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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, October 15, 2022

October 15, 2022

By FedACTion Task Force

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PH Fintech Tracker on Executive Order for Digital Assets

Major Developments

Speech: The U.S. Dollar and Central Bank Digital Currencies

October 14, 2022

Federal Reserve Board Governor Christopher J. Waller gave a speech entitled, "The U.S. Dollar and Central Bank Digital Currencies."

Federal Agencies

U.S. Department of the Treasury

Deputy Secretary of the Treasury Wally Adeyemo Holds Meeting of Countries Imposing Economic Restrictions on Russia

October 14, 2022

Top officials representing ministries of finance and other government agencies from 33 countries met at the U.S. Department of the Treasury to discuss the effects of international sanctions and export controls on Russia's military-industrial complex and critical defense supply chains. After the meeting, Treasury's Office of Foreign Assets Control (OFAC) and the Department of Commerce's Bureau of Industry and Security (BIS) released a joint alert detailing the impact of international sanctions and export controls.

Federal Reserve Board

Federal Reserve Board invites public comment on an advance notice of proposed rulemaking to enhance regulators' ability to resolve large banks in an orderly way should they fail

October 14, 2022

The Federal Reserve Board invited public comment on an advance notice of proposed rulemaking to enhance regulators' ability to resolve large banks in an orderly way should they fail.

Federal Reserve Bank of New York

Statement Regarding Small Value Exercises in Treasury Securities and Agency Mortgage-Backed Securities

October 14, 2022

The New York Fed's Open Market Trading Desk intends to conduct additional small value purchases and sales of Treasury securities and agency mortgage-backed securities (MBS) under its normal process for maintaining operational readiness.

U.S. Economy in a Snapshot – October 2022

October 14, 2022

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

FINRA

Regulatory Notice: Broker-Dealer, Investment Adviser Firm, Agent and Investment Adviser Representative, and Branch Renewals for 2023

October 14, 2022

FINRA issued a regulatory notice entitled, "Broker-Dealer, Investment Adviser Firm, Agent and Investment Adviser Representative, and Branch Renewals for 2023."

U.S. Small Business Administration

OIG Report: Top Management Challenges FY2023

October 14, 2022

The U.S. Small Business Administration Office of Inspector General issued a report entitled, "Top Management Challenges FY2023."

Federal Housing Finance Agency

Annual Performance Plan - FY 2023

October 14, 2022

The Federal Housing Finance Agency released the FY 2023 Annual Performance Plan.

International

European Banking Authority

EBA publishes list of third country groups and third country branches of credit institutions operating in the EU/EEA

October 14, 2022

The European Banking Authority published the list of all third country groups (TCGs) operating in the European Union and European Economic Area (EU/EEA) with the intermediate EU parent undertakings IPU(s), where applicable.

Bank of England

Quarterly Bulletin: Knocked down during lockdown: the return of cash

October 14, 2022

The Bank of England released the Quarterly Bulletin for Q3 entitled, "Knocked down during lockdown: the return of cash."

Bank of England Prudential Regulation Authority

Letters to credit unions 'PRA annual assessment of the credit union sector' - 2022

October 14, 2022

The Bank of England Prudential Regulation Authority sent letters to directors of credit unions regulated by the PRA, providing feedback from the PRA's annual assessment of credit unions.

UK Financial Conduct Authority

Consultation Paper: Guidance on the trading venue perimeter

October 14, 2022

The UK Financial Conduct Authority published a consultation paper entitled, "Guidance on the trading venue perimeter."

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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