PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, December 2, 2022
December 02, 2022
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Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Fairness in Financial Services: Racism and Discrimination in Banking
December 1, 2022
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Fairness in Financial Services: Racism and Discrimination in Banking."
U.S. House of Representatives
Committee on Financial Services
Hearing: Boom and Bust: The Need for Bold Investments in Fair and Affordable Housing to Combat Inflation
December 1, 2022
The U.S. Committee on Financial Services held a hearing entitled, "Boom and Bust: The Need for Bold Investments in Fair and Affordable Housing to Combat Inflation."
Federal Agencies
U.S. Department of the Treasury
Remarks by Assistant Secretary for Financial Markets Joshua Frost on the Historical and Current Perspectives on the Debt Limit at the Federal Reserve Bank of New York's Annual Primary Dealers Meeting
December 1, 2022
Assistant Secretary for Financial Markets Joshua Frost gave remarks on the historical and current perspectives on the debt limit at the Federal Reserve Bank of New York's Annual Primary Dealers Meeting.
Remarks by Deputy Secretary of the Treasury Wally Adeyemo at the White House Tribal Nations Summit
December 1, 2022
Deputy Secretary of the Treasury Wally Adeyemo delivered the following remarks during an armchair conversation at the 2022 White House Tribal Nations Summit moderated by U.S. Treasurer Chief Lynn Malerba.
Federal Reserve Board
Speech: Why Bank Capital Matters
December 1, 2022
Federal Reserve Board Vice Chair for Supervision Michael S. Barr gave a speech entitled, "Why Bank Capital Matters."
Federal Reserve Bank of New York
Speech: A Supervisory Perspective on the U.S. Banking System
December 1, 2022
Federal Reserve Bank of New York Head of Supervision Group Dianne Dobbeck gave a speech entitled, "A Supervisory Perspective on the U.S. Banking System."
Federal Reserve Bank of Boston
Working Paper: Wage Inequality and the Rise in Labor Force Exit: The Case of US Prime-Age Men
December 1, 2022
The Federal Reserve Bank of Boston published a paper entitled, "Wage Inequality and the Rise in Labor Force Exit: The Case of US Prime-Age Men."
Federal Deposit Insurance Corporation
FDIC-Insured Institutions Reported Net Income of $71.7 Billion in Third Quarter 2022
December 1, 2022
Reports from 4,746 commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation reflect aggregate net income of $71.7 billion in third quarter 2022, an increase of $7.3 billion (11.3%) from the second quarter.
Office of the Comptroller of the Currency
OCC Reduces 2023 Assessments on National Banks and Federal Savings Associations
December 1, 2022
The Office of the Comptroller of the Currency is publishing its assessment rates for the 2023 calendar year, reducing the rates in the general assessment fee schedule, and maintaining assessment rates from 2022 for the independent trust and independent credit card fee schedules.
Commodity Futures Trading Commission
Testimony of Chairman Rostin Behnam Before the U.S. Senate Committee on Agriculture, Nutrition, and Forestry
December 1, 2022
Commodity Futures Trading Commission Chair Rostin Behnam gave testimony before the U.S. Senate Committee on Agriculture, Nutrition, and Forestry on why congress needs to take action on cryptocurrencies following the collapse of FTX.
CFTC Staff Extends Brexit-Related No-Action Positions
December 1, 2022
The Commodity Futures Trading Commission's Division of Market Oversight and the Market Participants Division announced today they are extending temporary no-action positions in connection with the withdrawal of the United Kingdom from the European Union.
Consumer Financial Protection Bureau
The CFPB Ombudsman's Office shares its FY2022 Annual Report
December 1, 2022
The Consumer Financial Protection Bureau Office of the Ombudsman shared its FY2022 annual report.
FINRA
Regulatory Notice: FINRA Adopts Enhancements to TRACE Reporting for U.S. Treasury Securities
December 1, 2022
FINRA issued a regulatory notice that it has adopted enhancements to TRACE reporting for U.S. Treasury Securities.
National Credit Union Administration
NCUA Re-establishes Asset Management and Assistance Center as an Independent Office
December 1, 2022
The National Credit Union Administration Board approved moving management and oversight of Asset Management and Assistance Center (AMAC) activities from the Southern Region to an independent office led by the President of AMAC. The AMAC President will report to the Office of Executive Director.
State Agencies
New York State Department of Financial Services
Department of Financial Services Announces New Proposed Virtual Currency Assessment Regulation
December 1, 2022
The New York Department of Financial Services has published for public comment a proposed regulation establishing how licensed virtual currency businesses would be assessed for costs of their supervision and examination.
International
Bank of England
Survey: Monthly Decision Maker Panel data - November 2022
December 1, 2022
The Bank of England released the monthly Decision Maker Panel data for November 2022.
Blog: To what extent did the recent increase in long-term UK interest rates reflect UK-specific factors?
December 1, 2022
The Bank of England published a Bank Overground blog post entitled, "To what extent did the recent increase in long-term UK interest rates reflect UK-specific factors?"
UK Financial Conduct Authority
FCA highlights continuing concerns about problem firms in the CFD sector
December 1, 2022
The UK Financial Conduct Authority sent a letter to firms offering contacts for difference (CFDs) reminding them that CFDs are highly leveraged derivatives and adverse price movements in relevant markets can lead to substantial losses for consumers.
FCA sets out plans to improve engagement with pensions
December 1, 2022
The UK Financial Conduct Authority (FCA) published a consultation on standards for operators of pension dashboards, and set out requirements for providers of non-workplace pensions. The FCA has also set out final rules requiring non-workplace pension providers to offer consumers a default investment option, to support those struggling to make a choice.
Administration Changes
Vacancies
Federal Deposit Insurance Corporation
- Chair – Vacant (Martin Gruenberg serves as Acting Chair and was nominated to serve as Chair November 14, 2022).
- Vice Chairman – Travis Hill (nominated September 20, 2022)
- Member – Jonathan McKernan (nominated September 20, 2022)
Office of the Comptroller of the Currency
- Comptroller – Vacant (Michael Hsu serves as Acting Comptroller)
Appointments/Confirmation Hearings
U.S. Department of the Treasury – Janet Yellen (effective January 26, 2021)
- Treasury Announces New Acting Director of the Office of Financial Research (February 18, 2022)
- Treasury Statement on Appointment of Chief Lynn Malerba as Treasurer of the United States (June 21, 2022)
- Remarks by Secretary of the Treasury Janet L. Yellen at Chief Lynn Malerba's Swearing in Ceremony as the United States Treasurer (September 12, 2022)
- Remarks by Chief Lynn Malerba at Swearing in Ceremony for United States Treasurer (September 12, 2022)
Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)
- Vice Chair Lael Brainard (sworn in May 23, 2022)
- Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
- Governor Phillip N Jefferson (sworn in May 23, 2022)
- Governor Lisa D. Cook (sworn in May 23, 2022)
- Statement by Federal Reserve Board Chair Jerome H. Powell on his nomination by President Biden (November 22, 2021)
- Statement by Governor Lael Brainard on her nomination by President Biden (November 22, 2021) (sworn in May 23, 2022)
- Secretary of the Treasury Janet L. Yellen Statement on Federal Reserve Nominations (November 22, 2021)
- Statement by Secretary Walsh on Federal Reserve Nominations (November 22, 2021)
- Brown Statement on the Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Toomey Statement on Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Brown Applauds Biden's Nomination of Governor Lael Brainard for Vice Chair (November 22, 2021)
- Brown Applauds Biden's Nominees for Fed Board (January 14, 2022)
- Toomey Statement on President Biden's Fed Nominees (January 14, 2022)
- Waters Applauds Nominations of Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to Leadership Roles in the Federal Reserve (January 14, 2022)
- Statement by Secretary of the Treasury Janet L. Yellen on Federal Reserve Nominations (January 14, 2022)
- Senate Banking Committee Chair Brown Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
- Senate Banking Committee Ranking Member Toomey Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
- Senate Banking Committee Chair Brown Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
- Senate Banking Committee Ranking Member Toomey Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
- Senate Banking Committee Chair Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
- Senate Banking Committee Ranking Member Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
- Jerome H. Powell sworn in for second term as Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Lael Brainard sworn in as Vice Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Lisa D. Cook sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Philip N. Jefferson sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Senate Banking Committee Chair Statement Ahead of Confirmation Vote for Michael Barr (July 13, 2022)
- President Biden Statement on Confirmation of Michael Barr as Fed Vice Chair (July 13, 2022)
- CSBS President and CEO Statement on Confirmation of Michael Barr as Vice Chair (July 14, 2022)
- Michael S. Barr sworn in as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System (July 19, 2022)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
- New York Fed Names Michelle Neal as Head of the Markets Group (January 20, 2022)
- Marianne Lake Appointed to Federal Advisory Council for the New York Fed (August 11, 2022)
- New York Fed Names Richard Ostrander as General Counsel and Head of the Legal Group (October 3, 2022)
Federal Deposit Insurance Corporation – Martin Gruenberg (Acting Chair, appointed February 5, 2022)
Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)
- Statement by House Committee on Financial Services Chair Maxine Waters on Rohit Chopra's Confirmation (September 30, 2021)
- CSBS Statement on Rohit Chopra Confirmation as CFPB Director (September 30, 2021)
Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)
- LizAnn Eisen Joins Division of Corporation Finance as Deputy Director, Disclosure Program (January 27, 2022)
- Lori H. Price Named Acting Director of the Office of Credit Ratings; Ahmed Abonamah to Leave SEC (February 1, 2022)
- Kelly L. Gibson, Director of the Philadelphia Regional Office, to Leave the SEC; Scott Thompson and Joy Thompson named Office Acting Co-Heads (February 11, 2022)
- SEC Chair and Commissioners Joint Statement on Senate Confirmation of Jaime Lizárraga and Mark Uyeda (June 17, 2022)
- CFTC Commissioner Statement on Senate Confirmations of mark Uyeda and Jaime Lizarraga (June 17, 2022)
- Jaime Lizárraga Sworn In as SEC Commissioner (July 18, 2022)
- Lori H. Price Named Director of Office of Credit Ratings (August 12, 2022)
- SEC Names Jason J. Burt as Regional Director of the Denver Office (October 24, 2022)
- SEC Announces Departure of Chief of Staff Prashant Yerramalli and Appointment of Amanda Fischer to the Role (November 7, 2022)
- Keith E. Cassidy and Natasha Vij Greiner Appointed Deputy Directors of Division of Examinations (November 7, 2022)
Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)
- Statement by Administrator Guzman Applauding President Biden's Appointees to Lead SBA Regional Offices (November 18, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (December 6, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (January 25, 2022)
- Administrator Guzman Statement on New Appointees (October 21, 2022)
- Administrator Guzman Statement on New Appointees (November 4, 2022)
Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)
- Kristin Johnson, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- Christy Goldsmith Romero, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- U.S. Senate Unanimously Confirms Behnam as Chairman (December 17, 2021)
- CFTC Chairman Rostin Behnam Announces Executive Staff Appointments (January 20, 2022)
- CFTC Chairman Rostin Behnam Appoints Initial CFTC Leadership (January 25, 2022)
- Statement of CFTC Chairman Rostin Behnam on the U.S. Senate Confirmations of Christy Goldsmith Romero, Kristin N. Johnson, Summer Kristine Mersinger, and Caroline D. Pham (March 29, 2022)
- CFTC Commissioner Pham Announces Initial Staff Appointments (April 22, 2022)
- CFTC Commissioner Goldsmith Romero Announces Staff Appointments (April 27, 2022)
- CFTC Commissioner Pham Announces Additional Staff Appointments (May 13, 2022)
- CFTC Commissioner Mersinger Announces Staff Appointments (May 16, 2022)
Financial Crimes Enforcement Network
National Credit Union Administration – Todd M. Harper
- Anthony Cappetta Appointed President of the Central Liquidity Facility (January 26, 2022)
- Senate Confirms Harper to Full Term on the NCUA Board (June 8, 2022)
- Senate Banking Committee Chair Statement on Confirmation of Todd M. Harper (June 8, 2022)
- Senate Banking Committee Ranking Member Statement on Confirmation of Todd M. Harper (June 8, 2022)
- Amber Gravius Named Director, Office of Business Innovation (August 9, 2022)
U.S. Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)
- Adrianne Todman Sworn in as Deputy Secretary of Housing and Urban Development (June 15, 2021)
- Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (December 15, 2021)
- Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (February 15, 2022)
- HUD Announces Key Staff Appointments (April 11, 2022)
- Julia Gordon Sworn in as Assistant Secretary for Housing and the Federal Housing Commissioner (May 23, 2022)
- Beth Lynk Sworn in as HUD Assistant Secretary of Public Affairs (October 20, 2022)
Federal Housing Finance Agency – Sandra L. Thompson, (confirmed May 25, 2022)
- Brown Statement on the Selection of Sandra Thompson to Lead FHFA (December 14, 2021)
- Waters Applauds Biden's Nomination of Sandra L. Thompson as Permanent Director of the FHFA (December 14, 2021)
- Statement from HUD Secretary Marcia L. Fudge on the Nomination of Sandra Thompson (December 14, 2021)
- Waters Applauds Confirmation of Sandra L. Thompson as Director of FHFA (May 25, 2022)
- Sandra L. Thompson Sworn In As Director of the Federal Housing Finance Agency (June 22, 2022)
U.S. Department of Education – Dr. Miguel Cardona (effective March 2, 2021)
- Secretary Cardona Statement on Confirmation of Education Department Officials Brown, Rodriguez and Graham (October 6, 2021)
- Statement from Secretary Miguel Cardona on the Confirmation of Catherine Lhamon as Assistant Secretary for the Office for Civil Rights (October 20, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on the Confirmation of Sandra Bruce as the Department's Inspector General (December 3, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on President Biden's Nomination of LaWanda Toney (December 16, 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.