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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Saturday, September 24, 2022

September 24, 2022

By FedACTion Task Force

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International

European Banking Authority

EBA launches 2022 EU-wide transparency exercise

September 23, 2022

The European Banking Authority (EBA) launched its annual EU-wide transparency exercise, as part of its efforts to monitor risks and vulnerabilities and to reinforce market discipline.

Bank of England Prudential Regulation Authority

Statement: PRA publishes a statement on DECL Taskforce

September 23, 2022

The Taskforce on Disclosures about Expected Credit Losses published updated guidance on a complete set of high quality IFRS 9 Expected Credit Loss accounting disclosures. This third report comprises good practice disclosure examples and other amendments to address gaps, deficiencies or otherwise improve existing material.

UK Financial Conduct Authority

Policy Update: PS21/11 General insurance pricing practices - amendments

September 23, 2022

The final rules from GI Pricing Practices Market Study, published in PS21/5 and updated in PS21/11, are aimed at improving how insurance markets function.

Research: Assessing liquidity for orderly wind-down: good and poor practices from general insurance brokers

September 23, 2022

The Financial Conduct Authority released the findings of its multi-firm review of general insurance brokers, where they identify areas for improvement from which firms can learn.

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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