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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, November 11, 2022

November 11, 2022

By FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. House of Representatives

Committee on Financial Services

Committee Announces November Schedule

November 10, 2022

The U.S House Committee on Financial Services released the November hearing schedule.

  • Tuesday, November 15 at 10 a.m. ET: The Subcommittee on Housing, Community Development, and Insurance will convene for a hybrid hearing entitled, "Persistent Poverty in America: Addressing Chronic Disinvestment in Colonias, the U.S. Territories, and the Southern Black Belt."
  • Tuesday, November 15 at 2 p.m. ET: The Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets will convene for a hybrid hearing entitled, "Investing in our Rivals: Examining U.S. Capital Flows to Foreign Rivals and Adversaries Around the World."
  • Wednesday, November 16 at 10 a.m. ET: The full Committee will convene for a hybrid hearing entitled, "Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions."
  • Press Release

Federal Agencies

U.S. Department of the Treasury
Federal Reserve Board
Federal Reserve Bank of New York
U.S. Securities and Exchange Commission
U.S. Commodity Futures Trading Commission

Inter-Agency Working Group Releases New Report on Treasury Market Resilience Efforts

November 10, 2022

The Inter-Agency Working Group on Treasury Market Surveillance issued a staff progress report to provide an update on a wide range of significant steps its members have taken to enhance the resilience of the U.S. Treasury market.

U.S. Department of the Treasury

Treasury Releases Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States

November 10, 2022

The U.S. Department of the Treasury delivered its semiannual Report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States.

Statement by Secretary of the Treasury Janet L. Yellen on President Biden's Intention to Nominate Daniel Werfel to Serve as IRS Commissioner

November 10, 2022

Secretary of the Treasury Janet L. Yellen issued a statement on President Biden's intention to nominate Daniel Werfel to serve as the next IRS Commissioner.

Federal Reserve Board

Federal Reserve Supervision and Regulation Report – November 2022

November 10, 2022

The Federal Reserve Board released the Supervision and Regulation Report for November 2022.

Federal Reserve Bank of New York

U.S. Economy in a Snapshot

November 10, 2022

The Federal Reserve Bank of New York released the November 2022 U.S. Economy in a Snapshot.

Underlying Inflation Gauge – November 2022

November 10, 2022

The Federal Reserve Bank of New York released the November 2022 Underlying Inflation Gauge (UIG) with data from October 2022.

Blog: Do Exchange Rates Fully Reflect Currency Pressures?

November 10, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Do Exchange Rates Fully Reflect Currency Pressures?"

Securities and Exchange Commission

Risk Alert: Observations Related to Regulation NMS Rule 606 Disclosures

November 10, 2022

The Securities and Exchange Commission published a Risk Alert entitled, "Observations Related to Regulation NMS Rule 606 Disclosures."

Commodity Futures Trading Commission

CFTC Approves a Proposed Rule and a Proposed Order and Request for Comment

November 10, 2022

The Commodity Futures Trading Commission voted to advance two proposals. The first is a proposed rule on reporting and information requirements for derivatives clearing organizations. The second is a proposed order and a request for comment on an application for a capital comparability determination submitted on behalf of nonbank swap dealers subject to regulation by the Mexican Comision Nacional Bancaria y de Valores.

Consumer Financial Protection Bureau

CFPB Publishes New Bulletin Analyzing Rise in Crypto-Asset Complaints

November 10, 2022

The Consumer Financial Protection Bureau released a new complaint bulletin that highlights complaints the CFPB received related to crypto-assets.

CFPB Issues Guidance to Address Shoddy Investigation Practices by Consumer Reporting Companies

November 10, 2022

The Consumer Financial Protection Bureau issued a circular to affirm that neither consumer reporting companies nor information furnishers can skirt dispute investigation requirements.

CFPB finalizes rule to increase transparency regarding key nonbank supervision tool

November 10, 2022

The Consumer Financial Protection Bureau finalized changes to its nonbank supervision procedural rule.

Federal Housing Finance Agency

FHFA Announces 2023 Multifamily Loan Purchase Caps for Fannie Mae and Freddie Mac

November 10, 2022

The Federal Housing Finance Agency announced that the 2023 multifamily loan purchase caps for Fannie Mae and Freddie Mac will be $75 billion for each Enterprise, for a combined total of $150 billion to support the multifamily market.

Foreclosure Prevention, Refinance, and Federal Property Manager's Report - August 2022

November 10, 2022

The Federal Housing Finance Agency released the Foreclosure Prevention, Refinance, and Federal Property Manger's Report for August 2022.

Bank Policy Institute

Blog: As U.S. Regulators Implement the 2017 Basel Accord, It's Time for a Reality-Based Assessment of Current Capital Levels

November 10, 2022

The Bank Policy Institute published a blog post entitled, "As U.S. Regulators Implement the 2017 Basel Accord, It's Time for a Reality-Based Assessment of Current Capital Levels."

International

Bank of England

Bank of England sets out plans for a demand-led approach to unwind recent financial stability gilt purchases in a timely but orderly way

November 10, 2022

The Bank of England released its plans for a demand-led approach to unwind recent financial stability gilt purchases.

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)

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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