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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, September 30, 2022

September 30, 2022

By FedACTion Task Force

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Major Developments

Financial Crimes Enforcement Network

FinCEN Issues Final Rule for Beneficial Ownership Reporting to Support Law Enforcement Efforts, Counter Illicit Finance, and Increase Transparency

September 29, 2022

The U.S. Treasury's Financial Crimes Enforcement Network issued a final rule establishing a beneficial ownership information reporting requirement, pursuant to the bipartisan Corporate Transparency Act.

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: Examining Outbound Investment

September 29, 2022

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Examining Outbound Investment."

Federal Agencies

Federal Reserve Board

Federal Reserve Board announces that six of the nation's largest banks will participate in a pilot climate scenario analysis exercise designed to enhance the ability of supervisors and firms to measure and manage climate-related financial risks

September 29, 2022

The Federal Reserve Board announced that six of the nation's largest banks will participate in a pilot climate scenario analysis exercise designed to enhance the ability of supervisors and firms to measure and manage climate-related financial risks.

Senior Credit Officer Opinion Survey – September 2022

September 29, 2022

The Federal Reserve Board released the September 2022 Senior Credit Officer Opinion Survey on Dealer Financing Terms.

Consumer Financial Protection Bureau

Supervisory Highlights: CFPB Supervisory Examinations Find Violations of Federal Law by Student Loan Servicers and University-Owned Lenders

September 29, 2022

The Consumer Financial Protection Bureau released a special edition of Supervisory Highlights on recent examination findings covering the practices of student loan servicers, and schools that lend to students directly.

FINRA

National Adjudicatory Council Enhances FINRA's Sanction Guidelines

September 29, 2022

FINRA announced today that the National Adjudicatory Council has made significant improvements to the Sanction Guidelines to ensure that they accurately reflect the levels of sanctions imposed in FINRA disciplinary proceedings and serve as an efficient resource for member firms, individuals and adjudicators.

National Credit Union Administration

NCUA Posts 2023–2024 Proposed Budget, Sets October 19 Public Briefing

September 29, 2022

The National Credit Union Administration's published the staff draft budget for 2023-24 was on the agency's website for review and comment.

U.S. Small Business Administration

OIG Report: Follow-up Inspection of SBA's Internal Controls to Prevent COVID-19 EIDLs to Ineligible Applicants

September 29, 2022

The U.S. Small Business Administration Office of Inspector General published a report entitled, "Follow-up Inspection of SBA's Internal Controls to Prevent COVID-19 EIDLs to Ineligible Applicants."

Ginnie Mae

All Participant Memo: Buyout Authority for Loans Impacted by Hurricane Fiona and Hurricane Ian for Single-family Issuers

September 29, 2022

Ginne Mae published an All Participant Memorandum entitled, "Buyout Authority for Loans Impacted by Hurricane Fiona and Hurricane Ian for Single-family Issuers."

Blog: Independent Mortgage Bank Eligibility Standards: Taking Stock One Month In

September 29, 2022

Ginnie Mae published a blog post entitled, "Independent Mortgage Bank Eligibility Standards: Taking Stock One Month In."

Bank Policy Institute

Blog: Is Climate Really a Financial Stability Risk or Solvency Risk for Large Banks?

September 29, 2022

The Bank Policy Institute published a blog post entitled, "Is Climate Really a Financial Stability Risk or Solvency Risk for Large Banks?"

International

European Commission

Antitrust: Commission adopts Guidelines on collective agreements by solo self-employed people

September 29, 2022

The European Commission has adopted today its Guidelines on the application of EU competition law to collective agreements regarding the working conditions of solo self-employed people.

European Banking Authority

EBA publishes its work program for 2023

September 29, 2022

The European Banking Authority published its annual work program for 2023, describing the key strategic areas of work for the Authority for the coming year, as well as related activities and tasks.

The EBA updates data used for the identification of global systemically important institutions (G-SIIs)

September 29, 2022

The European Banking Authority disclosed data items specific to the recognition of the Banking Union and of institutions that are part of the Single Resolution Mechanism.

Bank of England

Speech: Recent developments in the economy and markets

September 29, 2022

Bank of England Chief Economist and Executive Director Huw Pill gave a speech entitled, "Recent developments in the economy and markets."

Speech: Message received and understood

September 29, 2022

Bank of England Deputy Governor Dave Ramsden gave a speech entitled, "Message received and understood."

UK Financial Conduct Authority

FCA warns insurers to protect customers' wellbeing during cost of living squeeze

September 29, 2022

The Financial Conduct Authority wrote a letter to insurance industry CEOs to make sure their customers are protected from unnecessary products or add-ons and unfair penalties.

FCA announces decision on cessation of 1- and 6-month synthetic sterling LIBOR at end-March 2023

September 29, 2022

The Financial Conduct Authority announced that publication of 1- and 6-month synthetic sterling LIBOR will be required until end-March 2023, after which these settings will permanently cease.

Speech: What firms and customers can expect from the consumer duty and other regulatory reforms

September 29, 2022

Financial Conduct Authority Executive Director Sheldon Mills gave a speech at the Consumer Protection in Financial Services Summit entitled, "What firms and customers can expect from the consumer duty and other regulatory reforms."

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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