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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, October 22, 2022

October 22, 2022

By FedACTion Task Force

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Federal Agencies

U.S. Department of the Treasury

Joint Statement of Janet L. Yellen, Secretary of the Treasury, and Shalanda D. Young, Director of the Office of Management and Budget, on Budget Results for Fiscal Year 2022

October 21, 2022

U.S. Secretary of the Treasury Janet L. Yellen and White House Office of Management and Budget Director Shalanda D. Young today released the final budget results for fiscal year 2022.

Remarks by Secretary of the Treasury Janet L. Yellen on Innovation in Virginia

October 21, 2022

Secretary of the Treasury Janet L. Yellen gave a speech on innovation at the Virginia Innovation Partnership Corporation.

Remarks by Deputy Secretary of the Treasury Wally Adeyemo at the American Chamber of Commerce in Singapore

October 21, 2022

Deputy Secretary of the Treasury Wally Adeyemo gave remarks to the American Chamber of Commerce in Singapore.

Federal Reserve Board

Paper: Considerations regarding the use of the discount window to support economic activity through a funding for lending program

October 21, 2022

The Federal Reserve Board published a paper entitled, "Considerations regarding the use of the discount window to support economic activity through a funding for lending program."

Federal Reserve Bank of New York

Report: All-to-All Trading in the U.S. Treasury Market

October 21, 2022

The Federal Reserve Bank of New York released a staff report entitled, "All-to-All Trading in the U.S. Treasury Market."

Report: The Curious Case of the Rise in Deflation Expectations

October 21, 2022

The Federal Reserve Bank of New York released a staff report entitled, "The Curious Case of the Rise in Deflation Expectations."

Speech: Bridging the Skills Gap

October 21, 2022

Federal Reserve Bank of New York President and CEO John C. Williams gave a speech entitled, "Bridging the Skills Gap."

Blog: Federal Reserve System Conference on the Financial Stability Considerations for Monetary Policy

October 21, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "Federal Reserve System Conference on the Financial Stability Considerations for Monetary Policy."

FINRA

FINRA Launches Machine-Readable Rulebook Initiative

October 21, 2022

FINRA announced today that it has launched a machine-readable rulebook initiative designed to enhance firms' compliance efforts, reduce costs and aid in risk management.

Freddie Mac

Quarterly Forecast: Rapidly Rising Rates and Declining Demand Driving a Housing Market Slowdown

October 21, 2022

Freddie Mac released its Quarterly Forecast indicating the current deceleration of the housing market given declining demand is likely to continue.

Ginnie Mae

Ginnie Mae Extends Issuers' Implementation Date for Its Risk Based Capital (RBC) Requirement

 

October 21, 2022

Ginnie Mae is extending the mandatory implementation date of its risk based capital requirement to December 31, 2024.

Bank Policy Institute

BPI Response to International Sustainability Standards Board Vote on Scope 3 Emissions

October 21, 2022

Bank Policy Institute issued a statement on the International Sustainability Standards Board vote to include Scope 3 emissions disclosures in the global baseline for climate-related disclosure.

International

European Banking Authority

EBA launches call for interest for two expert groups and a call for input to advise on its work under the recast Funds Transfers Regulation

October 21, 2022

The European Banking Authority issued a call for expression of interest to join two Technical Expert Groups – on crypto assets service providers and anti-money laundering and countering the financing of terrorism (TEG-CASPs/AML), and on restrictive measures regimes (TEG-RMRs) – and a call for input on the Joint Guidelines to prevent the abuse of fund transfers for ML/TF purposes issued in 2017 by the European Supervisory Authorities.

Bank of England

Quarterly Bulletin: Climate change: possible macroeconomic implications

October 21, 2022

The Bank of England released the Q4 2022 Quarterly Bulletin entitled, "Climate change: possible macroeconomic implications."

Paper: Bond supply, price drifts and liquidity provision before central bank announcements

October 21, 2022

The Bank of England published a staff working paper entitled, "Bond supply, price drifts and liquidity provision before central bank announcements."

Paper: The ring-fencing bonus

October 21, 2022

The Bank of England published a staff working paper entitled, "The ring-fencing bonus."

Bank of England Prudential Regulation Authority

Letter: Thematic feedback on the PRA's supervision of climate-related financial risk and the Bank of England's Climate Biennial Exploratory Scenario exercise

October 21, 2022

Bank of England Prudential Regulation Authority (PRA) Deputy Governor Sam Woods sent a letter to CEOs entitled, "Thematic feedback on the PRA's supervision of climate-related financial risk and the Bank of England's Climate Biennial Exploratory Scenario exercise."

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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