Lael Brainard resigned as Vice Chair and as a member of the Federal Reserve Board, effective on or around February 20, 2023. The announcement follows her nomination to serve as Director of the National Economic Council.

Federal Reserve Board Governor Michelle W. Bowman cautioned banks about cybersecurity risks related to third-party technology firms and stressed the responsibility of banks to manage these risks.

In a full committee hearing, the Senate Banking Committee assessed various approaches to cryptocurrency regulation, addressing stablecoin/DeFi regulation, investor protections, and collaboration between the SEC and CFTC.

The SEC proposed to significantly amend and redesignate the Advisers Act "Custody Rule," expanding its requirements. The proposal also amends related recordkeeping and reporting obligations.

FRB Governor Michelle W. Bowman said that increasing delays in the review and processing of bank merger applications may result in increased operational risk, employee retention issues, reputational risk, and the additional costs associated with running two institutions in parallel over an extended period of time.