PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, October 21, 2022
October 21, 2022
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PH Fintech Tracker on Executive Order for Digital Assets
Major Developments
Remarks by FDIC Acting Chairman Martin J. Gruenberg at the Brookings Institution on the Prudential Regulation of Crypto-Assets
October 20, 2022
Federal Deposit Insurance Corporation (FDIC) Acting Chairman Martin J. Gruenberg delivered remarks on the prudential regulation of crypto-assets at the Brookings Institution in Washington, D.C.
Treasury Releases First-Ever CFIUS Enforcement and Penalty Guidelines
October 20, 2022
The Department of the Treasury, as Chair of the Committee on Foreign Investment in the United States (CFIUS), released the first-ever CFIUS Enforcement and Penalty Guidelines.
Congress
U.S. Senate
Committee on Banking, Housing, and Urban Affairs
Toomey, Van Hollen Release Readout on Call with Ukrainian Ambassador on U.S. Support, Secondary Sanctions Proposal
October 20, 2022
Senators Pat Toomey (R-Pa.) and Chris Van Hollen (D-Md.) spoke with Ukrainian Ambassador Oksana Markarova about the critical importance of continued U.S. support of Ukraine in the face of Vladimir Putin's aggression.
Federal Agencies
U.S. Department of Justice
Justice Department Announces New Charges, Convictions, and Sentencings in Ongoing Initiative Targeting Pandemic Relief Fraud
October 20, 2022
The Department of Justice announced new criminal charges, convictions, and sentences as part of its ongoing initiative to prosecute fraud in connection with various pandemic relief programs under the CARES Act, including the Paycheck Protection Program and the Economic Injury Disaster Loan program, as well as other crimes relating to the COVID-19 pandemic.
Federal Reserve Board
Remarks by Governor Bowman at "Toward an Inclusive Recovery"
October 20, 2022
Federal Reserve Board Governor Michelle W. Bowman gave welcoming remarks at "Toward an Inclusive Recovery," a research seminar sponsored by the Board of Governors of the Federal Reserve System.
Federal Reserve Bank of New York
Blog: Economic Inequality Series - How Have Racial and Ethnic Earnings Gaps Changed after COVID-19?
October 20, 2022
The Federal Reserve Bank of New York published a Liberty Street Economics blog post in its "Economic Inequality Series: The Labor Market after the COVID Recession" entitled, "How Have Racial and Ethnic Earnings Gaps Changed after COVID-19?"
Blog: Economic Inequality Series - Long COVID Appears to Have Led to a Surge of the Disabled in the Workplace
October 20, 2022
The Federal Reserve Bank of New York published a Liberty Street Economics blog post in its "Economic Inequality Series: The Labor Market after the COVID Recession" entitled, "Long COVID Appears to Have Led to a Surge of the Disabled in the Workplace."
Conference of State Bank Supervisors
State Regulators Provide Licensees Tips to Prepare for NMLS Annual Renewal
October 20, 2022
State regulators encourage individuals and businesses in the mortgage, money transmission, debt collection and consumer financial services industry to get ready for the November 1 start of Nationwide Multistate Licensing System annual license renewal by taking steps to prepare in advance.
Securities and Exchange Commission
Commissioner Uyeda's Remarks at the APABA-DC Awards and Installation Reception
October 20, 2022
Securities and Exchange Commission Commissioner Mark T. Uyeda gave remarks at the Asian Pacific American Bar Association of the Greater Washington, D.C. Area Awards and Installation Reception.
Commodity Futures Trading Commission
CFTC Releases Annual Enforcement Results
October 20, 2022
The Commodity Futures Trading Commission today released the agency's enforcement results for Fiscal Year 2022 that demonstrates its continued commitment to protecting customers and ensuring market integrity.
Consumer Financial Protection Bureau
CFPB Issues Advisory Opinion on Facially False Credit Report Information
October 20, 2022
The Consumer Financial Protection Bureau issued an advisory opinion discussing Fair Credit Reporting Act requirements related to procedures for ensuring the prevention of facially false information in credit reports.
Report of the CFPB Education Loan Ombudsman
October 20, 2022
The Consumer Financial Protection Bureau Education Loan Ombudsman issued the annual report to Congress analyzes complaint data from September 1, 2021, through August 31, 2022.
National Credit Union Administration
NCUA Board Approves Risk-Appetite Statement; Briefed on Central Liquidity Facility and Cybersecurity
October 20, 2022
The National Credit Union Administration (NCUA) Board held its ninth open meeting 2022, and approved the agency's Enterprise Risk Appetite Statement, which helps the agency align risks and opportunities when making decisions and allocating resources to achieve the agency's strategic goals and objectives. The NCUA Board was also briefed on the state of the Central Liquidity Facility and cybersecurity trends affecting federally insured credit unions and the broader financial system.
International
European Banking Authority
EBA publishes final standards and guidelines on interest rate risk arising from non-trading book activities
October 20, 2022
The European Banking Authority published a final set of Guidelines and two final draft Regulatory Technical Standards specifying technical aspects of the revised framework capturing interest rate risks for banking book positions.
Bank of England
Paper: Structural change, global R* and the missing-investment puzzle
October 20, 2022
The Bank of England published a staff working paper entitled, "Structural change, global R* and the missing-investment puzzle."
Market Notice: Asset Purchase Facility: Gilt Sales
October 20, 2022
The Bank of England released a market notice setting out the updated schedule for planned gilt sale operations for Q4 2022.
Speech: The inflationary consequences of real shocks
October 20, 2022
Bank of England Deputy Governor for Monetary Policy Ben Broadbent gave a speech entitled, "The inflationary consequences of real shocks."
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)
- Treasury Announces New Acting Director of the Office of Financial Research (February 18, 2022)
- Treasury Statement on Appointment of Chief Lynn Malerba as Treasurer of the United States (June 21, 2022)
- Remarks by Secretary of the Treasury Janet L. Yellen at Chief Lynn Malerba's Swearing in Ceremony as the United States Treasurer (September 12, 2022)
- Remarks by Chief Lynn Malerba at Swearing in Ceremony for United States Treasurer (September 12, 2022)
Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)
- Vice Chair Lael Brainard (sworn in May 23, 2022)
- Vice Chair for Supervision Michael Barr (sworn in July 19, 2022)
- Governor Phillip N Jefferson (sworn in May 23, 2022)
- Governor Lisa D. Cook (sworn in May 23, 2022)
- Statement by Federal Reserve Board Chair Jerome H. Powell on his nomination by President Biden (November 22, 2021)
- Statement by Governor Lael Brainard on her nomination by President Biden (November 22, 2021) (sworn in May 23, 2022)
- Secretary of the Treasury Janet L. Yellen Statement on Federal Reserve Nominations (November 22, 2021)
- Statement by Secretary Walsh on Federal Reserve Nominations (November 22, 2021)
- Brown Statement on the Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Toomey Statement on Renomination of Jerome Powell for Fed Chair (November 22, 2021)
- Brown Applauds Biden's Nomination of Governor Lael Brainard for Vice Chair (November 22, 2021)
- Brown Applauds Biden's Nominees for Fed Board (January 14, 2022)
- Toomey Statement on President Biden's Fed Nominees (January 14, 2022)
- Waters Applauds Nominations of Sarah Bloom Raskin, Lisa Cook, and Philip Jefferson to Leadership Roles in the Federal Reserve (January 14, 2022)
- Statement by Secretary of the Treasury Janet L. Yellen on Federal Reserve Nominations (January 14, 2022)
- Senate Banking Committee Chair Brown Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
- Senate Banking Committee Ranking Member Toomey Statement on Nomination of Dr. Lisa Cook (March 29, 2022)
- Senate Banking Committee Chair Brown Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
- Senate Banking Committee Ranking Member Toomey Statement on Nomination of Michael Barr for Federal Reserve Vice Chair for Supervision (April 15, 2022)
- Senate Banking Committee Chair Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
- Senate Banking Committee Ranking Member Statement on Senate Confirmation of Dr. Lisa Cook (May 10, 2022)
- Jerome H. Powell sworn in for second term as Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Lael Brainard sworn in as Vice Chair of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Lisa D. Cook sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Philip N. Jefferson sworn in as a member of the Board of Governors of the Federal Reserve System (May 23, 2022)
- Senate Banking Committee Chair Statement Ahead of Confirmation Vote for Michael Barr (July 13, 2022)
- President Biden Statement on Confirmation of Michael Barr as Fed Vice Chair (July 13, 2022)
- CSBS President and CEO Statement on Confirmation of Michael Barr as Vice Chair (July 14, 2022)
- Michael S. Barr sworn in as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System (July 19, 2022)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
- New York Fed Names Michelle Neal as Head of the Markets Group (January 20, 2022)
- Marianne Lake Appointed to Federal Advisory Council for the New York Fed (August 11, 2022)
- New York Fed Names Richard Ostrander as General Counsel and Head of the Legal Group (October 3, 2022)
Federal Deposit Insurance Corporation – Martin Gruenberg (Acting Chair, appointed February 5, 2022)
Consumer Financial Protection Bureau – Rohit Chopra (effective October 12, 2021)
- Statement by House Committee on Financial Services Chair Maxine Waters on Rohit Chopra's Confirmation (September 30, 2021)
- CSBS Statement on Rohit Chopra Confirmation as CFPB Director (September 30, 2021)
Securities and Exchange Commission – Gary Gensler (effective April 17, 2021)
- LizAnn Eisen Joins Division of Corporation Finance as Deputy Director, Disclosure Program (January 27, 2022)
- Lori H. Price Named Acting Director of the Office of Credit Ratings; Ahmed Abonamah to Leave SEC (February 1, 2022)
- Kelly L. Gibson, Director of the Philadelphia Regional Office, to Leave the SEC; Scott Thompson and Joy Thompson named Office Acting Co-Heads (February 11, 2022)
- SEC Chair and Commissioners Joint Statement on Senate Confirmation of Jaime Lizárraga and Mark Uyeda (June 17, 2022)
- CFTC Commissioner Statement on Senate Confirmations of mark Uyeda and Jaime Lizarraga (June 17, 2022)
- Jaime Lizárraga Sworn In as SEC Commissioner (July 18, 2022)
- Lori H. Price Named Director of Office of Credit Ratings (August 12, 2022)
Small Business Administration – Isabella Casillas Guzman (effective March 16, 2021)
- Statement by Administrator Guzman Applauding President Biden's Appointees to Lead SBA Regional Offices (November 18, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (December 6, 2021)
- Statement by Administrator Guzman Applauding President Biden's New Appointees to the U.S. Small Business Administration (January 25, 2022)
Commodity Futures Trade Commission – Rostin Behnam (effective December 17, 2021)
- Kristin Johnson, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- Christy Goldsmith Romero, Nominee for Commissioner of the Commodity Futures Trading Commission (September 13, 2021)
- U.S. Senate Unanimously Confirms Behnam as Chairman (December 17, 2021)
- CFTC Chairman Rostin Behnam Announces Executive Staff Appointments (January 20, 2022)
- CFTC Chairman Rostin Behnam Appoints Initial CFTC Leadership (January 25, 2022)
- Statement of CFTC Chairman Rostin Behnam on the U.S. Senate Confirmations of Christy Goldsmith Romero, Kristin N. Johnson, Summer Kristine Mersinger, and Caroline D. Pham (March 29, 2022)
- CFTC Commissioner Pham Announces Initial Staff Appointments (April 22, 2022)
- CFTC Commissioner Goldsmith Romero Announces Staff Appointments (April 27, 2022)
- CFTC Commissioner Pham Announces Additional Staff Appointments (May 13, 2022)
- CFTC Commissioner Mersinger Announces Staff Appointments (May 16, 2022)
Financial Crimes Enforcement Network
National Credit Union Administration – Todd M. Harper
- Anthony Cappetta Appointed President of the Central Liquidity Facility (January 26, 2022)
- Senate Confirms Harper to Full Term on the NCUA Board (June 8, 2022)
- Senate Banking Committee Chair Statement on Confirmation of Todd M. Harper (June 8, 2022)
- Senate Banking Committee Ranking Member Statement on Confirmation of Todd M. Harper (June 8, 2022)
- Amber Gravius Named Director, Office of Business Innovation (August 9, 2022)
U.S. Department of Housing and Urban Development – Marcia Fudge (effective March 10, 2021)
- Adrianne Todman Sworn in as Deputy Secretary of Housing and Urban Development (June 15, 2021)
- Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (December 15, 2021)
- Statement from Secretary Marcia L. Fudge on the Confirmation of Alanna McCargo (February 15, 2022)
- HUD Announces Key Staff Appointments (April 11, 2022)
- Julia Gordon Sworn in as Assistant Secretary for Housing and the Federal Housing Commissioner (May 23, 2022)
- Beth Lynk Sworn in as HUD Assistant Secretary of Public Affairs (October 20, 2022)
Federal Housing Finance Agency – Sandra L. Thompson, (confirmed May 25, 2022)
- Brown Statement on the Selection of Sandra Thompson to Lead FHFA (December 14, 2021)
- Waters Applauds Biden's Nomination of Sandra L. Thompson as Permanent Director of the FHFA (December 14, 2021)
- Statement from HUD Secretary Marcia L. Fudge on the Nomination of Sandra Thompson (December 14, 2021)
- Waters Applauds Confirmation of Sandra L. Thompson as Director of FHFA (May 25, 2022)
- Sandra L. Thompson Sworn In As Director of the Federal Housing Finance Agency (June 22, 2022)
U.S. Department of Education – Dr. Miguel Cardona (effective March 2, 2021)
- Secretary Cardona Statement on Confirmation of Education Department Officials Brown, Rodriguez and Graham (October 6, 2021)
- Statement from Secretary Miguel Cardona on the Confirmation of Catherine Lhamon as Assistant Secretary for the Office for Civil Rights (October 20, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on the Confirmation of Sandra Bruce as the Department's Inspector General (December 3, 2021)
- Statement by U.S. Secretary of Education Miguel Cardona on President Biden's Nomination of LaWanda Toney (December 16, 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.