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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Tuesday, November 8, 2022

November 08, 2022

FedACTion Task Force

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Federal Agencies

U.S. Department of the Treasury

Treasury Hosts Stakeholder Roundtable on Clean Vehicles and the Inflation Reduction Act

November 4, 2022

The Treasury Department hosted a virtual roundtable with key stakeholders from across the automotive industry, including two dozen of the largest carmakers and vehicle battery makers, on implementation of the clean vehicle tax incentives in the Inflation Reduction Act.

Federal Reserve Board

The October 2022 Senior Loan Officer Opinion Survey on Bank Lending Practices

November 7, 2022

The Federal Reserve Board released the Senior Loan Officer Opinion Survey on Bank Lending Practices results for October 2022.

Paper: How Can Asset Prices Value Exchange Rate Wedges?

November 7, 2022

The Federal Reserve Board published a working paper entitled, "How Can Asset Prices Value Exchange Rate Wedges?"

Federal Reserve Bank of New York

Blog: What Is Atomic Settlement?

November 7, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "What Is Atomic Settlement?"

Federal Reserve Bank of Boston

Paper: Are the Demand and Supply Channels of Inflation Persistent? Evidence from a Novel Decomposition of PCE Inflation

November 7, 2022

The Federal Reserve Bank of Boston published a paper entitled, "Are the Demand and Supply Channels of Inflation Persistent? Evidence from a Novel Decomposition of PCE Inflation."

Paper: Do Multisectoral New Keynesian Models Match Sectoral Data?

November 7, 2022

The Federal Reserve Bank of Boston published a working paper entitled, "Do Multisectoral New Keynesian Models Match Sectoral Data?"

Federal Housing Finance Agency

Paper: Mortgage Appraisal Waivers and Prepayment Speeds

November 7, 2022

The Federal Housing Finance Agency published a working paper entitled, "Mortgage Appraisal Waivers and Prepayment Speeds."

Paper: Housing Supply and Liquidity in the COVID-19 Era

November 7, 2022

The Federal Housing Finance Agency published a working paper entitled, "Housing Supply and Liquidity in the COVID-19 Era."

International

Bank of England

Minutes of Money Markets Committee meeting – July 2022

November 7, 2022

The Bank of England released the minutes for the Money Markets Committee meeting held July 1, 2022.

Speech: Risks from leverage: how did a small corner of the pensions industry threaten financial stability?

November 7, 2022

Bank of England Executive Director Sarah Breeden gave a speech entitled, "Risks from leverage: how did a small corner of the pensions industry threaten financial stability?"

Bank of England Prudential Regulation Authority

Consultation Paper: Review of Solvency II: Reporting phase 2

November 7, 2022

The Bank of England Prudential Regulation Authority published a consultation paper entitled, "Review of Solvency II: Reporting phase 2."

Letter: Asset finance sector – key themes and control weaknesses identified post-administration, in relation to the Arena Holdings Group of companies

November 7, 2022

Bank of England Prudential Regulatory Authority Executive Director David Bailey and Director Melanie Beaman sent a letter to Chief Risk Officers entitled, "Asset finance sector – key themes and control weaknesses identified post-administration, in relation to the Arena Holdings Group of companies."

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)

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.