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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, October 7, 2022

October 07, 2022

By FedACTion Task Force

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Federal Agencies

U.S. Department of the Treasury

Treasury Announces $1 Billion Loan for Clean Technology Fund, Advancing U.S. Climate Commitments and Just Energy Transition Partnerships

October 6, 2022

U.S. Secretary of the Treasury Janet L. Yellen announced that Treasury has signed a loan agreement for the Clean Technology Fund—a multilateral trust fund which helps to scale up low carbon technologies in developing countries.

Remarks by Secretary of the Treasury Janet L. Yellen at the Center for Global Development

October 6, 2022

U.S. Secretary of the Treasury Janet L. Yellen gave remarks at the Center for Global Development.

Federal Reserve Board

Federal Reserve announces it will replace its current bank application filing system with a new and upgraded system later this month

October 6, 2022

The Federal Reserve Board announced that it will replace its current bank application filing system with a new and upgraded system later this month.

Speech: Economic Outlook

October 6, 2022

Federal Reserve Board Governor Lisa D. Cook gave a speech entitled, "Economic Outlook."

Federal Reserve Bank of New York

Statement Regarding Aggregation of Agency Mortgage-Backed Securities Holdings

October 6, 2022

Starting this month, the Federal Reserve Bank of New York Open Market Trading Desk will begin the process of CUSIP aggregation, which involves streamlining the administration of a portion of the agency mortgage-backed securities held in the System Open Market Account.

Blog: Computer Saturation and the Productivity Slowdown

October 6, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Computer Saturation and the Productivity Slowdown."

Federal Reserve Bank of Boston

Paper: Finding Needles in Haystacks: Multiple-Imputation Record Linkage Using Machine Learning

October 6, 2022

The Federal Reserve Bank of Boston published a working paper entitled, "Finding Needles in Haystacks: Multiple-Imputation Record Linkage Using Machine Learning."

Paper: Bad Times, Bad Jobs? How Recessions Affect Early Career Trajectories

October 6, 2022

The Federal Reserve Bank of Boston published a working paper entitled, "Bad Times, Bad Jobs? How Recessions Affect Early Career Trajectories."

Office of the Comptroller of the Currency

OCC Releases Bank Supervision Operating Plan for Fiscal Year 2023

October 6, 2022

The Office of the Comptroller of the Currency released its bank supervision operating plan for fiscal year 2023.

Commodity Futures Trading Commission

Speech: Looking Out for American Families and Little League Sponsors

October 6, 2022

Commodity Futures Trading Commission Commissioner Christy Goldsmith Romero gave a speech entitled, "Looking Out for American Families and Little League Sponsors."

Consumer Financial Protection Bureau

Blog: Mortgage Borrowers Can Challenge Inaccurate Appraisals Through the Reconsideration of Value Process

October 6, 2022

The Consumer Financial Protection Bureau published a blog post entitled, "Mortgage Borrowers Can Challenge Inaccurate Appraisals Through the Reconsideration of Value Process."

Financial Crimes Enforcement Network

FinCEN Provides FBAR Relief to Victims of Recent Natural Disasters

October 6, 2022

The Financial Crimes Enforcement Network issued a notice extending the filing date of Reports of Foreign Bank and Financial Account for victims of recent natural disasters, including Hurricane Fiona, Hurricane Ian, and storms and floods in parts of Alaska.

Federal Financial Institutions Examination Council

2022 Cybersecurity Resource Guide for Financial Institutions

October 6, 2022

The Federal Financial Institutions Examination Council, on behalf of its members, issued an update to the FFIEC Cybersecurity Resource Guide for Financial Institutions on October 3, 2022.

UBPR Content Review and Summary Page Changes

October 6, 2022

The Federal Financial Institutions Examination Council's member agencies have begun a multi-year review of Uniform Bank Performance Report's content to ensure it remains current and relevant.

FINRA

FINRA Alerts Firms to Recent Trend in Fraudulent Transfers of Accounts Through ACATS

October 6, 2022

FINRA released a regulatory notice that alerts member firms to a rising trend in the fraudulent transfer of customer accounts through the Automated Customer Account Transfer Service, an automated system administered by the National Securities Clearing Corporation, that facilitates the transfer of customer account assets from one firm to another.

Freddie Mac

Freddie Mac Publishes 2021 Sustainability Accounting Standards Board Report

October 6, 2022

Freddie Mac published its annual sustainability disclosure in accordance with standards issued by the Sustainability Accounting Standards Board (SASB).

Bank Policy Institute

Blog: The Role of Machine Learning and Alternative Data in Expanding Access to Credit: Fintechs' Regulatory Advantage Is to the Detriment of Consumers

October 6, 2022

The Bank Policy Institute published a blog post entitled, "The Role of Machine Learning and Alternative Data in Expanding Access to Credit: Fintechs' Regulatory Advantage Is to the Detriment of Consumers."

International

European Commission

State aid: Commission consults Member States on proposal to prolong and amend Temporary Crisis Framework

October 6, 2022

The European Commission \sent to Member States for consultation a draft proposal to prolong and adjust the State aid Temporary Crisis Framework, adopted by the Commission on 23 March 2022, to enable Member States to use the flexibility foreseen under State aid rules to support the economy in the context of Russia's war against Ukraine.

Ukraine: EU agrees on eighth package of sanctions against Russia

October 6, 2022

The European Union adopted an eighth package of sanctions against Russia over its war against Ukraine.

European Banking Authority

EBA Risk Dashboard shows that capital ratios remained broadly stable and liquidity ratios declined slightly

October 6, 2022

The European Banking Authority published its quarterly Risk Dashboard covering the main risks and vulnerabilities in the EU banking sector.

Bank of England

Monthly Decision Maker Panel data - September 2022

October 6, 2022

The Bank of England released the monthly Decision Maker Panel data for September 2022.

Speech: Current monetary policy

October 6, 2022

Bank of England Monetary Policy Committee member Jonathan Haskel gave a speech entitled, "Current monetary policy."

UK Financial Conduct Authority

FCA research: A quarter of consumers would withdraw pension savings earlier to cover cost of living – making them vulnerable to scammer 'misdirection'

October 6, 2022

The Financial Conduct Authority released new research which has found that 25% of consumers would consider withdrawing money from their pension earlier than planned to cover the cost of living.

Retirement income market data 2021/22

October 6, 2022

The Financial Conduct Authority released retirement income market data covering April 2021 to March 2022.

Speech: Agile regulation and planning for success

October 6, 2022

Financial Conduct Authority Chief Operating Officer Emily Shepperd gave a speech entitled, "Agile regulation and planning for success."

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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