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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, August 19, 2022

August 19, 2022

By FedACTion Task Force

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Federal Agencies

Federal Reserve Bank of New York

Blog: Remote Work Is Sticking

August 18, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Remote Work Is Sticking."

Federal Deposit Insurance Corporation

Supervisory Guidance on Multiple Re-Presentment NSF Fees

August 18, 2022

The Federal Deposit Insurance Corporation (FDIC) issued guidance to FDIC-supervised institutions to address certain consumer compliance risks associated with assessing multiple non-sufficient funds fees arising from the re-presentment of the same unpaid transaction.

International

Bank of England

Market Notice: Asset Purchase Facility: corporate bond sales programme

August 18, 2022

The Bank of England (BoE) issued a market notice entitled, "Asset Purchase Facility: corporate bond sales programme," addressing the sale of its full stock of corporate bonds that have been purchased by the BoE since 2016.

Bank of England Prudential Regulation Authority

Climate Financial Risk Forum (CFRF) Session 3 – minutes July 12, 2022

August 18, 2022

The Prudential Regulation Authority and Financial Conduct Authority released the minutes of the second meeting of the Climate Financial Risk Forum's third session from July 12, 2022.

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)

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.

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