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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, October 29, 2022

October 29, 2022

By FedACtion Task Force

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Federal Agencies

Commodity Futures Trading Commission

CFTC Issues CFTC Staff Letter

October 28, 2022

The Commodity Futures Trading Commission (CFTC) issued a no-action letter extending the no-action position of CFTC Letter No. 20-37 concerning certain swap reporting requirements to December 1, 2025.

Federal Housing Finance Agency

Annual Housing Report 2022

October 28, 2022

The Federal Housing Finance Agency published the Annual Housing Report 2022 which covers activities from 1/2021 to 12/2021.

Fannie Mae

Paper: The U.S. Housing Shortage from a Local Perspective

October 28, 2022

Fannie Mae published a housing insights paper entitled, "The U.S. Housing Shortage from a Local Perspective."

Bank Policy Institute

Blog: Haunted by Quantum Computing? Face your Fears with the BITS Quantum Risk Calculator

October 28, 2022

The Bank Policy Institute published a blog post entitled, "Haunted by Quantum Computing? Face your Fears with the BITS Quantum Risk Calculator."

International

European Commission

Commission prolongs and amends Temporary Crisis Framework

October 28, 2022

The European Commission has adopted an amendment to the State aid Temporary Crisis Framework to enable Member States to continue to use the flexibility foreseen under State aid rules to support the economy in the context of Russia's war against Ukraine.

Bank of England

Paper: Network analysis of the UK reinsurance market

October 28, 2022

The Bank of England published a staff working paper entitled, "Network analysis of the UK reinsurance market."

Paper: Chronicle of a death foretold: does higher volatility anticipate corporate default?

October 28, 2022

The Bank of England published a staff working paper entitled, "Chronicle of a death foretold: does higher volatility anticipate corporate default?"

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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