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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, November 12, 2022

November 12, 2022

By FedACTion Task Force

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Federal Agencies

Federal Reserve Bank of New York

New York Fed and Monetary Authority of Singapore Collaborate to Explore Potential Enhancements to Cross-Border Payments Using Wholesale CBDCs

November 10, 2022

The Federal Reserve Bank of New York's New York Innovation Center and the Monetary Authority of Singapore announced Project Cedar Phase II x Ubin+, a joint experiment to investigate how wholesale central bank digital currencies could improve the efficiency of cross-border wholesale payments involving multiple currencies.

The Federal Reserve and U.S. Treasury Did Not Intervene in FX Markets During the Third Quarter

November 11, 2022

The Federal Reserve Bank of New York confirmed in its quarterly report to the U.S. Congress that the Federal Reserve and U.S. Treasury did not intervene in foreign exchange markets during the July – September 2022 quarter.

Freddie Mac

Freddie Mac Publishes 2023 Debt Funding Calendar

November 11, 2022

Freddie Mac published its 2023 funding calendar, which provides optional announcement dates for Reference Notes® securities and Reference Bills® securities.

International

European Commission

Autumn 2022 Economic Forecast: The EU economy at a turning point

November 11, 2022

The European Commission released the Autumn 2022 Economic Forecast showing that after a strong first half of the year, the EU economy has now entered a much more challenging phase.

Bank of England

Paper: Efficiency of central clearing under liquidity stress

November 11, 2022

The Bank of England published a staff working paper entitled, "Efficiency of central clearing under liquidity stress."

Speech: The path to 2 per cent

November 11, 2022

Monetary Policy Committee member Silvana Tenreyro gave a speech entitled, "The path to 2 per cent."

Speech: Recent UK monetary policy in a changing economy

November 11, 2022

Monetary Policy Committee member Jonathan Haskel gave a speech entitled, "Recent UK monetary policy in a changing economy."

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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