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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, August 13, 2022

August 13, 2022

By FedACTion Task Force

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Federal Agencies

Federal Reserve Bank of New York

U.S. Economy in a Snapshot – August 2022

August 12, 2022

The Federal Reserve Bank of New York released the August 2022 U.S. Economy in a Snapshot.

Securities and Exchange Commission

SEC Approves PCAOB Amendments regarding Audits

August 12, 2022

The Securities and Exchange Commission approved the Public Company Accounting Oversight Board's updated standards for audits that involve multiple auditing firms.

Commodity Futures Trading Commission

CFTC Issues Final Rule Modifying the Swap Clearing Requirement In Support of the Transition from LIBOR and Other Interbank Offered Rates to Alternative Reference Rates

August 12, 2022

The Commodity Futures Trading Commission announced that it issued a final rule modifying the Commission's interest rate swap clearing requirement under part 50 of the CFTC's regulations.

Consumer Financial Protection Bureau

Blog: Examining the factors driving high credit card interest rates

August 12, 2022

The Consumer Financial Protection Bureau published a blog post entitled, "Examining the factors driving high credit card interest rates."

International

Bank of England

Green Notice: Proposal to engage with reporting firms to seek explicit prior consent to publish statistical data

August 12, 2022

The Bank of England released a Green Notice entitled, "Proposal to engage with reporting firms to seek explicit prior consent to publish statistical data."

Minutes of Bank of England call with GEMMs on its provisional approach to APF gilt sales

August 12, 2022

The Bank of England released the minutes of the call with Gilt-edge Market Makers on the Bank's provisional approach to Asset Purchase Facility gilt sales held on August 5, 2022.

Minutes of the CBDC Engagement Forum - July 2022

August 12, 2022

The Bank of England released the minutes of the CBDC Engagement Forum held on July 1, 2022.

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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