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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, December 30, 2022

December 30, 2022

By FedACTion Task Force

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Federal Agencies

U.S. Department of the Treasury

Treasury Releases Additional Information on Clean Vehicle Provisions of Inflation Reduction Act

December 29, 2022

The U.S. Department of the Treasury and the IRS released the following information on certain clean vehicle provisions of the Inflation Reduction Act.

Office of the Comptroller of the Currency

Community Reinvestment Act: Revision of Small and Intermediate Small Bank and Savings Association Asset Thresholds

December 29, 2022

The Office of the Comptroller of the Currency announced revisions to the asset-size threshold amounts used to define "small bank or savings association" and "intermediate small bank or savings association" under the Community Reinvestment Act regulations.

Federal Housing Finance Agency

2023 Rules of Practice and Procedure; Civil Money Penalty Inflation Adjustment

December 29, 2022

The Federal Housing Finance Agency is adopting a final rule amending its Rules of Practice and Procedure and other agency regulations to adjust each civil money penalty within its jurisdiction to account for inflation.

Annual Adjustment of the Cap on Average Total Assets that Defines Community Financial Institutions

December 29, 2022

The Federal Housing Finance Agency has adjusted the cap on average total assets that is used in determining whether a Federal Home Loan Bank member qualifies as a "community financial institution" to $1.417 billion, based on the annual percentage increase in the Consumer Price Index for all urban consumers.

International

Bank of England

Minutes of the Meeting of the Court of Directors held on 25 October 2022

December 29, 2022

The Bank of England released minutes of the meeting of the Court of Directors held on October 25, 2022.

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)

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 (confirmed December 19, 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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