PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, January 6, 2023
January 06, 2023
FedACTion Task Force
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PH Fintech Tracker on Executive Order for Digital Assets
Major Developments
Martin J. Gruenberg Sworn in as 22nd FDIC Chairman Travis Hill Sworn in as Vice Chairman, Jonathan McKernan as Director
January 5, 2023
Martin J. Gruenberg was sworn in as the 22nd Chairman of the Federal Deposit Insurance Corporation. Travis Hill, who will serve as Vice Chairman, and Jonathan McKernan, who will serve as Director, were also sworn in as members of the FDIC's Board of Directors.
Federal Agencies
U.S. Department of the Treasury
The United States and Türkiye Take Joint Action to Disrupt ISIS Financing
January 5, 2023
The U.S. Department of the Treasury's Office of Foreign Assets Control designated critical nodes of a key financial facilitation network of the Islamic State of Iraq and Syria (ISIS), which included four individuals and two entities in Türkiye.
Federal Reserve Bank of New York
Blog: The Layers of Inflation Persistence
January 5, 2023
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The Layers of Inflation Persistence."
Office of the Comptroller of the Currency
OCC Issues Annual Report for 2022
January 5, 2023
The Office of the Comptroller of the Currency published its 2022 Annual Report.
International
Bank of England
Survey: Monthly Decision Maker Panel data - December 2022
January 5, 2023
The Bank of England released the monthly Decision Maker Panel survey data for December 2022.
Administration Changes
Vacancies
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)
- Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
- Vice Chair Lael Brainard (sworn in May 23, 2022)
- Governor Phillip N Jefferson (sworn in May 23, 2022)
- Governor Lisa D. Cook (sworn in May 23, 2022)
Federal Deposit Insurance Corporation – Martin Gruenberg (effective January 5, 2023)
- Vice Chairman Travis Hill (sworn in January 5, 2023)
- Director Jonathan McKernan (sworn in January 5, 2023)
- Director Michael Hsu (Acting Comptroller of the Currency)
- Director Rohit Chopra (Director of Consumer Financial Protection Bureau)
Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)
Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)
Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)
National Credit Union Administration – Todd M. Harper (effective January 20, 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.