PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Friday, October 7, 2022
October 07, 2022
FedACTion Task Force
Subscribe to PH FedACTion: Financial Regulatory Updates
PH Fintech Tracker on Executive Order for Digital Assets
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)
- 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)
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.