left-caret
All Insights

PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, December 24, 2022

December 24, 2022

By FedACTion Task Force

Subscribe to PH FedACTion: Financial Regulatory Updates

PH Fintech Tracker on Executive Order for Digital Assets

Federal Agencies

Federal Reserve Board

Paper: Equilibrium Yield Curves with Imperfect Information

December 23, 2022

The Federal Reserve Board published a paper entitled, "Equilibrium Yield Curves with Imperfect Information."

Paper: In Search of a Risk-free Asset

December 23, 2022

The Federal Reserve Board published a paper entitled, "In Search of a Risk-free Asset."

Federal Reserve Bank of New York

Report: Job Ladder, Human Capital, and the Cost of Job Loss

December 23, 2022

The Federal Reserve Bank of New York published a staff report entitled, "Job Ladder, Human Capital, and the Cost of Job Loss."

Report: Strategic Sophistication and Trading Profits: An Experiment with Professional Traders

December 23, 2022

The Federal Reserve Bank of New York published a staff report entitled, "Strategic Sophistication and Trading Profits: An Experiment with Professional Traders."

Securities and Exchange Commission

SEC Approves the 2023 Public Company Accounting Oversight Board Budget and Accounting Support Fee

December 23, 2022

The Securities and Exchange Commission voted to approve the 2023 budget of the Public Company Accounting Oversight Board and the related annual accounting support fee.

Commodity Futures Trading Commission

CFTC Staff Issues No-Action Letter Regarding Investments of Customer Funds in Securities Benchmarked to SOFR

December 23, 2022

The Commodity Futures Trading Commission's (CFTC) Market Participants Division announced it is extending CFTC Staff Letter No. 21-02 regarding investments of customer funds by futures commission merchants.

Consumer Financial Protection Bureau

CFPB announces threshold adjustments under TILA (Regulation Z) impacting HOEPA loans and qualified mortgages

December 23, 2022

The Consumer Financial Protection Bureau (CFPB) has issued a final rule amending dollar amounts for certain permissible fees under The Truth in Lending Act and Regulation Z, the Home Ownership and Equity Protection Act of 1994, and the Dodd-Frank Wall Street Reform and Consumer Protection Act The CFPB adjusted permissible fees based on the annual percentage change reflected in the Consumer Price Index in effect on June 1, 2022.

Ginnie Mae

Ginnie Mae Announces 2023 Single-Family Loan Limits for Mortgages in its MBS Programs

December 23, 2022

Ginnie Mae announced new loan limits for 2023 for single-family forward mortgages eligible for pooling in its mortgage-backed securities programs.

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

  • Chair – Martin Gruenberg Senate confirmed December 19, 2022
  • Vice Chairman – Travis Hill Senate confirmed December 19, 2022
  • Member – Jonathan McKernan Senate confirmed December 19, 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 (confirmed December 19, 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.

Get In Touch With Us

Contact Us