PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Thursday, December 22, 2022
December 22, 2022
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Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Toomey Introduces Legislation to Guide Future Stablecoin Regulation
December 21, 2022
U.S. Senate Banking Committee Ranking Member Pat Toomey (R-PA) introduced legislation that would establish the first federal regulatory framework for payment stablecoins and guide Congress towards a path for sensible regulation of cryptocurrencies.
Federal Agencies
Federal Reserve Board
Federal Reserve Board issues technical updates to its policy governing the provision of intraday credit in accounts at Federal Reserve Banks
December 21, 2022
The Federal Reserve Board issued technical updates to its policy governing the provision of intraday credit in accounts at the Federal Reserve Banks.
Paper: Passive Ownership and Short Selling
December 21, 2022
The Federal Reserve Board published a paper entitled, "Passive Ownership and Short Selling."
Paper: Financing Repeat Borrowers: Designing Credible Incentives for Today and Tomorrow
December 21, 2022
The Federal Reserve Board published a paper entitled, "Financing Repeat Borrowers: Designing Credible Incentives for Today and Tomorrow."
Paper: Credit access and relational contracts: An experiment testing informational and contractual frictions for Pakistani farmers
December 21, 2022
The Federal Reserve Board published a paper entitled, "Credit access and relational contracts: An experiment testing informational and contractual frictions for Pakistani farmers."
Federal Reserve Bank of New York
Report: Bank Funding Risk, Reference Rates, and Credit Supply
December 21, 2022
The Federal Reserve Bank of New York published a staff report entitled, "Bank Funding Risk, Reference Rates, and Credit Supply."
Article: Community Development at the Fed: Doing the Research, Bringing Disparate Voices to the Table
December 21, 2022
The Federal Reserve Bank of New York published a The Teller Window article entitled, "Community Development at the Fed: Doing the Research, Bringing Disparate Voices to the Table."
Blog: Can Decentralized Finance Provide More Protection for Crypto Investors?
December 21, 2022
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Can Decentralized Finance Provide More Protection for Crypto Investors?"
Federal Reserve Bank of Boston
Paper: Government Banks and Interventions in Credit Markets
December 21, 2022
The Federal Reserve Bank of Boston published a working paper entitled, "Government Banks and Interventions in Credit Markets."
Paper: The Effects of Weather on Massachusetts Municipal Expenditures: Implications of Climate Change for Local Governments in New England
December 21, 2022
The Federal Reserve Bank of Boston published a working paper entitled, "The Effects of Weather on Massachusetts Municipal Expenditures: Implications of Climate Change for Local Governments in New England."
Paper: The Impact of Weather on Local Government Spending
December 21, 2022
The Federal Reserve Bank of Boston published a working paper entitled, "The Impact of Weather on Local Government Spending."
Consumer Financial Protection Bureau
CFPB Report Finds Household Financial Health is Declining after Several Years of Increased Savings
December 21, 2022
The Consumer Financial Protection Bureau released a new Making Ends Meet report covering the financial health of American households.
Blog: Mortgage financing options in a higher interest rate environment
December 21, 2022
The Consumer Financial Protection Bureau published a blog post entitled, "Mortgage financing options in a higher interest rate environment."
U.S. Small Business Administration
Statement from SBA Administrator Guzman on President Biden's Signing of the Disaster Assistance for Rural Communities Act
December 21, 2022
U.S. Small Business Administrator Isabella Casillas Guzman issued a statement following President Joe Biden's signing of the Disaster Assistance for Rural Communities Act.
Federal Housing Finance Agency
FHFA Releases Latest Report on Non-Performing Loan Sales
December 21, 2022
The Federal Housing Finance Agency released the latest report on the sale of non-performing loans by Fannie Mae and Freddie Mac.
Freddie Mac
Freddie Mac Outlook Shows Multifamily Market to Moderate but With Positive Rent Growth Expected in 2023
December 21, 2022
Freddie Mac released its Multifamily 2023 Outlook predicting that the market will continue to cool off in 2023, with rent growth moderating, vacancies ticking up and loan originations slowing for the year.
State Agencies
New York State Department of Financial Services
DFS Superintendent Harris Proposes Guidance for New York State-Regulated Banking And Mortgage Institutions Relating to Management of Safety & Soundness Risks From Climate Change
December 21, 2022
New York State Department of Financial Services Superintendent Adrienne A. Harris announced new proposed guidance for New York State-regulated banking and mortgage institutions to help them manage safety and soundness risks related to climate change.
International
European Banking Authority
EBA publishes final technical standards on the identification of a group of connected clients
December 21, 2022
The European Banking Authority published its final draft Regulatory Technical Standards on the identification of a group of connected clients under the Capital Requirements Regulation.
EBA updates list of diversified indices
December 21, 2022
The European Banking Authority updated the list of diversified indices, originally published in 2013 and previously updated in 2019.
Bank of England
Randall Kroszner appointed to the Financial Policy Committee
December 21, 2022
Randall Kroszner has been appointed as an external member of the Financial Policy Committee.
Minutes of UK Money Markets Committee meeting – October 2022
December 21, 2022
The Bank of England released the minutes of the UK Money Markets Committee meeting held on October 12, 2022.
Blog: If a blockchain became more critical to the financial system, how should it be governed?
December 21, 2022
The Bank of England published a Bank Overground post blog entitled "If a blockchain became more critical to the financial system, how should it be governed?"
UK Financial Conduct Authority
Highlights of the FCA's approach in 2022
December 21, 2022
The UK Financial Conduct Authority released a highlight of its strategy and actions taken in 2022.
FCA Enterprise Act Annual Report 2021/22
December 21, 2022
The UK Financial Conduct Authority released the Enterprise Act Annual Report for 2021/22.
Administration Changes
Vacancies
Federal Deposit Insurance Corporation
- Chair –Martin Gruenberg Senate confirmed December 19, 2022
- Vice Chairman – Travis Hill Senate confirmed December 19, 2022
- Member – Jonathan McKernan Senate confirmed December 19, 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)
- New York Fed Names Sushmita Shukla as First Vice President (December 8, 2022)
Federal Deposit Insurance Corporation – Martin Gruenberg (confirmed December 19, 2022)
- FDIC Announces Appointments to Its Division of Finance and Division of Insurance and Research (May 18, 2022)
- Senate Committee on Banking, Housing and Urban Affairs Advances FDIC and HUD Nominees (December 14, 2022)
- Senator Brown Statement Urging Confirmation of Martin Gruenberg (December 19, 2022)
- Ranking Member Toomey Statement on FDIC Appointments (December 19, 2022)
- CSBS Statement on FDIC Board Appointees (December 20, 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)
- Sarah ten Siethoff Named Deputy Director of the Division of Investment Management (December 21, 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)
- Senate Committee on Banking, Housing and Urban Affairs Advances FDIC and HUD Nominees (December 14, 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.