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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, September 2, 2022

September 02, 2022

By FedACTion Task Force

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Federal Agencies

Federal Reserve Board

Paper: The Rise of Nonbanks and the Quality of Financial Services: Evidence from Consumer Complaints

September 1, 2022

The Federal Reserve Board published a paper entitled, "The Rise of Nonbanks and the Quality of Financial Services: Evidence from Consumer Complaints."

Federal Reserve Bank of New York

Report: Nonconforming Preferences: Jumbo Mortgage Lending and Large Bank Stress Tests

The Federal Reserve Bank of New York published a staff report entitled, "Nonconforming Preferences: Jumbo Mortgage Lending and Large Bank Stress Tests."

Office of the Comptroller of the Currency

Acting Comptroller Discusses Importance of Community Banks; Announces Reduction in Assessment Fees

September 1, 2022

Acting Comptroller of the Currency Michael J. Hsu discussed the importance of community banks, and the challenges and opportunities of digitalization, in a meeting with the Texas Bankers Association in Dallas.

Consumer Financial Protection Bureau

Report: Consumer Finances in Rural Appalachia

September 1, 2022

The Consumer Financial Protection Bureau issued a report entitled, "Consumer Finances in Rural Appalachia." This report is the first in a series on the finances of consumers living in rural areas.

Blog: Beware of scammers pretending to be from the CFPB

September 1, 2022

The Consumer Financial Protection Bureau published a blog post entitled, "Beware of scammers pretending to be from the CFPB."

National Credit Union Administration

NCUA Grants Will Allow Low-Income Credit Unions to Expand Service, Build Capacity

September 1, 2022

The National Credit Union Administration has awarded more than $1.5 million in Community Development Revolving Loan Fund grants to help 90 low-income credit unions expand outreach to underserved communities, participate in mentoring relationships, receive training, and improve digital services and security.

Supervisory Letter: Updates to Interest Rate Risk Supervisory Framework

September 1, 2022

The National Credit Union Administration sent a supervisory letter to federally insured credit unions addressing updates to the interest rate risk supervisory framework.

Ginnie Mae

Global Market Analysis Report – August 2022

September 1, 2022

Ginnie Mae released the August 2022 Global Market Analysis Report.

Blog: Reflecting on Ginnie Mae's 54 Years of Social Impact

Ginnie Mae President Alanna McCargo published a blog post entitled, "Reflecting on Ginnie Mae's 54 Years of Social Impact."

International

European Banking Authority

Report: EBA calls for more proactive engagement between supervisors in anti-money laundering and counter-terrorist financing colleges

September 1, 2022

The European Banking Authority published its second report on the functioning of AML/CFT supervisory colleges in the EU.

Bank of England

Survey: Monthly Decision Maker Panel data - August 2022

September 1, 2022

The Bank of England released the data from the monthly Decision Maker Panel Survey for August 2022.

Market Notice: Update to Level A Collateral Pricing in the Indexed Long-Term Repo

September 1, 2022

The Bank of England released a Market Notice entitled, "Update to Level A Collateral Pricing in the Indexed Long-Term Repo."

Market Notice: Short Term Repo

September 1, 2022

The Bank of England released a Market Notice entitled, "Short Term Repo."

Market Notice: Asset Purchase Facility: Gilt Sales

September 1, 2022

The Bank of England released a Market Notice entitled, "Asset Purchase Facility: Gilt Sales."

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.

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