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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, October 1, 2022

October 01, 2022

By FedACTion Task Force

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Federal Agencies

U.S. Department of the Treasury

Treasury Sanctions Russia for Putin's Purported Annexation of Regions of Ukraine

September 30, 2022

The U.S. Department of the Treasury's Office of Foreign Assets Control designated 14 persons in Russia's military-industrial complex, including two international suppliers, three key leaders of Russia's financial infrastructure, immediate family members of some of senior Russian officials, and 278 members of Russia's legislature for enabling Russia's sham referenda and attempt to annex sovereign Ukrainian territory.

Statement by Secretary of the Treasury Janet L. Yellen on Passage of Additional Economic Assistance for Ukraine

September 30, 2022

Secretary of the Treasury Janet L. Yellen issued a statement on passage of the Continuing Appropriations and Ukraine Supplemental Appropriations Act, 2023.

Federal Reserve Board
Federal Deposit Insurance Corporation

Agencies Announce Forthcoming Resolution Plan Guidance for Large Banks

September 30, 2022

The Federal Deposit Insurance Corporation and the Federal Reserve Board jointly announced they anticipate issuing guidance to help certain large banks further develop their resolution plans.

Federal Reserve Board

Paper: The FOMC's Committee on the Directive: Behind Volcker's New Operating Procedures

September 30, 2022

The Federal Reserve Board published a paper entitled, "The FOMC's Committee on the Directive: Behind Volcker's New Operating Procedures."

Paper: Consumers and Guaranteed Asset Protection (GAP Protection) on Vehicle Financing Contracts: A First Look

September 30, 2022

The Federal Reserve Board published a paper entitled, "Consumers and Guaranteed Asset Protection (GAP Protection) on Vehicle Financing Contracts: A First Look."

Speech: Global Financial Stability Considerations for Monetary Policy in a High-Inflation Environment

September 30, 2022

Federal Reserve Board Vice Chair Lael Brainard gave a speech entitled, "Global Financial Stability Considerations for Monetary Policy in a High-Inflation Environment."

Speech: Large Bank Supervision and Regulation

September 30, 2022

Federal Reserve Board Governor Michelle W. Bowman gave a speech entitled, "Large Bank Supervision and Regulation."

Federal Reserve Bank of New York

Report: The Financial Stability Implications of Digital Assets

September 30, 2022

The Federal Reserve Bank of New York published a staff report entitled, "The Financial Stability Implications of Digital Assets."

Federal Deposit Insurance Corporation

Consolidated Reports of Condition and Income for Third Quarter 2022

September 30, 2022

The Federal Deposit Insurance Corporation released the Consolidated Reports of Condition and Income for Third Quarter 2022.

Consumer Financial Protection Bureau

Plain Writing Act Compliance Report 2022

September 30, 2022

The Consumer Financial Protection Bureau released the ninth annual "Plain Writing Act Compliance Report."

FINRA

Investor Insights: Market Cap Explained

September 30, 2022

FINRA published an Investor Insight entitled, "Market Cap Explained."

National Credit Union Administration

NCUA Chairman Todd M. Harper Remarks at the Virginia Credit Union League CEO Summit

September 30, 2022

National Credit Union Administration gave remarks at the Virginia Credit Union League CEO Summit.

Ginnie Mae

Global Markets Analysis Report – September 2022

September 30, 2022

Ginnie Mae released the September 2022 Global Markets Analysis Report.

International

European Banking Authority

ESAs propose disclosures for fossil gas and nuclear energy investments

September 30, 2022

The three European Supervisory Authorities (EBA, EIOPA and ESMA) have delivered to the European Commission their Final Report with draft Regulatory Technical Standards regarding the disclosure of financial products' exposure to investments in fossil gas and nuclear energy activities under the Sustainable Finance Disclosure Regulation.

The EBA publishes its Report on the first mandatory exercise on Basel III full implementation impact

September 30, 2022

The European Banking Authority published its first mandatory Basel III Monitoring Report which assesses the impact that Basel III full implementation will have on EU banks in 2028.

Bank of England

Paper: Horses for courses: measuring foreign supply chain exposure

September 30, 2022

The Bank of England published a staff working paper entitled, "Horses for courses: measuring foreign supply chain exposure."

Paper: The effects of subsidised flood insurance on real estate markets

September 30, 2022

The Bank of England published a staff working paper entitled, "The effects of subsidised flood insurance on real estate markets."

Paper: How much of the housing price increase during the Covid pandemic was driven by a change in household preferences?

September 30, 2022

The Bank of England published a Financial Stability Paper entitled, "How much of the housing price increase during the COVID-19 pandemic was driven by a change in household preferences?"

Minutes of the Meeting of the Court of Directors held on July 12, 2022

September 30, 2022

The Bank of England released the minutes of the Court Directors meeting held on July 12, 2022.

Statistics: Money and Credit - August 2022

September 30, 2022

The Bank of England released the August 2022 money and credit statistics.

Statistics: Banking sector regulatory capital - 2022 Q2

September 30, 2022

The Bank of England released the Q2 2022 banking sector regulatory capital statistics.

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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