on the Prohibition Against Conflicts of Interests in Certain Securitizations.

The Mid-Sized Bank Coalition of America (MBCA) sent a letter to the Treasury, the FDIC, the Comptroller of the Currency, and the Federal Reserve requesting for expansion of the FDIC insurance program to protect all deposits for the next two years.

On March 22, Federal Reserve Chairman Jerome Powell and officials at the Central Bank unanimously voted to raise interest rates by a quarter point for the ninth time in a year, effectively bringing the benchmark rate to a range between 4.75% and 5%.

Regulators took extraordinary steps last weekend to make additional funding available, via one-year loans, for financial institutions that hold Treasuries and mortgage-backed securities on their books that have tumbled in value as the Fed has increased interest rates.

On March 5, fifty-one Democratic lawmakers, led by Senator Elizabeth Warren (D-MA), submitted a letter to the Securities and Exchange Commission (SEC), urging SEC Chair Gary Gensler to finalize the 2022 proposed climate change disclosure rule that would require public companies to disclose climate-related risk information on their registration statements and annual reports.

On February 22, Chairman of the House Financial Services Committee (HFSC) Patrick McHenry (R-NC), alongside Ranking Member of the Senate Banking Committee, Senator Tim Scott (R-SC), and Chairman of the House Subcommittee on Oversight and Investigations, Bill Huizenga (R-MI), submitted a letter to the Securities and Exchange Commission (SEC) Chair Gary Gensler, reiterating previous requests for additional information and records regarding the SEC’s proposed rule on climate disclosure.

On February 1st, the Consumer Financial Protection Bureau (CFPB) proposed a new rule that aims to address what the CFPB believes are excessive credit card fees on consumers. Updates to the Credit Card Accountability Act of 2009 (CARD Act) were announced earlier in January with CFPB’s intention to reduce consumers’ penalty fees; late fees capped at 25% of the consumer’s required minimum payment, an $8 cap for missed payments, and ending the annual automatic inflation adjustment.

On January 11, the Consumer Financial Protection Bureau (CFPB) proposed a new rule that would require nonbanks to provide information regarding the terms and conditions they use in non-negotiable contracts known as ‘take it or leave it form contracts.’ The new rule aims to prevent nonbanks from using ‘fine print’ practices to limit consumers rights including bankruptcy rights, liability amounts, or complaint rights.

On January 13, the Securities and Exchange Commission (SEC) announced the appointment of Erik Gerding as the Director of the Division of Corporation Finance, following Renee Jones’ departure effective February 3, 2023. Gerding joined the SEC in October 2021, having formerly served as the Division’s Deputy Director with a focus on Legal and Regulatory Policy. He also previously taught at the University of Colorado Law School focusing in the areas of securities law, corporate law, and financial regulation.

At the Symposium on Central Bank Independence, Federal Reserve Chair Jerome Powell emphasized his stance that climate change is not in the direct purview of the Fed’s responsibilities and will tread lightly when developing bank guidelines related to climate.