PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, November 18, 2022
November 18, 2022
FedACTion Task Force
Subscribe to PH FedACTion: Financial Regulatory Updates
PH Fintech Tracker on Executive Order for Digital Assets
Federal Agencies
Federal Reserve Board
Paper: Sentiment in Bank Examination Reports and Bank Outcomes
November 17, 2022
The Federal Reserve Board published a paper entitled, "Sentiment in Bank Examination Reports and Bank Outcomes."
Paper: The Macroeconomic Implications of CBDC: A Review of the Literature
November 17, 2022
The Federal Reserve Board published a paper entitled, "The Macroeconomic Implications of CBDC: A Review of the Literature."
Speech: Opportunity and Inclusive Economic Growth
November 17, 2022
Federal Reserve Board Governor Phillip N. Jefferson gave a speech entitled, "Opportunity and Inclusive Economic Growth."
Speech: Financial Education
November 17, 2022
Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, "Financial Education."
Federal Reserve Bank of New York
Remarks at the Global Research Forum on International Macroeconomics and Finance
November 17, 2022
Beverly Hirtle, Director of Research and Head of the Research and Statistics Group for the Federal Reserve Bank of New York, gave remarks at the Global Research Forum on International Macroeconomics and Finance.
Conference of State Bank Supervisors
CSBS Data Analytics Competition: High Interest Rates Impact on Banks
November 17, 2022
The Conference of State Bank Supervisors has opened the 2023 Data Analytics Competition for applications.
Office of the Comptroller of the Currency
Acting Comptroller Emphasizes Caution with Crypto
November 17, 2022
Acting Comptroller of the Currency Michael J. Hsu discussed the continued risks of crypto to consumers during remarks before the U.S. Department of the Treasury's Financial Literacy Education Commission. In his remarks, the Acting Comptroller emphasized the Office of the Comptroller of the Currency's careful and cautious approach to crypto that has helped mitigate the risk of contagion to the banking system.
Securities and Exchange Commission
Investor Alert: Identity Theft, Data Breaches and Your Investment Accounts
November 17, 2022
The Securities and Exchange Commission released and Investor Alert entitled, "Identity Theft, Data Breaches and Your Investment Accounts."
Speech: Digital Assets: Putting Investors First
November 17, 2022
Commissioner Jamie Lizarraga of the Securities and Exchange Commission gave a speech entitled, "Digital Assets: Putting Investors First."
Remarks at the 2022 Cato Summit on Financial Regulation
November 17, 2022
Commissioner Mark Uyeda of the Securities and Exchange Commission gave remarks at the 2022 Cato Summit on Financial Regulation.
Remarks: There's a Fund for That
November 17, 2022
Commissioner Hester M. Peirce of the Securities and Exchange Commission gave remarks before FINRA's Certified Regulatory and Compliance Professional Dinner entitled, "There's a Fund for That."
Commodity Futures Trading Commission
Keynote of Chairman Rostin Behnam at the 2022 U.S. Treasury Market Conference
November 17, 2022
Commodity Futures Trading Commission Chair Rostin Behnam gave a keynote speech at the 2022 U.S. Treasury Market Conference.
Consumer Financial Protection Bureau
Blog: Enhancing public data on auto lending
November 17, 2022
The Consumer Financial Protection Bureau published a blog post entitled, "Enhancing public data on auto lending."
FINRA
Regulatory Notice: Heightened Threat of Fraud
November 17, 2022
FINRA released a regulatory notice alerting members to an emerging threat to customers and members, where FINRA, NASDAQ and NYSE have observed initial public offerings for certain small capitalization issuers listed on U.S. stock exchanges that may be the subject of pump-and-dump-like schemes.
National Credit Union Administration
Share Insurance Fund Reports Strong Performance in the Third Quarter
November 17, 2022
The National Credit Union Administration Board held its tenth open meeting of 2022, during which the NCUA's Chief Financial Officer briefed the NCUA Board on the performance of the National Credit Union Share Insurance Fund for the quarter ending on September 30, 2022.
Federal Housing Finance Agency
Blog: What Do the UAD Aggregate Statistics Reveal About Home Sizes During the Pandemic?
November 17, 2022
The Federal Housing Finance Agency published a blog post entitled, "What Do the UAD Aggregate Statistics Reveal About Home Sizes During the Pandemic?"
International
Bank of England
Letter: Remit and recommendations for the Financial Policy Committee – November 2022
November 17, 2022
Chancellor of the Exchequer Jeremy Hunt sent the November 2022 letter to Bank of England Governor Andrew Bailey regarding remit and recommendations for the Financial Policy Committee.
Letter: Remit for the Monetary Policy Committee - November 2022
November 17, 2022
Chancellor of the Exchequer Jeremy Hunt sent the November 2022 letter to Bank of England Governor Andrew Bailey regarding remit for the Monetary Policy Committee.
Bank of England Prudential Regulation Authority
Feedback Statement: Potential Reforms to Risk Margin and Matching Adjustment within Solvency II
November 17, 2022
The Bank of England Prudential Regulation Authority published a feedback statement entitled, "Potential Reforms to Risk Margin and Matching Adjustment within Solvency II."
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.