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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Friday, September 9, 2022

September 09, 2022

By FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Congress

U.S. Senate

Committee on Banking, Housing, and Urban Affairs

Hearing: Current Issues in Insurance

September 8, 2022

The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "Current Issues in Insurance."

Federal Agencies

U.S. Department of the Treasury

Treasury Sanctions Iranian Persons Involved in Production of Unmanned Aerial Vehicles and Weapon Shipment to Russia

September 8, 2022

The U.S. Department of the Treasury's Office of Foreign Assets Control is designating an air transportation service provider for its involvement in the shipment of Iranian Unmanned Aerial Vehicles to Russia for its war against Ukraine.

Remarks by Secretary of the Treasury Janet L. Yellen at Ford Rouge Electric Vehicle Center

September 8, 2022

Secretary of the Treasury Janet L. Yellen gave remarks at Ford Rouge Electric Vehicle Center.

Federal Reserve Board

Policy Statement on Whistleblower Claims

September 8, 2022

The Federal Reserve Board issued a policy statement to promote the submission of whistleblower claims regarding misconduct, unsafe or unsound practices, or violations of law or regulation occurring at any banking organization supervised by the Federal Reserve.

Data: G.19 Consumer Credit – July 2022

September 8, 2022

The Federal Reserve Board released the G.19 Consumer Credit data for July 2022.

Federal Reserve Bank of New York

New York Fed to Host Third Conference on FinTech: Wholesale Digital Assets

September 8, 2022

On Friday, September 23, the Federal Reserve Bank of New York will host a conference bringing together leading academics, policymakers, and industry leaders to further understand the impact, implications, and direction of fintech.

Report: Activist Manipulation Dynamics

September 8, 2022

The Federal Reserve Bank of New York published a staff report entitled, "Activist Manipulation Dynamics."

Report: 800,000 Years of Climate Risk

September 8, 2022

The Federal Reserve Bank of New York published a staff report entitled, "800,000 Years of Climate Risk."

Speech: The Ample Reserves Framework and Balance Sheet Reduction: Perspective from the Open Market Desk

September 8, 2022

Federal Reserve Bank of New York System Open Market Account Manager Patricia Zobel gave a speech at the Cato Institute's 40th Annual Monetary Conference entitled, "The Ample Reserves Framework and Balance Sheet Reduction: Perspective from the Open Market Desk."

Article: The "How and When" of the Fed's Balance Sheet Runoff

September 8, 2022

The Federal Reserve Bank of New York published an article entitled, "The 'How and When' of the Fed's Balance Sheet Runoff."

Blog: How Can Safe Asset Markets Be Fragile?

September 8, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "How Can Safe Asset Markets Be Fragile?"

Federal Deposit Insurance Corporation

Quarterly Banking Profile: FDIC-Insured Institutions Reported Net Income of $64.4 Billion in Second Quarter 2022

September 8, 2022

The Federal Deposit Insurance Corporation released the Quarterly Banking Profile for the second quarter 2022 showing an aggregate net income of $64.4 billion in second quarter 2022, a decline of $6.0 billion (8.5 percent) from a year ago.

Securities and Exchange Commission

Speech: Kennedy and Crypto

September 8, 2022

Securities and Exchange Commission Chair Gary Gensler gave a speech and SEC Speaks entitled, "Kennedy and Crypto."

Consumer Financial Protection Bureau

CFPB and Centers for Medicare and Medicaid Services Take Action to Protect Caregivers and Families from Illegal Nursing Home Debt Collection Practices

September 8, 2022

The Consumer Financial Protection Bureau and Centers for Medicare and Medicaid Services issued a new report, circular, and joint letter to remind facilities and debt collectors of their responsibilities for nursing home admission and debt collection under multiple laws.

Financial Crimes Enforcement Network

Prepared Remarks of FinCEN Acting Deputy Director Jimmy Kirby During the 2022 Federal Identity Forum & Exposition (FedID)

September 8, 2022

Financial Crimes Enforcement Network Deputy Director Jimmy Kirby gave remarks during the 2022 Federal Identity Forum & Exposition (FedID).

National Credit Union Administration

NCUA Chair Todd M. Harper Remarks at the NASCUS Exchange

September 8, 2022

National Credit Union Administration Chair Todd M. Harper gave remarks at the NASCUS Exchange.

International

Bank of England

HM Treasury and Bank of England to launch the Energy Markets Financing Scheme (EMFS)

September 8, 2022

HM Treasury and Bank of England announced a joint scheme to address the extraordinary liquidity requirements faced by energy firms operating in UK wholesale gas and/or electricity markets.

Blog: What is driving global supply chain bottlenecks?

September 8, 2022

The Bank of England published a Bank Overground blog post entitled, "What is driving global supply chain bottlenecks?"

Summary Minutes of Sub-Group and Task Force Meetings – June/July 2022

September 8, 2022

The Bank of England's Working Group on Sterling Risk-Free Reference Rates released summary minutes of the Sub-Group and Task Force meetings held in June and July 2022.

Bank of England Prudential Regulation Authority

The Prudential Regulation Authority publishes discussion paper setting out its proposed approach to policy-making

September 8, 2022

The Bank of England Prudential Regulation Authority published a discussion paper entitled, "The Prudential Regulation Authority's future approach to policy."

UK Financial Conduct Authority

Portfolio Letter: Our supervision strategy for benchmark administrators

September 8, 2022

The Financial Conduct Authority sent a portfolio letter to CEOs outlining its supervision strategy for benchmark administrators.

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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