PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Saturday, December 17, 2022
December 17, 2022
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Major Developments
Congress
U.S. House of Representatives
Committee on Financial Services
Chairwoman Waters, Senator Booker Send Letter to Government Accountability Office Urging Updated Study on Disparities in Asset Management
December 16, 2022
Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee, and Senator Cory Booker (D-NJ) sent a letter to the United States Government Accountability Office (GAO) highlighting the lack of progress our nation's federally managed pension funds have made in boosting representation of diverse asset management firms over the years.
Federal Agencies
U.S. Department of the Treasury
Statement from Secretary of the Treasury Janet L. Yellen on the European Union Directive Implementing a Global Minimum Tax
December 16, 2022
U.S. Secretary of the Treasury Janet L. Yellen issued a statement following the directive of the European Union to move forward with implementing a global minimum tax on corporations.
Remarks by Secretary of the Treasury Janet L. Yellen at U.S.-Africa Leaders Summit: Heads of State Session on Food Security
December 15, 2022
U.S. Secretary of the Treasury Janet L. Yellen gave remarks at the U.S.-Africa Leaders Summit Heads of State session on food security.
Federal Reserve Board
Federal Deposit Insurance Corporation
Agencies announce results of resolution plan review for certain domestic and foreign banks
December 16, 2022
The Federal Reserve Board and the Federal Deposit Insurance Corporation announced today the results of their joint review of the resolution plans for 71 domestic and foreign banking organizations.
Federal Reserve Board
Paper: The Monetization of Innovation
December 16, 2022
The Federal Reserve Board published a paper entitled, "The Monetization of Innovation."
Paper: Understanding Uncertainty Shocks and the Role of Black Swans
December 16, 2022
The Federal Reserve Board published a paper entitled, "Understanding Uncertainty Shocks and the Role of Black Swans."
Paper: On Monetary Policy, Model Uncertainty, and Credibility
December 16, 2022
The Bank of England published a paper entitled, "On Monetary Policy, Model Uncertainty, and Credibility."
Federal Reserve Board adopts final rule that implements Adjustable Interest Rate (LIBOR) Act
December 16, 2022
The Federal Reserve Board adopted a final rule that implements the Adjustable Interest Rate (LIBOR) Act by identifying benchmark rates based on SOFR (Secured Overnight Financing Rate) that will replace LIBOR in certain financial contracts after June 30, 2023.
Consumer Affairs Letter: Revised Federal Debt Collection Practices Act Examination Procedures
December 16, 2022
The Federal Reserve Board issued a consumer affairs letter entitled, "Revised Federal Debt Collection Practices Act Examination Procedures."
Federal Reserve Bank of New York
Business Leaders Survey – December 2022
December 16, 2022
The Federal Reserve Bank of New York released the results of the Business Leaders Survey and Supplemental Survey for December 16, 2022
Article: Tech, Tourism, and Training: Hearing Firsthand About Buffalo's Evolving Economy
December 16, 2022
The Federal Reserve Bank of New York published a The Teller Window article entitled, "Tech, Tourism, and Training: Hearing Firsthand About Buffalo's Evolving Economy."
U.S. Economy in a Snapshot – December 2022
December 16, 2022
The Federal Reserve Bank of New York released the U.S. Economy in a Snapshot for December 2022.
Underlying Inflation Gauge – December 2022
December 16, 2022
The Federal Reserve Bank of New York released the December 2022 Underlying Inflation Gauge (UIG) with data from November 2022.
Blog: The New York Fed DSGE Model Forecast—December 2022
December 16, 2022
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "The New York Fed DSGE Model Forecast—December 2022."
Federal Reserve Bank of Boston
Paper: Sectoral Mobility during the COVID-19 Pandemic
December 16, 2022
The Federal Reserve Bank of Boston published a paper entitled, 'Sectoral Mobility during the COVID-19 Pandemic."
Securities and Exchange Commission
SEC Small Business Advocacy Office Releases Annual Report on Capital Raising
December 16, 2022
The Securities and Exchange Commission's Office of the Advocate for Small Business Capital Formation issued its 2022 Annual Report to Congress and the Commission.
Financial Stability Oversight Council
Financial Stability Oversight Council Holds Meeting and Releases 2022 Annual Report
The Financial Stability Oversight Council unanimously approved its 2022 annual report at a meeting held December 16, 2022.
- Report
- Readout
- Press Release
- Acting Comptroller of the Currency Statement
- SEC Chair Annual Report Statement
- SEC Chair LIBOR Statement
- CFTC Chair Statement
- CFPB Director Statement
- NCUA Chair Statement
International
European Commission
Ukraine: EU agrees ninth package of sanctions against Russia
December 16, 2022
The European Commission adopted a package of sanctions against Russia for its aggression against Ukraine.
European Banking Authority
EBA standardizes information requirements to support sales and transfers of non-performing loans
December 16, 2022
The European Banking Authority published its final draft Implementing Technical Standards specifying the requirements for the information that credit institutions selling NPL shall provide to prospective buyers.
EBA publishes its closure report of Covid-19 measures and repeals its Guidelines on Covid-19 reporting and disclosure
December 16, 2022
The European Banking Authority published its closure report of Covid-19 measures, which provides an overview of the wide range of policy measures taken on the back of the pandemic, their state of play and the path out of policy support.
HM Treasury
Competition and Markets Authority
UK Financial Conduct Authority
Payment Systems Regulator
HM Treasury, CMA, FCA and PSR joint statement to update on the future of open banking
December 16, 2022
The joint regulatory oversight committee comprised of HM Treasury, Competition and Markets Authority, UK Financial Conduct Authority, and Payment Systems Regulator published a joint statement on the future of open banking.
Bank of England
Paper: Real and nominal effects of monetary shocks under time-varying disagreement
December 16, 2022
The Bank of England published a staff working paper entitled, "Real and nominal effects of monetary shocks under time-varying disagreement."
Market Notice: Asset Purchase Facility: Gilt Sales
December 16, 2022
The Bank of England released a market notice that sets out the schedule for sales in Q1 2023 of gilts held in the Asset Purchase Facility for monetary policy purposes.
Market Participants Survey results – December 2022
December 16, 2022
The Bank of England released the results of the Market Participants Survey for December 2022.
Bank of England Prudential Regulation Authority
Policy Statement: Insurance special purpose vehicles: Further updates to authorization and supervision
December 16, 2022
The Bank of England Prudential Regulation Authority released a policy statement entitled, "Insurance special purpose vehicles: Further updates to authorization and supervision."
Administration Changes
Vacancies
Federal Deposit Insurance Corporation
- Chair – Vacant (Martin Gruenberg serves as Acting Chair and was nominated to serve as Chair November 14, 2022).
- 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)
- New York Fed Names Sushmita Shukla as First Vice President (December 8, 2022)
Federal Deposit Insurance Corporation – Martin Gruenberg (Acting Chair, appointed February 5, 2022)
- FDIC Announces Appointments to Its Division of Finance and Division of Insurance and Research (May 18, 2022)
- Senate Committee on Banking, Housing and Urban Affairs Advances FDIC and HUD Nominees (December 14, 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)
- SEC Names Jason J. Burt as Regional Director of the Denver Office (October 24, 2022)
- SEC Announces Departure of Chief of Staff Prashant Yerramalli and Appointment of Amanda Fischer to the Role (November 7, 2022)
- Keith E. Cassidy and Natasha Vij Greiner Appointed Deputy Directors of Division of Examinations (November 7, 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)
- Administrator Guzman Statement on New Appointees (October 21, 2022)
- Administrator Guzman Statement on New Appointees (November 4, 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)
- Beth Lynk Sworn in as HUD Assistant Secretary of Public Affairs (October 20, 2022)
- Senate Committee on Banking, Housing and Urban Affairs Advances FDIC and HUD Nominees (December 14, 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.