PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, September 9, 2022
September 09, 2022
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Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Hearing: Current Issues in Insurance
September 8, 2022
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Current Issues in Insurance."
- Hearing Page
- Chair Brown Statement
- Ranking Member Statement
- Federal Insurance Office Director Statement
- National Association of Insurance Commissioners Statement
Federal Agencies
U.S. Department of the Treasury
Treasury Sanctions Iranian Persons Involved in Production of Unmanned Aerial Vehicles and Weapon Shipment to Russia
September 8, 2022
The U.S. Department of the Treasury's Office of Foreign Assets Control is designating an air transportation service provider for its involvement in the shipment of Iranian Unmanned Aerial Vehicles to Russia for its war against Ukraine.
Remarks by Secretary of the Treasury Janet L. Yellen at Ford Rouge Electric Vehicle Center
September 8, 2022
Secretary of the Treasury Janet L. Yellen gave remarks at Ford Rouge Electric Vehicle Center.
Federal Reserve Board
Policy Statement on Whistleblower Claims
September 8, 2022
The Federal Reserve Board issued a policy statement to promote the submission of whistleblower claims regarding misconduct, unsafe or unsound practices, or violations of law or regulation occurring at any banking organization supervised by the Federal Reserve.
Data: G.19 Consumer Credit – July 2022
September 8, 2022
The Federal Reserve Board released the G.19 Consumer Credit data for July 2022.
Federal Reserve Bank of New York
New York Fed to Host Third Conference on FinTech: Wholesale Digital Assets
September 8, 2022
On Friday, September 23, the Federal Reserve Bank of New York will host a conference bringing together leading academics, policymakers, and industry leaders to further understand the impact, implications, and direction of fintech.
Report: Activist Manipulation Dynamics
September 8, 2022
The Federal Reserve Bank of New York published a staff report entitled, "Activist Manipulation Dynamics."
Report: 800,000 Years of Climate Risk
September 8, 2022
The Federal Reserve Bank of New York published a staff report entitled, "800,000 Years of Climate Risk."
Speech: The Ample Reserves Framework and Balance Sheet Reduction: Perspective from the Open Market Desk
September 8, 2022
Federal Reserve Bank of New York System Open Market Account Manager Patricia Zobel gave a speech at the Cato Institute's 40th Annual Monetary Conference entitled, "The Ample Reserves Framework and Balance Sheet Reduction: Perspective from the Open Market Desk."
Article: The "How and When" of the Fed's Balance Sheet Runoff
September 8, 2022
The Federal Reserve Bank of New York published an article entitled, "The 'How and When' of the Fed's Balance Sheet Runoff."
Blog: How Can Safe Asset Markets Be Fragile?
September 8, 2022
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "How Can Safe Asset Markets Be Fragile?"
Federal Deposit Insurance Corporation
Quarterly Banking Profile: FDIC-Insured Institutions Reported Net Income of $64.4 Billion in Second Quarter 2022
September 8, 2022
The Federal Deposit Insurance Corporation released the Quarterly Banking Profile for the second quarter 2022 showing an aggregate net income of $64.4 billion in second quarter 2022, a decline of $6.0 billion (8.5 percent) from a year ago.
Securities and Exchange Commission
Speech: Kennedy and Crypto
September 8, 2022
Securities and Exchange Commission Chair Gary Gensler gave a speech and SEC Speaks entitled, "Kennedy and Crypto."
Consumer Financial Protection Bureau
CFPB and Centers for Medicare and Medicaid Services Take Action to Protect Caregivers and Families from Illegal Nursing Home Debt Collection Practices
September 8, 2022
The Consumer Financial Protection Bureau and Centers for Medicare and Medicaid Services issued a new report, circular, and joint letter to remind facilities and debt collectors of their responsibilities for nursing home admission and debt collection under multiple laws.
Financial Crimes Enforcement Network
Prepared Remarks of FinCEN Acting Deputy Director Jimmy Kirby During the 2022 Federal Identity Forum & Exposition (FedID)
September 8, 2022
Financial Crimes Enforcement Network Deputy Director Jimmy Kirby gave remarks during the 2022 Federal Identity Forum & Exposition (FedID).
National Credit Union Administration
NCUA Chair Todd M. Harper Remarks at the NASCUS Exchange
September 8, 2022
National Credit Union Administration Chair Todd M. Harper gave remarks at the NASCUS Exchange.
International
Bank of England
HM Treasury and Bank of England to launch the Energy Markets Financing Scheme (EMFS)
September 8, 2022
HM Treasury and Bank of England announced a joint scheme to address the extraordinary liquidity requirements faced by energy firms operating in UK wholesale gas and/or electricity markets.
Blog: What is driving global supply chain bottlenecks?
September 8, 2022
The Bank of England published a Bank Overground blog post entitled, "What is driving global supply chain bottlenecks?"
Summary Minutes of Sub-Group and Task Force Meetings – June/July 2022
September 8, 2022
The Bank of England's Working Group on Sterling Risk-Free Reference Rates released summary minutes of the Sub-Group and Task Force meetings held in June and July 2022.
Bank of England Prudential Regulation Authority
The Prudential Regulation Authority publishes discussion paper setting out its proposed approach to policy-making
September 8, 2022
The Bank of England Prudential Regulation Authority published a discussion paper entitled, "The Prudential Regulation Authority's future approach to policy."
UK Financial Conduct Authority
Portfolio Letter: Our supervision strategy for benchmark administrators
September 8, 2022
The Financial Conduct Authority sent a portfolio letter to CEOs outlining its supervision strategy for benchmark administrators.
Administration Changes
Vacancies
Federal Deposit Insurance Corporation
- Chair – Vacant (Martin Gruenberg serves as Acting Chair)
- Vice Chairman – Vacant
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)
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)
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.