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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, December 20, 2022

December 20, 2022

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PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

U.S. Department of the Treasury

Treasury Announces Information Timeline for Inflation Reduction Act Tax Implementation

December 19, 2022

The U.S. Treasury Department announced a timeline for providing additional information on key tax provisions of the Inflation Reduction Act.

Federal Reserve Board
Federal Deposit Insurance Corporation

Agencies release annual asset-size thresholds under Community Reinvestment Act regulations

December 19, 2022

The Federal Reserve Board and the Federal Deposit Insurance Corporation announced the 2023 updated asset-size thresholds used to define "small bank" and "intermediate small bank" under their Community Reinvestment Act regulations.

Federal Reserve Bank of New York

SCE Labor Market Survey – November 2022

December 19, 2022

The Federal Reserve Bank of New York released the November 2022 results of the SCE Labor Market Survey.

Blog: Highlights from the Fifth Bi-annual Global Research Forum on International Macroeconomics and Finance

December 19, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Highlights from the Fifth Bi-annual Global Research Forum on International Macroeconomics and Finance."

Federal Reserve Bank of Boston

Paper: Who Is Paying All These Fees? An Empirical Analysis of Bank Account and Credit Card Fees

December 19, 2022

The Federal Reserve Bank of Boston published a working paper entitled, "Who Is Paying All These Fees? An Empirical Analysis of Bank Account and Credit Card Fees."

National Credit Union Administration

NCUA Releases Q3 2022 State-Level Data Report

December 19, 2022

Federally insured credit unions experienced continued asset and deposit growth over the year ending in the third quarter of 2022, while loan growth was the strongest in at least two decades, according to the latest NCUA Quarterly U.S. Map Review.

Fannie Mae

Economy Expected to End 2022 on Positive Note Ahead of Modest Recession in New Year

December 19, 2022

The Fannie Mae Economic and Strategic Research Group released their December 2022 commentary predicting that following an upward revision to third quarter 2022 real gross domestic product and stronger-than-expected incoming personal consumption data to begin the fourth quarter, the economy is now expected to eke out positive growth of 0.4% in 2022 before entering a modest recession in the new year.

International

European Banking Authority

EBA updates list of CET1 instruments

December 19, 2022

The European Banking Authority published an updated list of capital instruments that Competent Authorities across the European Union and for the first time the European Economic Area have classified as Common Equity Tier 1 (CET1).

Bank of England

The Bank of England's Supervision of Financial Market Infrastructures Annual Report

December 19, 2022

The Bank of England published the 2022 Annual Report on the Bank's supervision of financial market infrastructures.

Paper: Measuring the effects of bank remuneration rules: evidence from the UK

December 19, 2022

The Bank of England published a staff working paper entitled, "Measuring the effects of bank remuneration rules: evidence from the UK."

Bank of England Prudential Regulation Authority
UK Financial Conduct Authority

Consultation Paper: Remuneration: Ratio between fixed and variable components of total remuneration ('bonus cap')

December 19, 2022

The Bank of England Prudential Regulation Authority and the UK Financial Conduct Authority published a joint consultation paper entitled, "Remuneration: Ratio between fixed and variable components of total remuneration ('bonus cap')."

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

  • Chair –Martin Gruenberg Senate confirmed December 13, 2022
  • Vice Chairman – Travis Hill Senate confirmed December 13, 2022
  • Member – Jonathan McKernan Senate confirmed December 13, 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)

Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)

Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)

Federal Deposit Insurance Corporation – Martin Gruenberg (Acting Chair, appointed February 5, 2022)

Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)

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)

Financial Crimes Enforcement Network

National Credit Union Administration – Todd M. Harper

U.S. Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)

Federal Housing Finance Agency – Sandra L. Thompson, (confirmed May 25, 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.