left-caret
All Insights

PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, July 22, 2022

July 22, 2022

By FedACTion Task Force

Subscribe to PH FedACTion: Financial Regulatory Updates

PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: Priced Out: The State of Housing in America

July 21, 2022

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Priced Out: The State of Housing in America."

Federal Agencies

U.S. Department of the Treasury

Article: Racial Inequality in the United States

July 21, 2022

Benjamin Harris, U.S. Department of the Treasury Counselor for Racial Equity Janis Bowdler and Assistant Secretary for Economic Policy, published an article entitled, "Racial Inequality in the United States."

Federal Deposit Insurance Corporation

FDIC Quarterly: Community Bank Performance in Manufacturing-Concentrated States

July 21, 2022

The Federal Deposit Insurance Corporation published Volume 16, Number 3 of the FDIC Quarterly entitled, "Community Bank Performance in Manufacturing-Concentrated States."

FINRA

Report: Blame and Shame in the Context of Financial Fraud

July 21, 2022

The AARP Fraud Watch Network and FINRA Investor Education Foundation published a report entitled, "Blame and Shame in the Context of Financial Fraud."

National Credit Union Administration

NCUA Board Issues Proposed Rule on Cyber Incident Reporting Requirements

July 21, 2022

The National Credit Union Administration Board held its seventh open meeting of 2022 and unanimously approved two items:

  • A notice of proposed rulemaking on cyber incident notification requirements.
  • A final rule to adjust the asset thresholds for assigning supervision of covered consumer credit unions to the Office of National Examinations and Supervision (ONES).

In addition, the NCUA's Chief Financial Officer briefed the Board on the agency's mid-session budget.

Freddie Mac

Report: Climate Resiliency Incentives in LIHTC Qualified Allocation Plans

July 21, 2022

Freddie Mac published a report entitled, "Climate Resiliency Incentives in LIHTC Qualified Allocation Plans."

International

European Banking Authority

The EBA observes a reduction of high earners in 2020 and a slight decrease of bonus levels in the context of the COVID-19 pandemic

July 21, 2022

The European Banking Authority published today its Report on benchmarking of remuneration practices in EU banks for the financial years 2019 and 2020 and high earners data for 2020.

EBA publishes final regulatory products to harmonize the supervisory review and evaluation process of investment firms

July 21, 2022

The European Banking Authority jointly with the European Securities and Markets Authority, published today the final Guidelines on common procedures and methodologies for the supervisory review and evaluation process (SREP) for investment firms.

EBA launches discussion on 2023 EU-wide stress test methodology

July 21, 2022

The European Banking Authority published its 2023 EU-wide stress test draft methodology, templates and template guidance, which will be discussed with the industry.

Bank of England
Prudential Regulation Authority
UK Financial Conduct Authority

The Bank of England, PRA and FCA set out potential measures to oversee critical third parties

July 21, 2022

The Bank of England, Prudential Regulation Authority and Financial Conduct Authority have set out potential measures to oversee and strengthen the resilience of services provided by critical third parties to the UK financial sector.

UK Financial Conduct Authority

Data: The retail intermediary market 2021

Proposal: Our new employment offer: Equality Impact Assessment

July 21, 2022

The Financial Conduct Authority and Payment Systems Regulator released a joint proposal entitled, "Our new employment offer: Equality Impact Assessment."

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.

Get In Touch With Us

Contact Us