PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, October 19, 2022
October 19, 2022
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Major Developments
Federal Deposit Insurance Corporation
FDIC Board of Directors Adopts Final Rule on Assessments, Revised Deposit Insurance Assessment Rates; Maintains the Designated Reserve Ratio for 2023
October 18, 2022
The Federal Deposit Insurance Corporation adopted a final rule to increase initial base deposit insurance assessment rate schedules uniformly by 2 basis points beginning in the first quarterly assessment period of 2023.
- Fact Sheet
- Final Rule
- Final Rule Board Memo
- Designated Reserve Ratio
- Designated Reserve Ratio Board Memo
- Press Release
- Financial Institution Letter
- FDIC Acting Chair Statement
- CFPB Director Statement
- Joint Trades Statement
Federal Agencies
U.S. Department of the Treasury
Treasury International Capital Data for August
October 18, 2022
The U.S. Department of the Treasury released Treasury International Capital (TIC) data for August 2022.
Treasury's Federal Insurance Office Takes Important Step to Assess Climate-related Financial Risk – Seeks Comment on Proposed Data Call
October 18, 2022
The U.S. Department of the Treasury's Federal Insurance Office issued a proposed data collection from insurers to assess climate-related financial risk across the United States.
Federal Reserve Board
Paper: Geopolitics and the U.S. Dollar's Future as a Reserve Currency
October 18, 2022
The Federal Reserve Board published a paper entitled, "Geopolitics and the U.S. Dollar's Future as a Reserve Currency."
Paper: How Much Does Racial Bias Affect Mortgage Lending? Evidence from Human and Algorithmic Credit Decisions
October 18, 2022
The Federal Reserve Board published a paper entitled, "How Much Does Racial Bias Affect Mortgage Lending? Evidence from Human and Algorithmic Credit Decisions."
Data: G.17 Industrial Production and Capacity Utilization – October 2022
October 18, 2022
The Federal Reserve Board released the G.17 Industrial Production and Capacity Utilization data for October 2022.
Minutes of the Board's discount rate meetings on August 22 through September 21, 2022
October 18, 2022
The Federal Reserve Board released the minutes of its interest rate meetings from August 22 through September 21, 2022.
Federal Reserve Bank of New York
Business Leaders Survey – October 2022
October 18, 2022
The Federal Reserve Bank of New York published the results of the October 2022 Business Leaders Survey.
Blog: What Have Workers Done with the Time Freed up by Commuting Less?
October 18, 2022
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "What Have Workers Done with the Time Freed up by Commuting Less?"
Federal Deposit Insurance Corporation
FDIC Board of Directors Approves Advance Notice of Proposed Rulemaking Regarding Resolution–Related Resource Requirements for Large Banking Organizations
October 18, 2022
The Federal Deposit Insurance Corporation's Board of Directors approved the publication of an Advance Notice of Proposed Rulemaking (ANPR) concerning potential new resolution-related resource requirements for large banking organizations to improve the prospects for the orderly resolution of large banks in the United States should they fail. The ANPR is being proposed jointly by the FDIC and the Board of Governors of the Federal Reserve System.
- Proposed Rule
- Press Release
- FDIC Acting Chair Statement
- Acting Comptroller Statement
- CFPB Director Statement
Proposed Amendments to Guidelines for Appeals of Material Supervisory Determinations
October 18, 2022
The Federal Deposit Insurance Corporation is soliciting further comment on proposed amendments to its "Guidelines for Appeals of Material Supervisory Determinations."
Final Rule on Assessments, Amendments to Incorporate Troubled Debt Restructuring Accounting Standards Update
October 18, 2022
The Federal Deposit Insurance Corporation issued a final rule to incorporate updated accounting standards in the risk-based deposit insurance assessment system applicable to all large and highly complex insured depository institutions.
U.S. Small Business Administration
Administrator Guzman Advances New Small Business Investment Company Reforms to Expand Access, Strengthen and Diversify SBA's Public-Private Investment Partnership Program
October 18, 2022
Small Business Administrator Isabella Casillas Guzman announced proposed reforms to the Small Business Investment Company program designed to reduce financial barriers and increase access and diversity in the U.S. small business investment ecosystem.
International
Bank of England
Bank of England confirms APF gilts sales for Q4 2022
October 18, 2022
The Bank of England confirms the first Asset Purchase Facility gilt sale operation will take place on November 1, 2022.
Exchange of letters regarding the Energy Markets Financing Scheme
October 18, 2022
Bank of England Governor Andrew Bailey and Chancellor of the Exchequer Jeremy Hunt exchanged letters regarding the Energy Markets Financing Scheme.
Bank of England Prudential Regulation Authority
PRA publishes a statement under the Energy Markets Financing Scheme
October 18, 2022
The Bank of England Prudential Regulation Authority issued a statement on credit risk mitigation eligibility, risk-based capital treatment, and leverage ratio treatment of guarantees under the Energy Markets Financing Scheme.
UK Financial Conduct Authority
FCA places restrictions on twice as many consumer investment firms this year
October 18, 2022
The Financial Conduct Authority has placed restrictions on twice as many firms in the investment market compared to last year, as part of its strategy designed to prevent harm in the consumer investment market.
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.