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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, July 15, 2022

July 15, 2022

By FedACTion Task Force

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Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: Advancing National Security and Foreign Policy Through Export Controls: Oversight of the Bureau of Industry and Security

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Advancing National Security and Foreign Policy Through Export Controls: Oversight of the Bureau of Industry and Security."

Federal Agencies

U.S. Department of the Treasury

Treasury Releases Fact Sheet on Food and Fertilizer-Related Authorizations Under Russia Sanctions; Expands General License Authorizing Agricultural Transactions

July 14, 2022

The U.S. Department of the Treasury issued a fact sheet to clarify that agricultural commodities (including fertilizer), agricultural equipment, or medicine relating to Russia are not the target of U.S. Sanctions.

United States and European Union Hold Fifth Joint Committee Meeting under the Bilateral Agreement on Prudential Measures Regarding Insurance and Reinsurance

July 14, 2022

The United States and the European Union held the fifth meeting of the Joint Committee established under the U.S.-EU Agreement on Prudential Measures Regarding Insurance and Reinsurance .

Federal Reserve Board

Speech: Monetary Policy in a World of Conflicting Data

July 14, 2022

Federal Reserve Board Governor Christopher J. Waller gave a speech at the Rocky Mountain Economic Summit Global Interdependence Center entitled, "Monetary Policy in a World of Conflicting Data."

Paper: SONOMA: a Small Open ecoNOmy for MAcrofinance

July 14, 2022

The Federal Reserve Board published a paper entitled, "SONOMA: a Small Open ecoNOmy for MAcrofinance."

Federal Reserve Bank of New York

Blog Post: The Bond Market Selloff in Historical Perspective

July 14, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The Bond Market Selloff in Historical Perspective."

Office of the Comptroller of the Currency

Acting Comptroller Discusses Importance of Financial Health for Consumers

July 14, 2022

Acting Comptroller of the Currency Michal J. Hsu gave remarks before the U.S. Department of the Treasury's Financial Literacy Education Commission.

FINRA

National Study by FINRA Foundation Finds U.S. Adults' Financial Capability Has Generally Grown Despite Pandemic Disruption

July 14, 2022

FINRA published the results of its Investor Education Foundation's triennial National Financial Capability Study which found that on many measures of financial capability, U.S. adults generally fared better in 2021 than in the decade leading up to the pandemic.

Fannie Mae

HPI: Home Prices Grew at Near-Record High in Second Quarter

July 14, 2022

Fannie Mae published the Home Price Index (HPI) for Q2 2022 which showed that single-family home prices increased at the annualized rate of 19.4 percent in Q2 2022, down slightly from the previous quarter's upwardly revised 20.5 percent.

State Agencies

California Department of Financial Protection and Innovation

DFPI's Commercial Financing Disclosure Regulations Approved to Become Effective as of December 9, 2022

July 14, 2022

The California Department of Financial Protection and Innovation announced the approval of proposed financing disclosure regulations which become effective December 9, 2022.

2021 Reports on the California Mortgage Lending Act and Payday Lending Activity

July 14, 2022

The California Department of Financial Protection and Innovation released the 2021 Annual Report of Activity Under the California Residential Mortgage Lending Act and the 2021 Annual Report of Payday Lending Activity Under the California Deferred Deposit Transaction Law

International

European Commission

Summer 2022 Economic Forecast: Russia's war worsens the outlook

July 14, 2022

The Summer 2022 (interim) Economic Forecast projects that the EU economy will grow by 2.7% in 2022 and 1.5% in 2023. Growth in the euro area is expected at 2.6% in 2022, moderating to 1.4% in 2023.

Bank of England

Bank Liabilities Survey - 2022 Q2

July 14, 2022

The Bank of England published the results of the Bank Liabilities Survey for 2022 Q2.

Credit Conditions Survey - 2022 Q2

July 14, 2022

The Bank of England published the results of the Credit Conditions Survey for 2022 Q2.

Alternative Liquidity Facility Annual Report 2021/22

July 14, 2022

The Bank of England published the Alternative Liquidity Facility Annual Report for 2021/2022.

Speech: Capital and (for a change) Liquidity Buffers

July 14, 2022

Bank of England Executive Director of Prudential Policy gave a speech entitled, "Capital and (for a change) Liquidity Buffers."

UK Financial Conduct Authority

Speech: How the UK will regulate for the future

July 14, 2022

Financial Conduct Authority Chief Executive Nikhil Rathi gave a speech at the Peterson Institute for International Economics entitled, "How the UK will regulate for the future."

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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