PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, October 14, 2022
October 14, 2022
FedACTion Task Force
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PH Fintech Tracker on Executive Order for Digital Assets
Congress
U.S. House of Representatives
Committee on Financial Services
Chairwoman Waters Addresses Leadership in Financial Technology Space, Promoting Financial Inclusion
October 13, 2022
Chairwoman of the House Committee on Financial Services, joined Professor Chris Brummer, Professor at Georgetown University Law Center and founder of DC Fintech Week, at DC Fintech Week to discuss financial technology and the future of finance.
Federal Agencies
U.S. Department of the Treasury
Remarks by Secretary of the Treasury Janet L. Yellen at Bilateral Meeting with European Commission Executive Vice-President and Trade Commissioner Valdis Dombrovskis and European Commissioner for Economy Paolo Gentiloni
October 13, 2022
Secretary of the Treasury Janet L. Yellen gave remarks at a bilateral meeting with European Commission Executive Vice President and Trade Commissioner Valdis Dombrovskis and European Commissioner for Economy Paolo Gentiloni.
Joint IMFC and Development Committee Statement by Secretary of the Treasury Janet L. Yellen
October 13, 2022
Secretary of the Treasury Janet L. Yellen issued a joint statement on behalf of the IMFC and Development Committee.
Remarks by Secretary of the Treasury Janet L. Yellen at Bretton Woods Committee's International Council
October 12, 2022
Secretary of the Treasury Janet L. Yellen gave remarks at Bretton Woods Committee's International Council.
Federal Reserve Board
Consumer Financial Protection Bureau
Office of the Comptroller of the Currency
Agencies announce threshold for smaller loan exemption from appraisal requirements for higher-priced mortgage loans
October 13, 2022
The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency announced that the 2023 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $28,500 to $31,000.
Agencies announce dollar thresholds in Regulation Z and Regulation M for exempt consumer credit and lease transactions
October 13, 2022
The Federal Reserve Board and the Consumer Financial Protection Bureau announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2023 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).
Federal Reserve Board
Paper: Climate Change and Double Materiality in a Micro- and Macroprudential Context
October 13, 2022
The Federal Reserve Board published a paper entitled, "Climate Change and Double Materiality in a Micro- and Macroprudential Context."
Speech: Forward Guidance as a Monetary Policy Tool: Considerations for the Current Economic Environment
October 12, 2022
The Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, "Forward Guidance as a Monetary Policy Tool: Considerations for the Current Economic Environment."
Federal Reserve Bank of New York
Underlying Inflation Gauge (UIG) – October 2022
October 13, 2022
The Federal Reserve Bank of New York released the October 2022 Underlying Inflation Gauge (UIG) with data from September 2022.
Report: Intermediation Frictions in Debt Relief: Evidence from CARES Act Forbearance
October 13, 2022
The Federal Reserve Bank of New York published a report entitled, "Intermediation Frictions in Debt Relief: Evidence from CARES Act Forbearance."
New York Fed to Release White Paper on Strategies for Financing a Clean Energy Transition for New York's Affordable Housing on October 19
October 13, 2022
The Federal Reserve Bank of New York will release "Sustainable Affordable Housing: Strategies for Financing an Inclusive Energy Transition" on Wednesday, October 19, 2022 at 10 AM EDT.
Federal Reserve Bank of Boston
Paper: Did High Leverage Render Small Businesses Vulnerable to the COVID-19 Shock?
October 13, 2022
The Federal Reserve Bank of Boston published a working paper entitled, "Did High Leverage Render Small Businesses Vulnerable to the COVID-19 Shock?"
Federal Deposit Insurance Corporation
Paper: The Effect of Job Loss on Bank Account Ownership
October 13, 2022
The Federal Deposit Insurance Corporation published a working paper entitled, "The Effect of Job Loss on Bank Account Ownership."
Securities and Exchange Commission
Staff FAQ Relating to Investment Adviser Consideration of DEI Factors
October 13, 2022
The Securities and Exchange Commission staff released an FAQ on an adviser's fiduciary duty when considering factors relating to diversity, equity, and inclusion (DEI) in the selection or recommendation of other investment advisers.
Small Business Capital Formation Advisory Committee Remarks
October 13, 2022
Securities and Exchange Commission Chair Gary Gensler and Commissioner Hester M. Peirce gave remarks before the Small Business Capital Formation Advisory Committee.
Speech: Raising the Bar on Diversity, Equity and Inclusion
October 13, 2022
Securities and Exchange Commission Commissioner Jaime Lizarraga gave a speech entitled, "Raising the Bar on Diversity, Equity and Inclusion."
Sus and Yeet: Remarks before the University of California Irvine Audit Committee Summit
October 7, 2022
Securities and Exchange Commission Commissioner Hester M. Peirce gave remarks before the University of California Irvine Audit Committee Summit entitled, "Sus and Yeet."
Statement on Financial Stability Oversight Council's Report on Digital Asset Financial Stability Risks and Regulation Before the Financial Stability Oversight Council Open Meeting
October 3, 2022
Securities and Exchange Commission Chair Gary Gensler gave a statement before the Financial Stability Oversight Councils open meeting on the FSOC's "Report on Digital Asset Financial Stability Risks and Regulation."
Consumer Financial Protection Bureau
CFPB Report Finds High Fees Charged on Student Banking Products Endorsed by Colleges
October 13, 2022
The Consumer Financial Protection Bureau published a report on terms and fees associated with banking products marketed in partnership with colleges to students.
Bank Policy Institute
Blog: Two Important Fed Programs that Should Be Mutually Reinforcing Are in Conflict. Why?
October 13, 2022
The Bank Policy Institute published a blog post entitled, "Two Important Fed Programs that Should Be Mutually Reinforcing Are in Conflict. Why?"
Blog: Banks' Ability to Scale is a Benefit, Not an Inherent Problem
October 13, 2022
The Bank Policy Institute published a blog post entitled, "Banks' Ability to Scale is a Benefit, Not an Inherent Problem."
International
European Commission
Eurobarometer survey highlights how Europeans interact with the financial services world
October 13, 2022
The European Commission has published a Eurobarometer survey on how Europeans interact with the financial services world, in particular given its ever-increasing digitalization and the development of sustainable finance.
Bank of England
Results of the Bank of England 2021-22 central counterparty supervisory stress-test published
October 13, 2022
The Bank of England published a report on the 2021-22 CCP Supervisory Stress Test results.
Bank Liabilities Survey - 2022 Q3
October 13, 2022
The Bank of England released the Bank Liabilities Survey results for Q3 2022.
Credit Conditions Survey - 2022 Q3
October 13, 2022
The Bank of England released the Credit Conditions Survey results for Q3 2022.
Program Update: Transforming data collection communication to firms – 13 October 2022
The Bank of England published an update on the joint transformation program on transforming data collection communication to firms.
Administration Changes
Vacancies
Federal Deposit Insurance Corporation
- Chair – Vacant (Martin Gruenberg serves as Acting Chair)
- 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)
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)
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)
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.