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PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update -- Thursday, August 25, 2022

August 25, 2022

By FedACTion Task Force

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Federal Agencies

Federal Reserve Bank of New York

Blog: How Much Did Supply Constraints Boost U.S. Inflation?

August 24, 2022

The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, "How Much Did Supply Constraints Boost U.S. Inflation?"

Securities and Exchange Commission

SEC Publishes Draft FY22-26 Strategic Plan for Public Comment

August 24, 2022

The Securities and Exchange Commission released for public comment a draft strategic plan for fiscal years 2022 to 2026.

Consumer Financial Protection Bureau

Blog: Exploring the connection between financial assistance for medical care and medical collections

August 24, 2022

The Consumer Financial Protection Bureau published a blog post entitled, "Exploring the connection between financial assistance for medical care and medical collections."

U.S. Department of Education

President Biden Announces Final Student Loan Pause Extension Through December 31 and Targeted Debt Cancellation to Smooth Transition to Repayment

August 24, 2022

The U.S. Department of Education announced a final extension of the pause on student loan repayment, interest, and collections through December 31, 2022. The Department will also provide targeted student debt cancellation to borrowers with loans held by the Department of Education. Borrowers with annual income during the pandemic of under $125,000 (for individuals) or under $250,000 (for married couples or heads of households) who received a Pell Grant in college will be eligible for up to $20,000 in debt cancellation. Borrowers who met those income standards but did not receive a Pell Grant will be eligible for up to $10,000 in relief.

International

Bank of England

Policy Statement: Derivatives clearing obligation – modifications to reflect USD interest rate benchmark reform: Amendment to BTS 2015/2205

August 24, 2022

The Bank of England published a policy statement entitled, "Derivatives clearing obligation – modifications to reflect USD interest rate benchmark reform: Amendment to BTS 2015/2205."

Administration Changes

Vacancies

Federal Deposit Insurance Corporation

  • Chair – Vacant (Martin Gruenberg serves as Acting Chair)
  • Vice Chairman – Vacant

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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